2nd Mar 2015 11:51
LONDON (Alliance News) - Mosman Oil and Gas Ltd on Monday said the drilling rig for the Cross-Road 1 well in New Zealand was successfully rigged up last week, with oil visible during the first work undertaken.
Mosman said it successfully perforated the Cobden Limestone zone, recompleted the well and installed the downhole pump.
Visible oil was noted on wireline tools retrieved to surface following the perforation, Mosman said.
It said the further evidence of oil at the site is encouraging, though it said it will now undertake flow testing to determine the flow rates and volumes.
"I am encouraged by the additional evidence of oil at this stage from the Cross Roads-1 well. The challenge now is to establish steady oil flow rates," said John Barr, Executive Chairman of Mosman.
Mosman shares were up 15% to 8.60 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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