REG - Mosman Oil & Gas - Drilling Complete at Garcia Prospect

Mosman Oil and GasAnnouncement

27/06/2025 10:45

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RNS Number : 7713O  Mosman Oil and Gas Limited  27 June 2025

27 June 2025

 

Mosman Oil and Gas Limited

("Mosman" or the "Company")

 

Drilling Complete at Garcia Prospect

Mosman Oil and Gas Limited (AIM:MSMN) the helium, hydrogen and
hydrocarbon exploration, development and production company, announces the
completion of the drilling programme at the Garcia prospect.

Garcia Prospect

This well, located in the Garcia prospect, in which Mosman has a 20% working
interest, was spudded on 24 June 2025 and reached a total depth of 1,288 feet.
Gas testing was conducted continuously using an onsite mass spectrometer. The
well encountered water in the principal target, the Lyons formation, at a
depth of 1,288 feet. A flow test conducted at the top of the Lyons formation
indicated a small percentage of helium, but the flow rate was weak, likely due
to tight rock with low porosity. After drilling an additional 3 feet, further
water was encountered, leading to the decision to halt further drilling.

In accordance with the agreement negotiated with the landowner, Mosman will
convert the well into a water well. The rig crew will demobilise following
completion of the water well conversion which is expected to cost no more than
$30,000, including the pipe, gravel and rig time. The Company has yet to
receive details of the final well cost, but this is not expected to differ
materially from pre-drill expectations.

In light of this latest disappointing well result the Company is in
discussions with its partners in relation to the continuation of the current
Vecta campaign and a further announcement will be made in due course.

Location Map illustrating the five prospects identified by surface mapping
within the Project Area.

(Source: Vecta Oil and Gas Ltd.)

Howard Mclaughlin, Interim Chief Executive Officer of Mosman, said "Given the
disappointing results obtained from the Vecta Project thus far we have entered
into discussions about potentially concluding the drilling programme early,
reflecting our commitment to preserving cash resources and with the intention
of allowing us to focus our full attention and financial resources on the
Sagebrush and Coyote Wash helium projects. The Company will provide a further
update to shareholders next week."

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 information is
now considered to be in the public domain.

 

 

Enquiries:

 Mosman Oil & Gas Limited                                NOMAD and Joint Broker

 Carl Dumbrell                                           SP Angel Corporate Finance LLP

 Chairman                                                Stuart Gledhill / Richard Hail / Adam Cowl

                                                         +44 (0) 20 3470 0470
 Alma                                                    Joint Broker

 Justine James / Will Merison                            CMC Markets UK Plc

 +44 (0) 20 3405 0205                                    Douglas Crippen

 mosman@almastrategic.com (mailto:mosman@almapr.co.uk)   +44 (0) 020 3003 8632

 

Updates on the Company's activities are regularly posted on its
website: www.mosmanoilandgas.com (http://www.mosmanoilandgas.com/)

 

Notes to editors

Mosman (AIM: MSMN) is a helium, hydrogen and hydrocarbon exploration,
development, and production company with projects in the US and Australia.
Mosman's strategic objectives remain consistent: to identify opportunities
which will provide operating cash flow and have development upside, in
conjunction with progressing exploration. The Company has several projects in
the US, in addition to royalty interests in Australia.

 

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