22nd Sep 2014 08:19
LONDON (Alliance News) - Mosman Oil and Gas Ltd Monday said the rate of drilling at its Crestal-2 well is disappointing, adding it has not penetrated either the Eight Mile or Cobden formations.
The "very slow progress" is due to hole conditions which are similar to those encountered at Crestal-1, said Mosman in a statement.
The seismic acquisition programme is now nearing 65% completion, and SRK (Australia) Ltd, which are providing consulting work on the project, have commenced work on their aspects of the new data, it said.
"The rate of drilling is disappointing; however one well does not distract us from the excellent results received over the last months. We are very pleased with the seismic acquisition to date, and we all look forward to the impending flow tests."
In an update from Mosman's statement on September 17, Mosman has now received acceptances from Trident Energy Ltd shareholders that comprise of 86.9% of the entire issued capital of Trident, it said in the same statement.
Mosman's shares were down 7.1% to 20.68 pence per share Monday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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