(Alliance News) -Â Mosman Oil & Gas Ltd on Wednesday said it expects to complete Falcon-1 as a production well.
The Falcon-1 well is located on the Champion project in east Texas.
Mosman said the well has been drilled to target depth of around 7,762 feet. The company said "several" Frio sandstones were intersected as expected and this has confirmed the geological model based on 3D seismic and nearby wells.
The next step is to run the wireline logs. Mosman intends to report on the results once these logs have been evaluated.
"Based on the results so far, the decision has been made to run casing in the expectation of completing the well as a production well," said Mosman.
Shares in Mosman were up 1.6% at 0.16 pence in London on Wednesday, easing back after hitting a morning high of 0.21p.
By Lucy Heming;Â lucyheming@alliancenews.com
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Mosman Oil Gas (MSMN)