12th Aug 2019 12:02
(Alliance News) - Mosman Oil & Gas Ltd said Monday it has completed drilling of the Stanley-3 well in the US state of Texas, after reaching the target depth of 5,100 feet.
The company reported spudding of Stanley-3 on Monday last week, and said drilling of the well would take place as part of the strategic alliance with the privately owned Baja Oil & Gas LLC.
Mosman currently holds a 15% working interest in the well.
During drilling operations, several zones of interest were identified, in line with company expectations, Mosman said Monday.
Mosman's next objective will be to log the well and evaluate the target zones identified. Once one is selected for production, the well will be completed and flow tested to temporary tanks.
In due course, Mosman expects the temporary tanks to be replaced with permanent production facilities.
"Following the success of Stanley-1 and 2, this drilling campaign has delivered on plan, with logging now underway in order to evaluate the target zones. We are pleased to deliver this next step, further demonstrating the teams ability to deliver on its business plan. Attention will shortly turn to considering Stanley-4, as well as the ongoing preparation for the drilling of Falcon-1," said Chair John Barr.
Shares in Mosman Oil & Gas were up 9.6% at 0.28 pence on Monday.
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