31st Jul 2014 11:29
LONDON (Alliance News) - Mosman Oil & Gas Ltd Thursday said it is committed to the next permit year at Petroleum Creek in New Zealand and has contracted a drill rig for between two and five wells in the rest of 2014.
The New Zealand- and Australia-focused oil company said that after making discoveries on its Petroleum Creek permit recently, it has now formally advised the New Zealand Petroleum & Minerals organisation that it is committed to the next year of the permit, including for 40 kilometres worth of seismic acquisition, which should be conducted in August.
The company made recent discoveries at the site's Cross Roads-1 and Crestal-1 wells, which are now being appraised, including flow testing, additional seismic, reserve estimates, development and potentially production.
Mosman said it has now contracted the Drill Force Rig No 1 to drill an additional two to five wells in 2014, with Crestal-1 testing and appraisal planned for September before drilling and testing of Crestal-2.
The company said the other additional wells are planned once the results of the current seismic programme have been evaluated.
Mosman Oil & Gas shares were down 1.1% to 23.00 pence on Thursday midday.
By Tom McIvor; [email protected]; @TomMcIvor1
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