REG - Mosman Oil & Gas - US Operations Update

Mosman Oil and GasAnnouncement

28/05/2024 07:00

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RNS Number : 0578Q  Mosman Oil and Gas Limited  28 May 2024

28 May 2024

 

 

Mosman Oil and Gas Limited

("Mosman" or the "Company")

 

US Operations Update

 

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) and Cinnabar project (75% WI).

 

Due to daily production variances, the Company's policy is to provide
quarterly production updates unless there is a material change.

 

Stanley Project (34.85% to 38.5% WI)

Oil production at the Stanley-5 well has been restored by a successful
workover, with initial flow rates similar to previous flow rates of circa
30-45 bopd (gross) from this well. Stanley-5 had been shut in since 5 March.

 

As previously announced, Stanley-3 was recompleted and placed back on
production in April 2024. This well is producing both oil and gas. The oil
flow rate has increased to over 100 bopd (last 5 days) with the gas flow rates
having declined since the recompletion.

 

The overall effect is a significant increase in oil and gas production at
Stanley compared to the March quarter. The 5 day gross average flow rates from
the Stanley project have been approximately 150 bopd and 169 mcfd (aggregate
gross circa 180 boepd).

 

Cinnabar Project (75% WI)

The Cinnabar-1 (G3) well has now been recompleted and wellhead pressure rose
to 1950 psi. This well has initially flowed oil and gas but has not yet
established continuous flow. This may have confirmed the need for artificial
lift to optimize production.

 

The Company will provide details of production at all assets as part of its
June 2024 quarter update.

 

Corporate update

A lawsuit was filed against Nadsoil LLC (the Mosman subsidiary that operates
the Stanley Project) on 2 May by one of the joint venture parties for breach
of contract. Mosman, and its legal advisers, consider the lawsuit to be
without merit and intend to rigorously defend the suit.

 

Andy Carroll, CEO of Mosman commented: "I am pleased that the continued work
on the Stanley Project has again resulted in stronger production numbers."

 

 

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 (mailto: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.

 

Australia.

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