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Mosman Oil and Gas says Falcon-1 well can double net production

The AIM-listed group's share of production is 90 boepd for its 50% working interest

Mosman Oil and Gas Ltd - Mosman Oil and Gas says Falcon-1 well can double net production

Mosman Oil and Gas Limited (LON:MSMN) has said its Falcon-1 well in Texas is now producing at a rate of 180 barrels of oil equivalent per day (boepd).

The AIM-listed group's share of production is 90 boepd for its 50% working interest, which nets to 68 boepd after royalties.

Mosman noted that Falcon-1 is its highest gross production well and also the one where it has the highest working interest.

The net effect is that daily production is running at double the average daily rate for the six months ended December 31, 2020.

Over that period, net production attributable to Mosman was 8,650 barrels of oil equivalent.

Most of that came from an interest in the Welch field, which Mosman agreed to sell earlier this month for US$420,000 cash.

Mosman’s stake in another field, Arkoma, in Oklahoma, is also up for sale with the focus now on Champion, which comprises Falcon and Galaxie, and Cinnebar, where it currently has a 97% working interest.

The company said that it is anticipated a well will be drilled at either Cinnabar or Galaxie in the second quarter of 2021. 

 Cinnabar is predominantly oil, whilst indications are that Galaxie is more likely to be gas, Mosman said.

Two wells at the Stanley field might also be drilled this year, Mosman added.

In the statement, John W Barr, the group's chairman said: "Mosman is well-positioned for strong production growth in 2021. We are particularly encouraged with the results from Falcon-1 and the cash-flow that will be derived from that well, as we plan the 2021 year and beyond."

Quick facts: Mosman Oil and Gas Ltd

Price: 0.1525 GBX

AIM:MSMN
Market: AIM
Market Cap: £4.04 m
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on 28/1/21

2 min read