13th Mar 2019 11:05
LONDON (Alliance News) - Exploration, development and production company Mosman Oil & Gas Ltd on Wednesday said the Stanley-1 well re-completion at the Stanley project in Texas is underway.
Mosman has a 16.5% interest in Stanley, one of the three projects in its strategic alliance with private firm Baja Oil & Gas LLC. The other strategic alliance projects are Challenger and Champion, in which Mosman holds 46.8% and 60% interests, respectively.
Stanley-1 was the first well to be drilled under the strategic alliance, but its production has been "constrained" as a result of "limited gas infrastructure".
Re-completion of the Stanley-1 well is expected to take three to four days and to produce oil from the Sparta zone, with initial flow results to be reported when they become available.
Mosman's share of the re-completion costs is around USD6,000 and will be paid from its existing cash resources.
Mosman Chair John Barr said: "The decision was made to re-complete the well to focus on oil production until the gas infrastructure is improved. It is good to have work commence on site after the winter rain season and the board of Mosman very much look forward to the detailed results and to updating shareholders as soon as possible."
Shares in Mosman were down 1.0% at 0.27 pence on Wednesday.
Related Shares:
Mosman Oil & Gas