Falcon-1 commences Commercial Production

RNS Number : 5184I

Mosman Oil and Gas Limited

14 December 2020

 

14 December 2020

Mosman Oil and Gas Limited

 ("Mosman" or the "Company")

Falcon-1 commences Commercial Production

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces that the Falcon-1 well at the Champion Project in East Texas commenced commercial production on Friday 11 December 2020.

In October 2020 Mosman announced the completion of drilling. In November flows tests were conducted, and the production facilities were installed.

The well has been tied into new production facilities consisting of a separator and tanks. Oil will be sold from the tanks and gas sold via an existing pipeline.

A gas Marketing Contract and a Gas Transmission contract have been signed recently.

Actual production rates will be reported once stable oil and gas rates are established.

John W Barr, Chairman of Mosman commented : "I am very pleased to be see the successful drilling, development, and now production of the first well at the Champion project.

"This producing well is a major milestone for the company and represents a significant increase in production and is also validation of the investment decision in the Champion project. Mosman has a 50% working interest in this Falcon lease and 60% working interest in the adjacent Galaxie lease.

"In my view Falcon can become the cornerstone of a revitalized Mosman. 2021 certainly looks to be better than 2020 in most respects and I would like to express my gratitude to all involved to achieve this outcome.

"I also invite shareholders to attend the AGM on 22 December and to the online Oil Capital event which Mosman is presenting at on 14 January 2021."

To register for the event, please visit: https://www.oilcapital.com/register/event_details/311  

Technical Glossary

BBLs or bbls	barrels
BOPD or bopd	barrels of oil per day
BOEPD or boepd	barrels of oil equivalent per day calculated on the approximate 1:6 basis of the calorific value of the hydrocarbons, (not based on the price)
MMCFPD or mmcfd	Million cubic feet per day

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 [e-mail] [e-mail]	NOMAD and Joint Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl [phone]
Alma PR Justine James [phone] [phone] [e-mail]	Joint Broker Monecor (London) Ltd trading as ETX Capital Thomas Smith [phone]
Updates on the Company's activities are regularly posted on its website: www.mosmanoilandgas.com

 

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