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Mosman Oil and Gas unveils new Texas acquisition

A new US$310,000 acquisition delivers another low-cost production growth project for Mosman
Onshore oil wells
The field currently produces 34 barrels of oil per day

Mosman Oil And Gas Limited (LON:MSMN) has unveiled its latest acquisition in North America, picking up the Welch Permian basin project in West Texas in a US$310,000 deal.

The company said the project, located about 550 kilometres from Dallas, comprises ten existing production wells plus ten shut-in wells and seven injectors. It presently produces around 34 barrels of oil per day.

READ: Mosman Oil & Gas updates on US assets

It highlighted that the deal fits the group’s acquisition strategy which seeks with cash flow as well as development upside.

Mosman plans to manage operating expenses and increase cash flow via low cost initiatives to increase production volumes – it said it has already identified shut-in wells for potential workover operations for the ‘shorter term’.

The company said the strategy for Welch will be similar to that adopted at the recently acquired Strawn project, where workovers significantly improved production.

READ: Mosman Oil and Gas happy with progress at new ventures

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