Mosman Oil and Gas Limited Stanley-1 Well Test Results (1732H)
13 November 2018 - 7:58PM
UK Regulatory
TIDMMSMN
RNS Number : 1732H
Mosman Oil and Gas Limited
13 November 2018
13 November 2018
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Stanley-1 Well Test Results
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration,
development and production company, announces an update in respect
to a recently completed well test at the Stanley-1 well.
A well test was recently performed on Stanley-1 to ascertain the
potential deliverability of the well. The test was carried out by
the operator, Nadsoilco LLC, and independent third parties. This
was a controlled test designed to flow the well with gas flared
(instead of producing to the restricted gas infrastructure) and to
acquire data that may indicate the extent of the oil and gas
accumulation. The test rate was limited due to the size of the test
separator and was not an absolute open hole test. Over several
hours the well was flowed through increasingly larger choke sizes
and the flow rate was allowed to stabilise at each stage.
The choke was incrementally increased from 11/64" to 40/64" over
a series of steps and the final stable flow was 1,271,000 cfd and
50 bbls per day of liquid hydrocarbons. This is equivalent to 274
boepd (calculated using SPE conversion rate of 0.0001767 barrels
per standard cubic foot of gas). By way of comparison, recent flow
rates with existing infrastructure were averaging 450,000 cfd and
10 bbls per day of liquid hydrocarbons. This is equivalent to 90
boepd. Figures stated as gross to the project with Mosman holding a
16.5% Working Interest.
The operator has advised that planning and negotiating with
relevant parties to eliminate pipeline limitations and increase gas
processing contract volumes is underway. The timing of increased
production depends on reaching agreement with third parties and
completing site work, and an update will be provided in due
course.
The Stanley-2 well drill is scheduled to commence drilling in
November with results due in early December. The well is expected
to be an oil producer with minor amounts of associated gas that can
be handled by existing infrastructure.
Additional development wells will then be drilled to develop the
multiple oil zones identified in Stanley-1.
John W Barr, Chairman, said:
"This Stanley-1 test shows the ability of the well to produce at
much higher rates once the gas infrastructure limitations are
resolved. We are also pleased to move rapidly to drill Stanley-2
and potentially get it on production, to be followed by additional
wells.
Stanley-1 continues to generate revenue from gas and oil sales,
and the test clearly shows the potential for higher rates once the
current gas constraints are removed."
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 Joint Broker
Justine James / John Bick SVS Securities Plc
+44 (0) 20 7193 7463 Tom Curran / Ben Tadd
mosman@gablecommunications.com +44 (0) 203 700 0078
Updates on the Company's activities are regularly posted on its
website www.mosmanoilandgas.com
APPENDIX 1
Glossary of Oil and Gas Terms
bbl Barrel
bpd Barrels Per Day (Liquids)
----------------------------------
bopd Barrels of Oil Per Day
----------------------------------
M Thousand
----------------------------------
MM Million
----------------------------------
boe Barrel of Oil Equivalent
----------------------------------
boepd Barrel of Oil Equivalent per day
(calculated using SPE conversion
rate of 0.0001767)
----------------------------------
scf Standard Cubic Feet
----------------------------------
Mscf Thousand Standard Cubic Feet
----------------------------------
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END
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