21st Mar 2025 16:07
(Alliance News) - Mosman Oil & Gas Ltd on Friday said it has received its first revenue from oil production at the Sagebrush project in Colorado, and provided updates on its other US helium and hydrocarbon assets.
The Millers Point, Australia-based helium, hydrogen, and hydrocarbon exploration company said gross revenue from Sagebrush, where it holds around an 83% working interest, totalled USD53,974 in January 2025. Sales volumes can vary monthly, the firm noted, depending on the number of road tankers picking up oil from storage tanks. Four loads were sold in January, followed by six in February.
Mosman also received reprocessed 2D seismic data covering Sagebrush, which it said improves clarity and will assist with assessing well performance and identifying new drilling prospects.
Elsewhere, the company reported a delay in the planned drilling at the Vecta project, in which it holds a 20% stake. Operator Vecta Oil & Gas Ltd had signed a drilling rig contract with Desert Eagle Drilling LLC, but Mosman said that regulatory requirements for water wells in Colorado have caused further delays, with drilling now unlikely to start before mid-April.
"We continue to seek more clarity on the drilling schedule from the operator and have expressed our preference to proceed as soon as possible," said Mosman.
At the wholly-owned Coyote Wash project, which spans 4,320 acres, Mosman has begun reprocessing 3D seismic data to define better six large helium and oil prospects already mapped in formations, including Leadville and McCracken.
Mosman said its technical team will attend the North American Helium & Hydrogen Conference in Denver on April 9–10 to meet with partners and conduct site visits.
Shares in Mosman Oil were down 5.3% at 0.025 pence in London on Friday afternoon.
By Eva Castanedo, Alliance News reporter
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