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Mosman Oil and Gas updates on Texas operations amid freezing conditions

The company noted forecasts that weather conditions will warm by Saturday.

Mosman Oil and Gas Ltd - Mosman Oil and Gas updates on Texas operations amid freezing conditions

Mosman Oil and Gas Ltd (LON:MSMN) updated on the recently recompleted Stanley-1 well and the Falcon-1 well in Texas, where weather conditions are impacting operations.

The company said that the recently completed Stanley-1 well generated initial flow rates of 47 barrels of oil per day, meanwhile, Stanley wells 2, 3, and 4 continue production at around 260 bopd gross.

Mosman, which owns stakes of between 16-18% in the wells, said that on-site water injection that has not been affected by the cold weather conditions.

At Falcon, meanwhile, the well has been temporarily shut-in since 15 February due to avoid water vapour freezing in the gas lines. Oil production and produced water is stored in tanks, and has to be trucked off site.

Mosman said the operator expects to have the 50% owned well back on production once freezing conditions end. The company noted that the weather is expected to warm-up on Saturday.

"Mosman appreciates the work and effort that is involved in getting a project completed and maintaining solid production,” said John Barr, Mosman chairman.

“Presently, the Covid pandemic, heavy rain and this severe cold weather are examples of reasons why things sometimes take longer than anticipated.”

Barr added: "For the moment, the safety of people, and the operations is imperative. Hopefully, normality will return shortly, along with communications that have been difficult due to rolling power blackouts."

Whilst the majority of current production comes from the Stanley and Falcon projects, the company noted that it has not been advised of any effect of the weather on other facilities such as Greater Stanley and Arkoma.

Quick facts: Mosman Oil and Gas Ltd

Price: 0.145 GBX

Market: AIM
Market Cap: £3.84 m

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