REG - Mosman Oil & Gas - Production Increases at Stanley & EP145 update

Mosman Oil and GasAnnouncement

07/05/2024 07:15

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RNS Number : 3574N  Mosman Oil and Gas Limited  07 May 2024

7 May 2024

 

Mosman Oil and Gas Limited

("Mosman" or the "Company")

 

Production Increases strongly at Stanley

and progress at EP145

 

Mosman Oil and Gas Limited (AIM: MSMN) the hydrocarbon, helium and hydrogen
exploration, development, and production company, provides an update on its
Stanley project in the US (34.85% to 38.5% WI) where the recent gross
production has increased 84% to circa 221 boepd (30 day average flow rate in
April). This is a material improvement from the recently notified March
quarter gross average flow rate of 120 boepd.

 

This significant increase has been achieved following a recompletion of
Stanley-3 which is now flowing oil and gas.  The Company will provide details
on production at all assets as part of its June 2024 quarter update.

 

In Australia on EP 145, the A$160,000 payment, which was due upon completion
of the previously announced Farmin Agreement with Greenvale Energy Pty Ltd
(ASX:GRV), has been received as expected. Additional prior exploration
expenditure amounts of circa A$100,000 will be invoiced and reimbursed under
the terms of the Farmin Agreement. In addition, an environmental bond of circa
$55,000 will be cashed in.

 

Andy Carroll, CEO of Mosman commented: "I am pleased that the continued work
on the Stanley project is now achieving stronger production numbers, which
improves revenues and is a pre-requisite to sale of the asset in the future.
This combined with the progress made in Australia, with the completion of the
EP 145 Farmin, moves Moman into a more robust position with a strengthened
balance sheet."

 

 

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                                                 SP Angel Corporate Finance LLP

 CEO                                                          Stuart Gledhill / Richard Hail / Adam Cowl

 acarroll@mosmanoilandgas.com                                 +44 (0) 20 3470 0470
 Alma                                                         Joint Broker

 Justine James / Will Merison                                 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@almastrategic.com)

 

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 an oil 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 of
existing exploration permits. The Company has several projects in the US, in
addition to exploration projects in the Amadeus Basin in Central Australia.

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