Mosman Oil and Gas Limited Arkoma Project Update (9785H)
16 March 2018 - 9:08PM
UK Regulatory
TIDMMSMN
RNS Number : 9785H
Mosman Oil and Gas Limited
16 March 2018
16 March 2018
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Arkoma Project Update
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration,
development and production company, announces continued progress in
respect to its USA assets.
Arkoma Stacked Pay Project (Oklahoma)
Mosman advises that in accordance with the recent RNS regarding
Arkoma, relevant payments have been made by Mosman and Blackstone
Oil and Gas Limited ("Blackstone"), and Mosman's interest in the
Arkoma project has therefore increased to 27%. The Operator will
now proceed with installing high-volume Electrical Submersible
Pumps ("ESPs") and infrastructure upgrades to accommodate the
expected increase in oil and water production volumes.
The parties have now commenced discussions in respect of the
existing second option, whereby Mosman can acquire up to an
aggregate 55% interest in Arkoma by 27 March 2018 and further
announcements will be made on the status of the discussions as and
when appropriate.
John W Barr, Chairman, said: "We have achieved our initial
objective in respect to increasing our interest in the attractive
Arkoma stacked pay producing asset to 27% based on due diligence,
sound data and technical analysis. We have also funded operational
upgrades at Arkoma that are expected to lead to increased oil
production and cash flow.
"The strategy of acquiring oil production assets when oil prices
were low is proving to be sound given recent oil price increases.
We are benefitting from the decisions taken and the excellent
technical work done to increase oil production and look forward to
building further our production base and cash flow in the USA."
Competent Person's Statement
The information contained in this announcement has been reviewed
and approved by Andy Carroll, Technical Director for Mosman, who
has over 35 years of relevant experience in the oil industry. Mr.
Carroll is a member of the Society of Petroleum Engineers.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Enquiries:
Mosman Oil & Gas Limited NOMAD and Broker
John W Barr, Executive SP Angel Corporate Finance
Chairman LLP
Andy Carroll, Technical Stuart Gledhill / Richard
Director Hail / Soltan Tagiev
jwbarr@mosmanoilandgas.com +44 (0) 20 3470 0470
acarroll@mosmanoilandgas.com
Gable Communications Limited
Justine James / John Bick
+44 (0) 20 7193 7463
mosman@gablecommunications.com
Updates on the Company's activities are regularly posted on its
website www.mosmanoilandgas.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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