Portfolio

Mosman makes good progress following placing

By Josh White

Date: Tuesday 25 Jun 2019

Mosman makes good progress following placing

(Sharecast News) - Oil exploration, development and production company Mosman Oil and Gas updated the market on its operations on Tuesday, reporting that at Stanley, it had recently participated in the recompletion of the Stanley-1 well and the drilling of the Stanley-2 well.
The AIM-traded firm said Stanley-1 was currently producing oil in line with expectations, while the recompletion of Stanley-2 had been agreed by the relevant parties and was planned to start in June.

In addition, the Stanley parties had agreed to make preparations for and drill a third Stanley well, Stanley-3, Mosman said.

It said that well was expected to be drilled in the next 90 days, and would target the same reservoir zones as Stanley-1 and Stanley-2.

At Welch, Mosman said routine workovers were being performed there to maintain production, and at Falcon and Galaxie the Champion project - the company said work was proceeding to drill the first well, Falcon-1, in the next quarter.

In Australia, the firm said progress had continued at EP-145 in the Amadeus Basin, where seismic acquisition planning had reached the stage of finalising plans to acquire seismic, and discussing the various requirements with the Northern Territory government and the local indigenous groups.

That was described by the board as an "important part" of obtaining the required clearances to enable ground access and permission to conduct the seismic work.

If required, an extension could be sought which, if granted, would allow additional time for obtaining approvals and then acquiring seismic to finalise a drilling location.

To the south of EP-145, Santos was drilling the Dukas well to test a large prospect that could contain hydrocarbons and helium, Mosman explained.

"The recent placing has enabled Mosman to fund a number of priority expenditure requirements and continue to advance its strategic objective by drilling more wells," said chairman John W Barr.

"Importantly we are on track to deliver further increases in production and participating in new wells."

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