16th May 2014 11:07
LONDON (Alliance News) - Mosman Oil & Gas PLC said Friday that its New Zealand subsidiary, Petroleum Creek Ltd, has issued the mobilisation notice and made the initial payment to the drilling contractor to commence operations at Petroleum Creek, with drilling now set to commence in June.
The New Zealand and Australia-focused oil exploration and development company said its wholly-owned subsidiary has issued the mobilisation notice and made the initial payment to Drillforce, the drilling contractor.
Mosman said that Drillforce has advised that the drill rig and equipment mobilisation will commence this weekend and all equipment is expected to be on site before the end of May.
Drilling is anticipated to commence in the first week of June.
Mosman also announced that, in order to bid through the open process for additional areas for exploration consideration in 2014, it has contracted a consultant based in New Zealand to prepare bids for selected areas and will be lodging its bid by the September 30, 2014 deadline. The assessment of the bids is based on criteria including technical and financial capabilities.
"We remain completely focused and on track to drill the first wells on time and on budget at the Petroleum Creek Project in New Zealand. The activity reflects Mosman's commitment to the Greymouth area with several local contractors and service providers being utilized as part of the programme," said John Barr, Executive Chairman of Mosman.
The company said last week that it had completed site preparation for its first two wells at the New Zealand project last week, making the Crossroads-1 and Crestal-1 sites ready for the arrival of the site's drilling rig.
Shares in Mosman Oil & Gas were trading 9.52% higher at 11.5 pence per share Friday, one of the biggest gainers on the London market.
By Alice Attwood; [email protected]; @AliceAtAlliance
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