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Mosman Oil and Gas highlights production performance at Stanley project

Workover programmes continue to support Stanley, meanwhile, Mosman said it has access to other well opportunities slated in 2021

Mosman Oil and Gas Ltd - Mosman Oil and Gas highlights production performance at Stanley project

Mosman Oil and Gas Limited (LON:MSMN) has provided a further update on the Stanley project, in east Texas, which last week averaged 210 barrels of oil per day (bopd) gross.

That outperforms the average rate of 139 bopd reported over the six months ended December 31, 2020.

The company noted that the Stanley-3 and Stanley-4 wells continue to produce oil without artificial lift – with the former yielding 50 bopd and the latter showing 120 bopd – whilst Stanley-1 is now operating with a pump-jack and last week yielded 40 bopd.

READ: Mosman shares tipped to double

A workover programme has begun for Stanley-1 to install a pump-jack.

The company noted that it is still anticipated that Stanley-5 will be drilled in the second quarter of the calendar year, after Stanley-1 is back on full production.

"Mosman has clearly set out a vigorous operational agenda for 2021, and the workovers at Stanley are an essential element to maintaining strong production,” said John Barr, Mosman chairman in a statement.

"As stated previously, Mosman has opportunities to participate in several potential wells in 2021. The candidates for drilling include two wells at the Stanley project and other wells in East Texas, including wells at Cinnabar and the Galaxie well. The exact order and timing of wells has not been finalised and depends on the results of completion of the current round of detailed technical work."

Mosman owns interests of between 16% and 18% in each of the Stanley wells.

Quick facts: Mosman Oil and Gas Ltd

Price: 0.145 GBX

AIM:MSMN
Market: AIM
Market Cap: £3.84 m
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on 28/1/21

2 min read