Mosman Oil & Gas Ltd - Sydney-based oil and gas company - Completes construction of gas network in east Texas allowing for sale of gas from Winters-2 well, in which it has a 23% working interest, and Stanley-4 well, in which it has a 45% interest.
The gas network connects multiple leases, including one operated by Arcadia Operating LLC, and will be jointed owned by Arcadia and Mosman's subsidiary Nadsoilco, with costs split between the two. Operating costs will be in proportion to gas sales volumes.
The network will be tested in the next few days, with well production flow rates to be announced when available.
Chair John Barr comments: "Mosman is pleased to complete the construction of the gas network to further build on our production profile. With the gas network in place, it enables gas production from Winters-2 and Stanley-4, and other wells in the area. I am pleased to see increasing production volumes and cashflow, especially while gas price is strong."
Current stock price: 0.12 pence, up 23% on Wednesday
12-month change: down 35%
By Elizabeth Winter; elizabethwinter@alliancenews.com
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Mosman Oil Gas (MSMN)