Mosman Oil and Gas Limited Stanley-2 Initial Production (4980F)
15 July 2019 - 4:00PM
UK Regulatory
TIDMMSMN
RNS Number : 4980F
Mosman Oil and Gas Limited
15 July 2019
15 July 2019
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Stanley-2 Initial Production
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration,
development and production company, advises that the Stanley-2 well
in Texas is now on production in accordance with the operator's
planning.
Stanley-2 was drilled in March 2019 where the initial zone
completed flowed mainly gas and consequently it was decided to
recomplete the well in an oil zone. The well has now been
recompleted and is flowing oil and has been placed on production,
with in excess of 535 BBLs of oil from Stanley-2 already sold. The
current oil producing zone is one of several further potential
production zones.
Since being placed on production a heater-treater circuit has
been added along with the additional injection of chemical
de-emulsifier at the well head. Following these works, Mosman has
been advised that average gross production from the last seven days
was 63.5 BOPD. Mosman currently has an 18.5% working interest in
this well.
The Stanley-2 well production rates are yet to fully settle.
With this type of well the Operator monitors and periodically
adjusts choke settings and production equipment to optimise oil
production. Further announcements may be made in due course to
provide updates in respect of any material changes to the
production profile.
The next potential increase in production is anticipated to be
the drilling and completion of Stanley-3 in August and Falcon-1 in
this quarter. These wells will be financed from existing cash
resources.
John W Barr, Chairman, said: "The flow rates from Stanley-2 are
satisfying and fully justify the investment in the Stanley project.
With oil production now established from multiple zones this
demonstrates the potentially successful long-term nature of the
Stanley Field overall.
"The Company continues to meet its objectives, and very much
looks forward to the next wells being drilled shortly."
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
Technical Glossary
BBLs barrel / barrels
BOPD barrels of oil per day
===============================
TVD the vertical distance from a
(True Vertical Depth) point in the well to a point
at the surface.
===============================
MD the length of the wellbore, as
(Measured Depth) if determined by a measuring
stick
===============================
MCFGPD thousand cubic feet of gas per
day
===============================
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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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