Mosman Oil and Gas Limited Strawn Site Visit and Operations Update (9598K)
July 13 2017 - 2:57AM
UK Regulatory
TIDMMSMN
RNS Number : 9598K
Mosman Oil and Gas Limited
13 July 2017
13 July 2017
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Strawn Site Visit and Operations Update
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration,
development and production company, provides an update in respect
to its Strawn operations.
As part of its growth strategy, Mosman's strategic objective
remains to identify opportunities which will provide operating cash
flow and have further development upside, in conjunction with
adding value to our existing exploration permits.
Mosman Directors are in the USA with executives from its'
strategic partner, Blackstone Oil and Gas ("Blackstone") to review
the ongoing work programme at Strawn (Mosman 50% / Blackstone 50%)
and the Arkoma Stacked Pay Project where Mosman owns 10% of the
Inland Assets and has options to increase to 55%.
Strawn (Texas): 50% interest and Operator
Since commencing as Operator Mosman's US subsidiary, Mosman
Operating LLC, has completed initial repair and maintenance work at
the project.
The workover programme has commenced and so far six workovers
have been successfully recompleted, bringing the number of wells on
production to 11. On two wells further work is required to restore
production. Another two to three wells are scheduled for workovers
while the workover rig is on site.
The production rates from the new wells will take a week or so
to become established and stabilise. The last two days daily
production was 15-18 bopd. Mosman will advise the steady production
rates once they are established.
The information gathered will add to the existing database, and
further production enhancement opportunities will be ranked and
decisions made. Near term possibilities include surface facility
improvements, bringing additional existing wells back on
production. Longer term potential being considered includes infill
wells, horizontal wells, and waterflood.
Arkoma Stacked Pay Project (Oklahoma): 10% interest with an
option over a further 45%
Several wells are being brought on to production, including some
from the Wilcox sands and one from a Woodford shale zone that was
recently fracture stimulated. Mosman's immediate focus is to gather
information to update the geological model and quantify reserves
and resources. This will facilitate a decision in respect to the
option to increase its ownership percentage from 10 to 30% that is
to be made in October, and a second option to increase ownership to
55% in 2018.
A site visit is scheduled for later this week following which
Mosman will report on its progress.
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 +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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