30th Jun 2014 12:44
LONDON (Alliance News) - Mosman Oil and Gas Ltd Monday said it will start drilling in the Crestal-1 well in the next few days, as part of its drilling programme at the Petroleum Creek Project in New Zealand.
The New Zealand and Australia-focused oil exploration and development company said it will drill the Crestal-1 well to a total depth of 250 metres, before it will suspend the well for future testing.
Mosman also said that it has started to acquire the additional seismic data needed to select the best locations in order to drill a further four wells during 2014. It said decisions on which wells to drill next will be made in October, with the next phase of drilling expected to commence in November 2014.
"Operational decisions continue to drive Mosman's activities at Petroleum Creek as we move from exploration to appraisal, and hopefully eventually production. In Australia the team has been working hard on proposed acquisitions which will significantly increase the future operations of the company," said Executive Chairman John Barr in a statement.
Mosman Oil and Gas shares were trading 4% higher at 23.14 pence Monday early afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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