18th Sep 2018 13:46
LONDON (Alliance News) - Oil production company Mosman Oil & Gas Ltd said on Tuesday it will take a cautious approach towards the decision to invest into the Arkoma Stacked Pay Project in Oklahoma.
Following a meeting between two Mosman directors, operator Inland Operating Co, and other owner Blackstone Oil & Gas Inc, it was revealed that two wells are currently producing and one is shut in. It was agreed open that well production is not yet optimised, and workovers were recommended.
For the period from July 1 to September 13, the Wise 3-25 well saw an average daily gross flow rate of 25 barrels of oil equivalent. Crawly 2-36 produced 34 barrels and Williamson 4-25 produced 28 barrels.
"We remain cautiously upbeat about Arkoma, but as a board we are disappointed that the wells are not yet optimised. We continue to monitor each individual project and make decisions based on the best and most complete information available. We are in discussions with Inland and Blackstone about the way forward in particular given the approaching option expiry date of September 30, 2018," said Chairman John Barr.
Shares in Mosman Oil & Gas were down 13% at 0.52 pence on Tuesday.
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