25th Mar 2014 12:37
LONDON (Alliance News) - Mosman Oil & Gas Ltd, the newly listed oil exploration and development company, said it has acquired key equipment and has chosen the well locations for drilling at its Petroleum Creek Project in New Zealand.
The New Zealand and Australia-focussed oil exploration company said it has now acquired the long lead items required for its planned June drilling and well testing at the site, including wellheads, casing, tubing and pumps.
The company said it has also finalised the well locations at Petroleum Creek, naming the first two wells Crestal-1 and Crossroads-1.
The first well is expected to test the crest of a large subsurface structure and several potential reservoir zones are anticipated, while the second will follow up seismic studies to test a structural feature and is also expected to penetrate several potential reservoir zones.
Mosman said drilling the two wells to a minimum depth of 250 metres also will satisfy its permit obligations for 2014.
The company was admitted to trading on AIM on March 20, securing GBP1.5 million in gross proceeds from issuing 18.8 million further shares at a placing price of 8 pence per share.
Mosman Oil & Gas shares were up 1.6% to 8 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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