17th Sep 2018 13:03
LONDON (Alliance News) - Mosman Oil & Gas Ltd said on Monday it has been notified by Baja Oil & Gas LLC that the Stanley-1 well located in the US state of Texas is flowing gas and liquid hydrocarbons at a constrained rate due to surface equipment limitations.
The well is flowing hydrocarbons at 67 barrels of oil equivalent per day, the company said, adding that Baja expects average daily production from the well bore to rise to 230 barrels once existing surface facilities are upgraded.
Production from the well is expected to be high yield natural gas and liquid hydrocarbons at first, with the production mix changing to oil with substantial associated natural gas.
"Mosman is extremely pleased with the short time it has taken from spudding the well to sales. We anticipate that surface equipment upgrades will increase production. Planning has now commenced for a follow up well, Stanley 2," said Chairman John Barr.
Shares in Mosman Oil & Gas were up 2.6% at 0.59 pence on Monday.
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