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Mosman Oil And Gas Ltd

Production Update

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RNS Number : 9273W
Mosman Oil and Gas Limited
24 April 2019
 

 

 

24 April 2019

Mosman Oil and Gas Limited

 ("Mosman" or the "Company")

 

Production up by 59%

 

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces the latest production update which shows a 59% increase in quarterly production attributable to Mosman.

 

Production Summary

 

During the three months ended 31 March 2019, Net Production attributable to Mosman from four of its US projects was 6,033 BOE, a 59% increase over the quarter ended 31 December 2018 of 3,773 BOE.

 

Current daily production has further increased due to production from the recent recompletion of Stanley-1 and drilling and completion of Stanley-2. Mosman is pleased to confirm that both Stanley wells will mainly use existing infrastructure; and sale of production has already commenced. Further information on Stanley flow rates will be announced as information becomes available.

 

Production Details

 

 

 

Quarter to 31 December 2018

 

Quarter to 31 March 2019

 

Total Project Basis

Total Project Basis

 

Gross BOE

Gross BOE

Stanley

4,692

3,295

Strawn

322

506

Welch

2,694

3,002

Arkoma

3,409

9,714

Total BOE

11,117

16,517

 

 

Quarter to 31 December 2018

 

Quarter to 31 March 2019

 

Net Production attributable to Mosman

Net Production attributable to Mosman

 

Net BOE

Net BOE

Stanley

774

543

Strawn

257

405

Welch

2,065

2,301

Arkoma

677

2,784

Total BOE

3,773

6,033

 

 

 

Future Operations

 

Mosman's strategic objective continues to be to identify opportunities which will provide operating cash flow and have development upside, in conjunction with exploration of its existing Australian exploration permit.

 

Increased production and an oil price currently over USD 60/bbl are expected to provide strong operating cash flow to Mosman, and the Company looks forward to progressing additional development wells to add to the recent success at Stanley. Wells currently under consideration include additional Stanley development wells, a well at Falcon and at Galaxie at the Champion project and development wells at the Challenger project. The timing and order of the wells under consideration remain subject to a number of considerations including approvals, priorities determined by Working Interest partners, and funding.

 

Mosman continues to progress EP 145 in the Amadeus Basin NT, near where Santos is drilling the Dukas well to test a large helium and hydrocarbons prospect. The Company is planning and making applications for the approvals required to acquire additional seismic data.

 

Mosman's policy remains that it will provide the market with six monthly updates on production with ad hoc updates as required due to changes in production trends.

 

John W Barr, Chairman, said: "Mosman set a strategic objective on which it is delivering results. We are on track to further increase production and look forward to updating the market with further developments.

 

The recent success at Stanley and the potential new wells under consideration should further lift production."

 

 

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

John W Barr, Executive Chairman

Andy Carroll, Technical Director

[email protected]

[email protected]

 

NOMAD and Broker

SP Angel Corporate Finance LLP

Stuart Gledhill / Richard Hail / Soltan Tagiev

+44 (0) 20 3470 0470

 

Gable Communications Limited

Justine James / John Bick

+44 (0) 20 7193 7463

[email protected]

Joint Broker

SVS Securities Plc

Tom Curran / Ben Tadd

+44 (0) 203 700 0078

 

 

Updates on the Company's activities are regularly posted on its website www.mosmanoilandgas.com

 

Production by Project

The table below is an unaudited summary of historical production by project. The figures below are prepared by management using established industry practice.

 

 

 

6 Months to 31 December 2017

 

6 Months to 31 December 2017

 

 

Total Project Basis

Net Production Attributable to Mosman

 

Gross BOE

Net BOE

Strawn

1,716

686

Welch

3,108

2,383

Arkoma

4,781

206

Total BOE

9,604

3,274

 

 

 

6 Months to 30 June 2018

 

6 Months to 30 June 2018

 

 

Total Project Basis

Net Production Attributable to Mosman

 

Gross BOE

Net BOE

Strawn

1,519

608

Welch

4,309

3,303

Arkoma

6,434

507

Total BOE

12,262

4,417

 

 

 

 

6 months to 31 December 2018

 

6 Months to 31 December 2018

 

Total Project Basis

Net Production Attributable to Mosman

 

Gross BOE

Net BOE

Stanley

6,071

1,002

Strawn

1,049

420

Welch

5,137

3,937

Arkoma

5,996

1,117

Total BOE

18,253

6,476

 

 

 

Quarter to 31 December 2018

 

Quarter to 31 March 2019

 

Total Project Basis

Total Project Basis

 

Gross BOE

Gross BOE

Stanley

4,692

3,295

Strawn

322

506

Welch

2,694

3,002

Arkoma

3,409

9,714

Total BOE

11,117

16,517

 

 

 

 

 

 

Quarter to 31 December 2018

 

Quarter to 31 March 2019

 

Net Production attributable to Mosman

Net Production attributable to Mosman

 

Net BOE

Net BOE

Stanley

774

543

Strawn

257

405

Welch

2,065

2,301

Arkoma

677

2,784

Total BOE

3,773

6,033

 

 

 

Definitions

 

boe or BOE                                                          

barrels of oil equivalent

Net Sales Attributable to Mosman                                     

Mosman's portion of Gross sales less royalties owed to leaseholders

Total Gross Production                                    

boe produced on the project throughout the period. Includes oil still held as inventory

Net Production Attributable to Mosman

Mosman's portion of Total Gross Production less royalties owed to leaseholders.

Total Project Basis                      

Refers to performance of Sales or Production on a

100% basis of the four projects that Mosman has invested in.

 


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 [email protected] or visit www.rns.com.
 
END
 
 
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Price: 0.235

Market: AIM
Market Cap: £2.08 m
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on 12/9/19