Mosman Oil and Gas Limited (LON:MSMN) has told investors that the Falcon-1 well at the Champion project in Texas has now successfully reached target depth and has confirmed the pre-drill geological model.
The next step will be to complete wireline logging. The company said it intends to provide more well results once the logs have been evaluated.
Nonetheless, it also said that results seen to date have led to an expectation that Falcon-1 will be completed as a production well.
In London, Mosman shares were marked among the morning’s top movers as it gained 13.8% to trade at 0.18p.
Falcon-1 is one of a number of growth projects being advanced by Mosman.
Earlier this month, the company announced that the recently drilled Stanley-4 well, also located in Texas, had produced a total of 1,661 barrels of oil in the period between September 22 and October 2, 2020.
The average daily rate was measured at 200 barrels of oil per day (bopd) over a four-day period, it added. Some 1,051 of the barrels produced from Stanley-4 were sold in September.
--UPDATED to include share price details--