RNS19 Mar 2019 07:40
19th Mar 2019 07:00
RNS Number : 2277T
Mosman Oil and Gas Limited
19 March 2019
19 March 2019
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Stanley-2 Drilling Update
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, advises that the rig is now on location at Stanley-2 in Texas and drilling has now commenced. The well is expected to take approximately 14 days to drill and evaluate. The primary targets are Eocene aged sands (which includes the Yegua sands) which were indicated to be potentially oil bearing in Stanley-1. Stanley-2 will be directionally drilled to optimise the potential production of the reservoir objective sands.
Stanley-2 is the next well to be drilled as part of the Strategic Alliance with the privately-owned Baja Oil & Gas, LLC. Stanley-2 is designed to penetrate its primary target updip from Stanley-1 to optimise the potential oil production and recovery from these reservoirs.
Mosman has used existing cash resources to fund its drilling commitment for this well.
John W Barr, Chairman, said: "It is good to have drilling underway after the weather-related delays. The drilling should happen quickly and the Board of Mosman very much look forward to the detailed results and to updating shareholders as soon as possible.