Mosman Oil and Gas Ltd (LON:MSMN) shares moved on the front foot after it released test results from the Falcon-1 well, at the Champion project, which is now being prepared for production.
The well flowed at a rate of 80 barrels of oil and 2.78mln cubic feet of gas per day, which amounts to around 543 barrels oil equivalent per day.
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Presently, the well is shut-in so that pressure data can be gathered.
Subsequently, once testing is complete and data has been analysed, the company expects the next step will see the well tied in for production. Elsewhere at the Champion project the Galaxie-1 well is slated for drilling in the near term.
"I am very pleased to be able to report the flow test at Falcon-1,” said John Barr, Mosman chairman.
“Once Falcon is onstream, Mosman production will increase considerably from the 2020 financial year average rate of 63 boepd.”
In London, Mosman shares rose by 4.48% to trade at 0.17p each.