Last checked at 14 Feb 2020 08:02
14 February 2020
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Fifth Consecutive Six Month Production Increase
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, is very pleased to announce its fifth successive production increase since reporting started in June 2017 and provides the following production information for the six months ending 31 December 2019.
Production Summary for the six months ending 31 December 2019
Net Production attributable to Mosman for the six months was 13,253 boe, an increase of c 13% which follows the c 81% increase in the six months to June 2019.
Production Details
Further details are outlined below:
| 6 Months to 31 December 2019
| 6 Months to 31 December 2019
| 6 Months to 30 June 2019
| 6 Months to 30 June 2019
|
| Total Project | Net Attributable | Total Project | Net Attributable |
| Gross boe | Net boe | Gross boe | Net boe |
Stanley | 42,268 | 6,877 | 14,153 | 2,353 |
Welch | 6,851 | 5,252 | 6,210 | 4,760 |
Arkoma | 5,868* | 1,124* | 16,945 | 4,227 |
Strawn ** | - | - | 503 | 402 |
Total boe |
54,987 |
13,253 |
37,811 |
11,742 |
* Figures for five months of the period only as Mosman is awaiting December figures for Arkoma
**Strawn project was sold in June 2019
John W Barr, Chairman, said: "This is the fifth consecutive six monthly period of oil production increases and clearly demonstrates the success of the strategy adopted.
"Mosman continues to build on its production base and is encouraged by the growth at Stanley, where the first three wells are producing with the fourth well on schedule to be drilled this month. Production at Stanley in 2020 has commenced in line with the average for the previous six months with a programme of recompletions now underway where required."
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 Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Soltan Tagiev +44 (0) 20 3470 0470
|
Alma PR Justine James +44 (0) 20 3405 0205 +44 (0) 7525 324431 mosman@almapr.co.uk |
|
Updates on the Company's activities are regularly posted on its website www.mosmanoilandgas.com
Definitions
boe or BOE | barrels of oil equivalent This is both oil and gas and includes the gas converted to oil barrels using a standard industry formula |
Gross Sales | Reference to sales is boe that has been sold from the project throughout the period |
Net Sales Attributable to Mosman | Mosman's portion of Gross sales less royalties owed to leaseholders |
Total Gross Production | boe produced on the project throughout the period. Includes oil still held as inventory |
Net Production Attributable to Mosman | Mosman's portion of Total Gross Production less royalties owed to leaseholders |
Total Project Basis | Refers to performance of Sales or Production on a 100% basis of the four projects that Mosman has invested in. |