Mosman Oil and Gas Limited Successful drilling at Stanley completed (4317W)
01 August 2018 - 4:01PM
UK Regulatory
TIDMMSMN
RNS Number : 4317W
Mosman Oil and Gas Limited
01 August 2018
1 August 2018
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Successful drilling at Stanley completed
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration,
development and production company, is very pleased to announce the
completion of successful drilling operations at the first well of
the Stanley Development Drilling Project, located onshore
Texas.
Summary
Drilling operations on the Stanley #1 well, onshore Texas, have
now been completed. Preliminary analysis of the data acquired
whilst drilling, and the wireline log interpretation, indicates
that the well has identified multiple pay zones and production
casing will be immediately run to the total depth of the
well-bore.
Details
Drilling operations on the Stanley #1 well commenced on 19 July
2018, and the well reached the planned total vertical depth of
7,000 feet on 29 July 2018. Hydrocarbon shows were recorded at
multiple reservoir levels whilst drilling, and preliminary
evaluation of the wireline logs obtained from the well-bore
indicates the presence of multiple potential hydrocarbon bearing
reservoirs, including the primary target reservoir, being the
Wilcox.
Analysis of the drilling and petrophysical data indicates that
the well encountered a gross pay section in the primary target
reservoir of approximately 19 feet total thickness, with average
porosity of approximately 18 percent.
As anticipated in a successful development well, the results of
the electric log data are sufficient for the participants to commit
to run production casing while the drilling rig is on location.
The next phase, anticipated to take 30-60 days, is to install
production facilities. Once these are in place the well will be
completed as a producer and commence production. The flow rates
will not be known until then; however, as the drilling and log data
are better than pre-drill assumptions, there is no reason to change
the pre-drill Operator forecasted initial flow rates of
approximately 150 bopd (gross).
This well secures the Mosman's 16.5% Working Interest in the
Deep Lease portion of the Livingston Oil Field. Further development
drilling will be considered in due course.
Strategic Alliance
The Stanley #1 well is the first well drilled under the
Strategic Alliance that Mosman has agreed with a privately owned,
Texas based oil and gas company Baja Oil & Gas, LLC, ("Baja").
Baja owns a substantial existing inventory of oil and gas
development projects and is continuing to add projects to the
inventory. Under the terms of the Strategic Alliance, Mosman may
participate in the evaluation of future projects and will have the
ability to invest in the development of existing projects.
John W Barr, Chairman, said: "Mosman continues to pursue its
strategic objective to identify opportunities which will provide
operating cash flow and have development upside, in conjunction
with exploration of existing exploration permits.
"The success at Stanley and the recent production increases at
Welch reinforces this policy.
"We are pleased Stanley will be completed and add to Mosman's
existing production. We are also encouraged with this successful
validation of the investment decision and the Strategic Alliance
with Baja."
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 Chairman SP Angel Corporate Finance LLP
Andy Carroll, Technical Director Stuart Gledhill / Richard Hail
jwbarr@mosmanoilandgas.com / Soltan Tagiev
acarroll@mosmanoilandgas.com +44 (0) 20 3470 0470
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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