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Mosman Oil & Gas (MSMN)

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Monday 30 July, 2018

Mosman Oil & Gas

Production almost doubles at Welch Project

RNS Number : 1232W
Mosman Oil and Gas Limited
30 July 2018
 

30 July 2018

 

Mosman Oil and Gas Limited

("Mosman" or the "Company")

 

Production almost doubles at Welch Permian Basin Project

 

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, is pleased to provide the following update in respect to the Welch Project.

 

As reported previously oil production for the six months ending June 2018 was 4,309 barrels (Net Attributable to Mosman: 3,303 barrels) at Welch. Since June, three additional wells have been worked over and restored to production.  

 

Mosman now reports that between 1 July 2018 and 27 July 2018 production at Welch was 1,180 barrels (Net Attributable to Mosman: 896 barrels). This represents an average aggregate production before royalties of circa 44 barrels per day. The previous six month average of circa 24 barrels per day had been below well capacity as water injection pump repairs had limited well production.

 

The increase in production is directly attributable to the recent workovers and repairs completed in early July. Mosman has now asked its consultants to consider any further wells that can be repaired in the near term. However, the main development upside remains the horizontal wells that Moyes & Co (1 June 2018) have estimated could produce 120 bopd each as reported in the reserve report previously published (a copy of which is on the Mosman website).

 

John W Barr, Chairman, said: " We proceeded with the repairs as a result of obtaining funding from the recent placement and the repairs have resulted in an immediate effect on production. This is an encouraging evidence that Mosman continues to achieve its strategic objectives to build a strong production base."

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]


 

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


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.
 
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