1 February
2024
Mosman Oil and Gas Limited
("Mosman" or the
"Company")
December 2023 Quarter
Production Summary
Mosman Oil and Gas Limited (AIM: MSMN) the
hydrocarbon, helium and hydrogen exploration, development and
production company, announces its production update for the three
months ended 31 December 2023.
US Production
(Various interests)
Mosman achieved net production of 2,725 boe (circa 30
boepd) versus net production of 3,564 boe (circa 39 boepd) in the
prior September Quarter. The lower production rates were primarily
due to changes in production infrastructure and managing sand
produced with the oil at Stanley, which should facilitate higher
production rates in 2024.
December Quarter Production
Summary
|
3 Months to
31 December
2023
|
3 Months to
30 September
2023
|
|
boe
|
boe
|
|
Gross
Project Production
|
Net
Production to Mosman
|
Gross
Project Production
|
Net
Production to Mosman
|
|
|
Gross
boe
|
Net
boe
|
Gross
boe
|
Net
boe
|
|
Cinnabar
|
705
|
528
|
541
|
405
|
|
Stanley
|
3,951
|
1,461
|
6,038
|
2,170
|
|
Winters
|
1,060
|
247
|
2,085
|
487
|
|
Livingston
|
534
|
107
|
511
|
102
|
|
Arkoma
|
2,119
|
382
|
1,599
|
400
|
|
Total boe
|
8,369
|
2,725
|
10,774
|
3,564
|
|
|
|
|
|
|
| |
Net Production of 2,725 boe comprised of 2,220
barrels of oil and 2,929 MMBtu of gas. The average sale prices
achieved during the period was US$76.22 per barrel for oil and
US$2.37 per MMBtu for gas (September quarter was US$81.47 and
US$2.22 respectively, and in each case after transport and
processing costs but before royalties).
Production numbers in the Quarter are based on the
current best available data or estimates (including field data if
necessary) and are subject to adjustment upon receipt of final
sales invoices from the purchasers of products.
Major Project
Updates
Cinnabar (75%
Working Interest)
Installation of artificial lift (pump jacks) have
been selected as the preferred type of artificial lift which is
expected to increase production rates.
Additional workovers are also being considered to
test potential sands that appear attractive on wireline logs and
sidewall cores. These workovers are planned to be funded from
cashflow.
Stanley (34.85% to
38.5% Working Interest)
It was a busy quarter with recompletions, the repair
of a key water disposal well and surface equipment modifications.
An additional jet pump was installed at Stanley-5 in October 2023
and oil flow rates are good, but production has had to stop
periodically to manage fine sand that is produced with the oil
which blocks the screens. The sand extraction process has
subsequently been changed to allow the sand to settle in tanks
before separation and screening. Stanley-3 was successfully
recompleted and produced strong gas flows, allowing gas sales.
Adverse weather conditions caused some reduction in production
rates in December due to freezing conditions and heavy rain
affecting access roads (which has also been the case for some days
in January).
Winters (23%
Winters-2 Working Interest)
Winters-2 continues to produce both gas and oil.
Cash
position
As at 31 December 2023, Mosman had cash at bank of
circa AUD$0.6 million.
Andy Carroll, CEO,
said: "This has been a busy period at Stanley with downhole
operations and reconfiguration of surface equipment a priority,
which should see higher production. Going forward, Cinnabar will be
the priority area for the year ahead."
Market Abuse Regulation (MAR)
Disclosure
The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ('MAR') which has been incorporated into UK law by the
European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this
information is now considered to be in the public
domain.
Enquiries:
Mosman Oil & Gas Limited
Andy Carroll, Technical
Director
acarroll@mosmanoilandgas.com
|
NOMAD and Joint Broker
SP Angel Corporate Finance
LLP
Stuart Gledhill / Richard Hail /
Adam Cowl
+44 (0) 20 3470 0470
|
Alma
Justine James / Will
Merison
+44 (0) 20 3405 0205
+44 (0) 7525 324431
mosman@almastrategic.com
|
Joint Broker
CMC Markets UK Plc
Douglas Crippen
+44 (0) 020 3003 8632
|
Updates on the Company's activities are
regularly posted on its website: www.mosmanoilandgas.com
Notes to
editors
Mosman (AIM: MSMN) is a hydrocarbon, helium and
hydrogen exploration, development and production company with
projects in the US and Australia.
Mosman's strategic objectives remain consistent: to
identify opportunities which will provide operating cash flow and
have development upside whilst maximising the opportunity for
further production growth and increasing cashflow from its current
US projects.
In addition, Mosman has two exploration areas in the
Amadeus Basin in Central Australia which are well positioned to
take advantage of the increasing demand for Helium and Hydrogen, in
addition to oil and gas.
Glossary
boe
|
Barrels of oil equivalent based on
calorific value as opposed to dollar value
|
boepd
|
Barrels of oil per day of oil
equivalent based on calorific value as opposed to dollar
value
|
bo
|
Barrels of oil
|
bopd
|
Barrels of oil per day
|
Gross Project Production
|
Means the production of boe at a
total project level (100% basis) before royalties (where Mosman is
the Operator) and where Mosman is not the operator the total gross
production for the project
|
Mcf
|
Thousand cubic feet
|
Mcfpd
|
Thousand cubic feet per
day
|
MBtu
|
One thousand British Thermal
Units
|
MBtupd
|
One thousand British Thermal Units
per day
|
MMBtu
|
One million British Thermal
Units
|
MMBtupd
|
One million British Thermal Units
per day
|
Net Production
|
Net to Mosman's Working Interest;
Net Production attributable to Mosman means net to Mosman's Working
Interest before royalties
|