(Alliance News) - Mosman Oil & Gas PLC said on Monday production from the Stanley project in Texas in the US is nearing company expectations.
Average gross production in November was 290 barrels of oil per day, having started the month at 250 barrels per day. The field is producing from several production zones across the wells.
On the development front, Sydney-based Mosman has finished planning drilling for the Stanley-4 well, which is expected to begin producing in February 2020 using the same surface facilities as the previous wells but with some upgrades.
Elsewhere, on the Champion project along the Texan coast, Mosman is progressing preparations ahead of drilling on the Falcon-1 well, and soon it will be assessing if existing infrastructure is suitable.
"Mosman's focus remains delivering on its strategic objective; to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration of existing exploration permits," Mosman said.
"The increase in production since June 30 and the planned wells represent a continuation of that objective," it added.
Shares were 4.2% lower on Monday afternoon in London at 0.23 pence each.
By George Collard; georgecollard@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
Mosman Oil Gas (MSMN)