31st May 2018 14:31
LONDON (Alliance News) - Mosman Oil & Gas Ltd said Thursday the first flow of fluids after installation of two electrical submersible pumps took place at its Arkoma Stack Pay Project in Oklahoma.
The two electrical submersible pumps have started flowing but Mosman stressed it is "too early in the commissioning programme" to have any oil or gas measurements.
The oil exploration, development & production company said stabilised flow rates are expected by the end of June. A decision on the option to increase Mosman's interest in the project from 27% to 33% is expected on or before July 31.
Chairman John Barr said: "We are pleased with the on-schedule progress at Arkoma and look forward to seeing flow rates in June. This is a key stage of field development and flow data will help to determine full field development, as well as providing production and cash flow from Arkoma. In the meantime, we are enjoying production and strong oil prices at Strawn and Welch."
Shares in Mosman were down 7.8% Thursday afternoon to 0.53 pence each.
Related Shares:
Mosman Oil & Gas