Mosman Oil and Gas Limited Winters-2 well update (3565N)
29 September 2021 - 4:51PM
UK Regulatory
TIDMMSMN
RNS Number : 3565N
Mosman Oil and Gas Limited
29 September 2021
29 September 2021
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Winters-2 well update
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration,
development, and production company, announces an update on the
Winters-2 well in Polk County, Texas.
Further to the announcement made on 21 September, Mosman
confirms the equipment to drill the well has started to arrive
onsite. Spud is expected in the next few days and the drilling is
scheduled to take 7-10 days. A further update will be made upon
completion of drilling.
Background of Winters Lease
Mosman first acquired an interest in the Winters lease as part
of its purchase of Nadsoilco LLC, ("Nadsoilco") in June 2021.
Following a subsequent acquisition of an additional working
interest in July 2021 Nadsoilco now holds a 29% interest in the
lease. Nadsoilco is a 100% owned subsidiary of Mosman and is the
Operator of the Winters lease which is held by production with
circa 969 bbls of oil sold in the last 12 months from the Winters-1
well.
Nadsoilco has been ready to drill the Winters-2 well on the
Winters Lease for some time and has been awaiting the arrival of
the drilling rig which was delayed due to the impact of the
covid-19 pandemic. The Winters lease holders have agreed to share
the participation in the Winters-2 well (not the lease) with the
owners of the adjacent lease operated by Arcadia (the "Arcadia
Parties"). The Winters lease holders will have a 78% working
interest and the Arcadia Parties will have a 22% working interest
in the well. Therefore Mosman, through Nadsoilco, will hold an
effective c.23% working interest in this well.
Winters-2 well
Winters-2 is a 7,000 foot development well in which the primary
target is the Wilcox formation that is producing oil in adjacent
wells (on other leases not held by Mosman). The turnkey aggregate
cost for drilling the well is now expected to be c USD 700,000
(Mosman's share c.USD 160,000).
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 inside is now considered to be in the public
domain.
Enquiries:
Mosman Oil & Gas Limited John NOMAD and Broker
W Barr, Executive Chairman SP Angel Corporate Finance LLP
Andy Carroll, Technical Director Stuart Gledhill / Richard Hail /
jwbarr@mosmanoilandgas.com Adam Cowl
acarroll@mosmanoilandgas.com +44 (0) 20 3470 0470
Alma PR Joint Broker
Justine James / Joe Pederzolli Monecor (London) Ltd trading as ETX
+44 (0) 20 3405 0205 Capital Thomas Smith
+44 (0) 7525 324431 020 7392 1432
mosman@almapr.co.uk
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDDZGZLVLRGMZG
(END) Dow Jones Newswires
September 29, 2021 02:51 ET (06:51 GMT)
Mosman Oil And Gas (LSE:MSMN)
Historical Stock Chart
From Apr 2024 to May 2024
Mosman Oil And Gas (LSE:MSMN)
Historical Stock Chart
From May 2023 to May 2024