TIDMMSMN
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 Net Production attributable
to Mosman 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 NOMAD and Broker
John W Barr, Executive Chairman SP Angel Corporate Finance LLP
Andy Carroll, Technical Director Stuart Gledhill / Richard Hail
jwbarr@mosmanoilandgas.com / Soltan Tagiev
acarroll@mosmanoilandgas.com +44 (0) 20 3470 0470
Gable Communications Limited Joint Broker
Justine James / John Bick SVS Securities Plc
+44 (0) 20 7193 7463 Tom Curran / Ben Tadd
mosman@gablecommunications.com +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 6 Months to 31 December
2017 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 6 Months to 31 December
2018 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 Quarter to 31 March 2019
2018
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 Net Production attributable
to Mosman 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 Mosman's portion of Gross sales less
to Mosman royalties owed to leaseholders
=============================================
Total Gross Production boe produced on the project throughout
the period. Includes oil still held as
inventory
=============================================
Net Production Attributable Mosman's portion of Total Gross Production
to Mosman 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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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 rns@lseg.com or visit www.rns.com.
END
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