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(Alliance News) - Mosman Oil & Gas Ltd shares lifted on Monday after it announced a successful test of its Winters-2 well in Polk County, East Texas.
The Australian oil exploration, development and production company said the well flowed at rates of 576 to 624 thousand standard cubic feet per day over an eight-hour period on a 8/64 choke. The initial production rates are expected to be within that range, which is around 110 to 120 barrels of oil equivalent per day.
Shares in Mosman were up 4.6% to 0.089 pence each in London on Monday morning.
Production is expected to start later in the quarter to end-March, once the installation of gas infrastructure has been completed. Mosman owns around a 23% working interest in the well.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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