16th Jun 2014 08:57
LONDON (Alliance News) - Mosman Oil & Gas Ltd, which saw its shares surge last week after it said it made an oil discovery at its Cross Roads-1 well on the Petroleum Creek Project in New Zealand, Monday said the well has reached a depth of 313 metres, while the lower-lying Cobden limestone revealed good oil shows from 241 metres.
Mosman Oil & Gas shares were quoted up 8.4% at 40.10 pence Monday morning.
The New Zealand and Australia focused oil and gas exploration and development company said the Cobden formation has a good matrix and fracture porosity. The company now plans to case and fit the well with blow-out preventers.
Mosman said it plans to drill to the basement of Cross Roads before it is suspended, pending testing.
In addition, the company has started to plan an appraisal programme which may include seismic and additional wells. It said plans are progressing for further exploration, including ranking of exploration targets, seismic data acquisition, and land-access agreements for seismic studies and wells.
"The continued excellent results from Cross Roads-1 are positive both for this location and for the other seismic-defined Eight Mile and Cobden formation prospects in this permit," Executive Chairman Jon Barr said in a statement. "We look forward to drilling Crestal-1 to test the Kotuku Dome crestal area."
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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