Mosman Oil and Gas Limited COVID UPDATE (4736M)
September 21 2021 - 5:22AM
UK Regulatory
TIDMMSMN
RNS Number : 4736M
Mosman Oil and Gas Limited
21 September 2021
21 September 2021
Mosman Oil and Gas Limited
("Mosman" or the "Company")
COVID UPDATE
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration,
development, and production company, announces operations and
exploration activities continue with some minor delays due to the
Covid-19 pandemic in both Australia and the USA.
In Australia, the geophysical Survey over permit EP-145 has been
successfully acquired and processed following minor time delays
resulting from Covid related travel restrictions. This data is
currently being interpreted and integrated into the regional basin
model with the now expected early in October. Once the report is
received, the information will be considered and integrated with
the geological model. We note that Central Petroleum has been
active drilling wells in the nearby permits with positive results
on the Stairway sandstone which is one of the target zones in
EP-145, as well as the sub-salt helium potential. Covid related
restrictions may impact the timing of the Work Area Clearance
Survey by the Central Land Council, a requirement for the planned
seismic survey.
In the USA, the site for the Winters 2 well is ready and waiting
for the drilling rig. The rig operator has advised that the delay
is due to restricted crew availability as a result of Covid issues,
and the rig is now scheduled to arrive on site on 27 September
2021.
The combinations of pandemic related staffing issues and higher
oil prices have also meant a shortage of workover rigs, however a
workover is now re-completing a well on the Duff lease and will
then move to the Stanley lease.
The delay to workovers, particularly at Stanley, has meant some
reduction of short term production rates which, as noted above,
should be resolved with a rig now on contract. Production at Falcon
has continued to perform strongly with some natural decline from
the rates notified on 29 July 2021.
The effect on revenue is currently being mitigated by the strong
oil and gas prices, with the WTI oil price over USD 70/barrel and
gas currently over USD 5/mmbtu, higher than prices from last
quarter when the acquisition of additional interests was being
negotiated.
Covid19 restrictions in NSW also mean the Company's Sydney based
accountants and Company Secretary office is currently closed and
staff restricted to working from home.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement via Regulatory
Information Service ('RIS'), this inside is now considered to be in
the public domain.
Enquiries:
Mosman Oil & Gas Limited John NOMAD and Broker
W Barr, Executive Chairman SP Angel Corporate Finance LLP
Andy Carroll, Technical Director Stuart Gledhill / Richard Hail /
jwbarr@mosmanoilandgas.com Adam Cowl
acarroll@mosmanoilandgas.com +44 (0) 20 3470 0470
Alma PR Joint Broker
Justine James / Joe Pederzolli Monecor (London) Ltd trading as ETX
+44 (0) 20 3405 0205 Capital Thomas Smith
+44 (0) 7525 324431 020 7392 1432
mosman@almapr.co.uk
Updates on the Company's activities are regularly posted on its
website:
www.mosmanoilandgas.com
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END
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