REG - Mosman Oil & Gas - March 2024 Quarter Production Summary

Mosman Oil and GasAnnouncement

10/04/2024 13:00

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RNS Number : 0627K  Mosman Oil and Gas Limited  10 April 2024

10 April 2024

Mosman Oil and Gas Limited

("Mosman" or the "Company")

March 2024 Quarter Production Summary

Mosman Oil and Gas Limited (AIM: MSMN) the hydrocarbon, helium and hydrogen
exploration, development and production company, announces its production
update for the three months ended 31 March 2024 (the "Quarter").

 

US Production (Various interests)

 

Mosman achieved net production of 3,764 boe (circa 41 boepd) versus net
production of 2,725 boe (circa 30 boepd) in the December Quarter. The higher
production rates were primarily due to workovers and changes in production
infrastructure.

 

March Quarter Production Summary
 
             3 Months to                                                        3 Months to

             31 March 2024                                                      31 December 2023
             Boe                                                                Boe
             Gross Project Production  Net Production to Mosman  Gross Project Production      Net Production to Mosman
             Gross boe                 Net boe                   Gross boe                     Net boe
 Cinnabar    728                       546                       705                           528
 Stanley     5,583                     2,163                     3,951                         1,461
 Winters     2,169                     506                       1,060                         247
 Livingston  338                       68                        534                           107
 Arkoma      1,927                     481                       2,119                         382
 Total boe   10,745                    3,764                     8,369                         2,725

 

Net Production of 3,764 boe comprised of 2,859 barrels of oil and 5,248 MMBtu
of gas. The average sale prices achieved during the Quarter was US$73.73 per
barrel for oil and US$2.74 per MMBtu for gas (December quarter: US$76.22 and
US$2.37 respectively, and in each case after transport and processing costs
but before royalties).

 

Production numbers in the Quarter are based on the current best available data
or estimates (including field data if necessary) and are subject to adjustment
upon receipt of final sales invoices from the purchasers of products.

 

 

Major Project Updates

 

Cinnabar (75% Working Interest)

 

The decision was made to perform a recompletion prior to installation of
artificial lift (pump jacks). This is expected to take place in the current
quarter and this workover will be funded from cashflow.

 

Stanley (34.85% to 38.5% Working Interest)

 

Stanley-3 was successfully recompleted and produced strong gas flows, allowing
gas sales and this well is now producing oil and gas. An additional jet pump
was installed at Stanley-5 in October 2023 and whilst oil flow rates were
good, production has had to be halted periodically to manage fine sand that is
produced with the oil which blocks the screens. Work continues to optimise
production, funded from cashflow.

 

 

Winters (23% Winters-2 Working Interest)

 

Winters-2 continues to produce both gas and oil with rates in natural decline.

 

Cash position

 

As at 31 March 2024, Mosman had cash at bank of circa AUD$0.82 million.

 

Andy Carroll, CEO, said: "I am pleased to see increasing production in USA
providing revenue and cashflow whilst we progress helium, hydrogen and
hydrocarbon exploration in Australia."

 

 

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

 Andy Carroll, Technical Director                                     SP Angel Corporate Finance LLP

 acarroll@mosmanoilandgas.com (mailto:acarroll@mosmanoilandgas.com)   Stuart Gledhill / Richard Hail / Adam Cowl

                                                                      +44 (0) 20 3470 0470
 Alma                                                                 Joint Broker

 Justine James                                                        CMC Markets UK Plc

 +44 (0) 20 3405 0205                                                 Douglas Crippen

 +44 (0) 7525 324431                                                  +44 (0) 020 3003 8632

 mosman@almastrategic.com (mailto:mosman@almapr.co.uk)

 

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 hydrocarbon, helium and hydrogen 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 whilst
maximising the opportunity for further production growth and increasing
cashflow from its current US projects.

 

In addition, Mosman has two exploration areas in the Amadeus Basin in Central
Australia which are well positioned to take advantage of the increasing demand
for Helium and Hydrogen, in addition to oil and gas.

 

 

 

Glossary

 

 boe                       Barrels of oil equivalent based on calorific value as opposed to dollar value
 boepd                     Barrels of oil per day of oil equivalent based on calorific value as opposed
                           to dollar value
 bo                        Barrels of oil
 bopd                      Barrels of oil per day
 Gross Project Production  Means the production of boe at a total project level (100% basis) before
                           royalties (where Mosman is the Operator) and where Mosman is not the operator
                           the total gross production for the project
 Mcf                       Thousand cubic feet
 Mcfpd                     Thousand cubic feet per day
 MBtu                      One thousand British Thermal Units
 MBtupd                    One thousand British Thermal Units per day
 MMBtu                     One million British Thermal Units
 MMBtupd                   One million British Thermal Units per day
 Net Production            Net to Mosman's Working Interest; Net Production attributable to Mosman means
                           net to Mosman's Working Interest before royalties

 

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