Last checked at 14 Dec 2020 07:32
14 December 2020
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Falcon-1 commences Commercial Production
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces that the Falcon-1 well at the Champion Project in East Texas commenced commercial production on Friday 11 December 2020.
In October 2020 Mosman announced the completion of drilling. In November flows tests were conducted, and the production facilities were installed.
The well has been tied into new production facilities consisting of a separator and tanks. Oil will be sold from the tanks and gas sold via an existing pipeline.
A gas Marketing Contract and a Gas Transmission contract have been signed recently.
Actual production rates will be reported once stable oil and gas rates are established.
John W Barr, Chairman of Mosman commented: "I am very pleased to be see the successful drilling, development, and now production of the first well at the Champion project.
"This producing well is a major milestone for the company and represents a significant increase in production and is also validation of the investment decision in the Champion project. Mosman has a 50% working interest in this Falcon lease and 60% working interest in the adjacent Galaxie lease.
"In my view Falcon can become the cornerstone of a revitalized Mosman. 2021 certainly looks to be better than 2020 in most respects and I would like to express my gratitude to all involved to achieve this outcome.
"I also invite shareholders to attend the AGM on 22 December and to the online Oil Capital event which Mosman is presenting at on 14 January 2021."
To register for the event, please visit: https://www.oilcapital.com/register/event_details/311
Technical Glossary
BBLs or bbls | barrels |
BOPD or bopd | barrels of oil per day |
BOEPD or boepd | barrels of oil equivalent per day calculated on the approximate 1:6 basis of the calorific value of the hydrocarbons, (not based on the price) |
MMCFPD or mmcfd | Million cubic feet per day |
Competent Person's Statement
The information contained in this announcement has been reviewed and approved by Andy Carroll, Technical Director for Mosman, who has over 35 years of relevant experience in the oil industry. Mr. Carroll is a member of the Society of Petroleum Engineers.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
Enquiries:
Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director jwbarr@mosmanoilandgas.com acarroll@mosmanoilandgas.com
| NOMAD and Joint Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470
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Alma PR Justine James +44 (0) 20 3405 0205 +44 (0) 7525 324431 mosman@almapr.co.uk
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Updates on the Company's activities are regularly posted on its website: www.mosmanoilandgas.com | ||