4th Feb 2015 08:46
LONDON (Alliance News) - Mosman Oil & Gas Ltd on Wednesday said it has started flow testing on the Crossroads-1 well at its Petroleum Creek project in New Zealand.
Mosman has now received the technical report on the cores and cuttings from the 2014 drilling programme at Crossroads-1, Crestal-1 and Crestal-2. The report confirmed the reservoir potential of the Cobden Limestone located within Petroleum Creek, it said.
The group is now moving forward with the flow test on the Cobden Limestone at Crossroads-1 and expects to start the work in the next few weeks.
It is also planning further seismic data acquisition in order to finalise the drilling locations on the identified prospects and leads at Petroleum Creek.
"We are pleased to have progressed the 2015 exploration programme under the strict capital expenditure programmes which we have determined for each asset," said Mosman Executive Chairman John Barr.
"The latest technical report on the Cobden Limestone cores provides excellent third party validation of the value and prospectivity of the New Zealand exploration permits in the Mosman portfolio," Barr added.
Mosman shares were up 9.7% to 5.35 pence on Wednesday morning, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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