Production Update

RNS Number : 0416D

Mosman Oil and Gas Limited

14 February 2020

 

14 February 2020

Mosman Oil and Gas Limited

 ("Mosman" or the "Company")

Fifth Consecutive Six Month Production Increase

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, is very pleased to announce its fifth successive production increase since reporting started in June 2017 and provides the following production information for the six months ending 31 December 2019.

Production Summary for the six months ending 31 December 2019

Net Production attributable to Mosman for the six months was 13,253 boe, an increase of c 13% which follows the c 81% increase in the six months to June 2019.

Production Details

Further details are outlined below:

	6 Months to 31 December 2019	6 Months to 31 December 2019	6 Months to 30 June 2019	6 Months to 30 June 2019
	Total Project	Net Attributable	Total Project	Net Attributable
	Gross boe	Net boe	Gross boe	Net boe
Stanley	42,268	6,877	14,153	2,353
Welch	6,851	5,252	6,210	4,760
Arkoma	5,868*	1,124*	16,945	4,227
Strawn **	-	-	503	402
Total boe	54,987	13,253	37,811	11,742

* Figures for five months of the period only as Mosman is awaiting December figures for Arkoma

**Strawn project was sold in June 2019

John W Barr, Chairman, said: "This is the fifth consecutive six monthly period of oil production increases and clearly demonstrates the success of the strategy adopted. 

"Mosman continues to build on its production base and is encouraged by the growth at Stanley, where the first three wells are producing with the fourth well on schedule to be drilled this month. Production at Stanley in 2020 has commenced in line with the average for the previous six months with a programme of recompletions now underway where required."

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 Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Soltan Tagiev [phone]
Alma PR Justine James [phone] [phone] [e-mail]

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

Definitions

boe or BOE	barrels of oil equivalent This is both oil and gas and includes the gas converted to oil barrels using a standard industry formula
Gross Sales	Reference to sales is boe that has been sold from the project throughout the period
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.

 

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