24th Apr 2019 14:21
LONDON (Alliance News) - Mosman Oil & Gas Ltd said net production attributable to the company was up significantly in the first quarter of the year.
The oil exploration and development firm said net production attributable to it from four of its US projects was 6,033 barrels of oil equivalent, a 59% increase from the final quarter of 2018, when it was just 3,773 barrels.
Net production attributable to Mosman from the Stanley project was down at 543 barrels equivalent from 774 barrels, while production from the Stawn, Welch, and Arkoma projects were all up. Arkoma's increase was particularly dramatic, quadrupling to 2,784 barrels of oil equivalent from only 677 barrels.
Current daily production has since risen due to the re-completion of the Stanley-1 and completion of the Stanley-2 wells in Texas.
Mosman Chair John Barr said: "Mosman set a strategic objective on which it is delivering results. We are on track to further increase production and look forward to updating the market with further developments."
Looking ahead, Mosman is considering additional Stanley development wells, as well as wells at its Chamption and Challenger projects.
Mosman is progressing the EP 145 permit in the Amadeus basin of Australia, close to where the Dukas well is being drilled "to test a large helium and hydrocarbons prospect".
The stock was trading 6.9% lower on Wednesday at 0.47 pence a share.
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