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(Alliance News) -Â Mosman Oil & Gas Ltd on Monday reported an uptick in the production rate at the Stanley project in the US.
Shares in Mosman were up 17% at 0.199 pence in London on Monday.
The average gross production rate for the Stanley project, which is in East Texas, was 210 barrels of oil per day in the past week, up from the daily average of 139 barrels for the six months to the end of December.
Stanley-3 and Stanley-4 continue to produce oil without artificial lift, the oil and gas explorer said. Stanley-3 is averaging a rate of around 50 barrels of oil per day and Stanley-4 about 120 barrels.
The second-hand pump-jack installed at Stanley-2 is now fully operational, after some "initial problems" with the motor that required replacing. In the last week the well has averaged over 40 barrels of oil per day.
"Based on discussions with Mosman's JV partners, it is still anticipated that Stanley-5 will be drilled in the second quarter of the calendar year, and after Stanley-1 is fully back on production," the company said.
Mosman's working interest in the Stanley wells varies from 16% to 18%.
By Lucy Heming;Â lucyheming@alliancenews.com
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