25th Jul 2018 10:53
LONDON (Alliance News) - Shares in Mosman Oil & Gas Ltd fell Wednesday as it said it is to meet with joint venture partners to discuss the future of the Arkoma stacked pay project.
Mosman shares were down 12% on Wednesday morning at a price of 0.58 pence each.
Mosman said it is "not yet satisfied" steady flow rates have been established during testing at Arkoma, located in Oklahoma, and as a result it has amended the second option date to the end of September for its option to take its stake to 33% from 27%.
It is to meet with joint venture parties to talk about field performance, production optimisation, operating arrangement in future, field development, and budgets.
Mosman is still confident the project will be a success, but said it must be cautious while it awaits steady flow rates.
Chairman John Barr said: "We remain upbeat about Arkoma, but as a board we must monitor each project and make decisions based on the best and most complete information available, and we look forward to getting the data we need to make that decision as part of future plans for the Arkoma field."
Related Shares:
Mosman Oil & Gas