17th Aug 2020 12:27
(Alliance News) - Mosman Oil & Gas Ltd on Monday said drilling is to commence shortly at its Falcon-1 well at the Champion project in the US state of Texas.
The oil exploration, development and production company said the drilling rig for Falcon-1 has been selected and is being prepared to move to the site.
Mosman Oil & Gas said it has reduced costs by farming out 10% of its working interest in the Champion lease to an unrelated third party. The third party is to pay 13% of the costs for Falcon-1 to earn a 10% interest in the lease.
Chair John Barr said: "We are pleased that the considerable work completed means drilling activity at the fully funded Falcon-1 well will commence shortly.
"Falcon-1 is just one part of the current activities with workovers, which will shortly be followed by a second funded well at Stanley. Each of these activities has a clear objective to build the production base."
Mosman Oil & Gas shares were up 11% at 0.17 pence each on Monday midday in London.
By Greg Roxburgh; [email protected]
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