viewMosman Oil and Gas Ltd

Mosman Oil & Gas expects oil from third Stanley well by next month

Mosman has at least a 14.85% working interest in the well as part of an alliance with privately owned Baja Oil & Gas

Mosman Oil And Gas Ltd -
Mosman said its "clear intention is to increase production"

Mosman Oil & Gas Ltd (LON:MSMN) said it expected initial oil in mid-September as a third well was spudded at the Stanley project in east Texas.

The primary objective of Stanley-3, where Mosman has at least a 14.85% working interest in the well as part of an alliance with privately-owned Baja Oil & Gas, is to reach the multiple Yegua sands that have seen oil flowing at 244 barrels per day at Stanley-1 and 130-135 barrels of oil equivalent per day at Stanley-2.

With the well being drilled vertically to a total depth of 5,100 feet on a turnkey contract basis, the total cost for all participants of drilling Stanley-3 is estimated to be around US$325,000.

If commercially successful, an additional amount of approximately US$165,000 will be required for completion and tie-in operations.

“It is anticipated the well will be completed in a short period of time and the initial oil production will be seen by mid-September,” said Mosman chairman John W Barr.

“Mosman's clear intention is to increase production and thus cashflows as quickly as possible whilst taking into account operational and legislative requirements.”

Quick facts: Mosman Oil and Gas Ltd

Price: 0.16 GBX

Market: AIM
Market Cap: £2.63 m

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