4th Sep 2018 10:41
LONDON (Alliance News) - Mosman Oil & Gas Ltd said on Tuesday its production in the US has risen through workovers and new wells being brought into production.
Following the Drennan-8 well being brought back into production on Tuesday, average gross production before royalties at the Welch permian pasin project, Texas rose to 50 barrel of oil per day from 44 barrels as at June.
The Stanley-1 well has been completed for production and currently flowing oil to tanks. Gross production is expected to be 150 barrels of oil per day, of which Mosman's 17% share will be 25 barrels of oil per day.
Wireline logs from Stanley-1 indicate multiple zones which could warrant additional wells.
"The company's strategic objective has been clearly identified and the board will continue to pursue that objective and implement its business plan. Mosman has acquired projects with production, revenue, and excellent development potential. We will be making important capital allocation decisions in the next few weeks as some projects are accelerated, and others deferred," said Chairman John Barr.
Shares in Mosman Oil & Gas were down 4.8% at 0.57 pence on Tuesday.
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