28th May 2014 09:06
LONDON (Alliance News) - Mosman Oil And Gas Ltd said Wednesday that its wholly-owned New Zealand-based subsidiary, Petroleum Creek Ltd, has confirmed the third well in its drilling programme, to be named Crestel-2.
The well, located 800 metres south of Petroleum Creek's Crestel-1 well, will be drilled to basement, proposed Mosman, estimated to be around 300 metres. The intention is to drill this well after drilling is completed at Cross Roads-1 and Crestal-1 in June 2014
Crestel-2 is also located to the east of and close to several old wells drilled with oil shows and flows, said the company.
At Petroleum Creek, drill force equipment has now arrived on site and drill preparation continues for the commencement of drilling in the next 10 days. As part of its strategic planning, the company has contracted to lease a 10 acre property adjacent to Crestal-2 location, with an option to purchase. The infrastructure located on the site will initially be used as office accommodation and for storage, said the firm.
In addition, the management team is in discussions regarding land access in relation to a contingent fourth well location.
Shares in Mosman Oil and Gas were trading 4.95% higher at 11.938 pence per share Wednesday morning.
By Alice Attwood; [email protected]; @AliceAtAlliance
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