11th Dec 2018 13:25
LONDON (Alliance News) - Mosman Oil & Gas Ltd said Tuesday it increased slightly its interest in the Stanley-2 well, onshore Texas, US, with the spudding due later this month.
The exploration company said it now holds 18.5% stake in Stanley-2 well. It has previously held a 16.5% stake.
Mosman said Stanley-2 is the next well to be drilled at the Livingston oilfield in Polk County, Texas. Stanley-2 is set to penetrate its primary target, being the Yegua Sands at 3,800 feet. Additionally, the company said it plans to test several secondary targets.
The total cost of drilling Stanley-2 is estimated to be USD400,000. If successful, an additional amount of USD150,000 will be required for completion.
Mosman's commitments to fund the well will be provided from existing cash resources.
"Mosman is very pleased that Stanley-2 is now ready to get underway," said Chairman John Barr.
"The clear intention is to increase production and thus cashflows as quickly as possible whilst taking into account operational and legislative requirements," added Barr.
Mosman shares were trading 0.6% higher on Tuesday at 0.26 pence each.
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