6th Jun 2014 07:54
LONDON (Alliance News) - Mosman Oil & Gas Ltd Friday said it has started drilling the first of its three planned wells at its Petroleum Creek project in New Zealand, as part of its 2014 drilling programme.
The Australia and New Zealand focused oil exploration and development company said it plans to test the Eight Mile and Cobden limestone formations known to contain oil in offset wells, at the first well, Cross Roads-1.
It said the well is being drilled vertically from a newly constructed well pad, to an expected total depth of 400 metres.
"The board will meet onsite next week to review progress and also to meet with local contractors and stakeholders," said Executive Chairman John Barr in a statement.
Shares in Mosman Oil & Gas were off 1.0% early Friday, trading at 12.75 pence, having initially rallied to 14.25p.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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