12th Aug 2014 09:10
LONDON (Alliance News) - Mosman Oil & Gas Ltd Tuesday said crude oil analysis on its Crestal-1 well at its Petroleum Creek project in New Zealand showed further confirmation of "moveable oil", as inferred by the electric wireline logs.
Mosman, the Australia and New Zealand-focused oil exploration and development firm, said the laboratory reports on the drilling fluid sample from Crestal-1 showed the oil was crude oil and had similar qualities to the Kotuku oil seeps in the nearby area.
The firm said the results from the ongoing testing process on samples from the Crestal-1 and Cross Roads-1 wells will provide data for the team and on the design of testing equipment in order to move to the next phase of the programme, due to start in September with the drilling of Crestal-2.
"We are making good progress at Crestal-1 and are highly encouraged by the latest laboratory testing. This analysis provides further data to support the ongoing appraisal process of the Petroleum Creek asset," said Mosman Executive Chairman John Barr.
Mosman shares were down 6.0% to 21.16 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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