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17 Oct 2022 07:00
RNS Number : 019D Mosman Oil an Gas Limite 17 October 2022 16017 October 2022
Mosman Oil an Gas Limite
("Mosman" or the "Company")
Q1 Prouction Upate
Excellent Results Achieve post Q1 from Workovers160160160160160160
Mosman Oil an Gas Limite (AIM: MSMN) the oil exploration, evelopment an prouction company, announces its prouction summary for the three months ene 30 September 2022 ("Q1" or "September Quarter").
The Company has a portfolio of evelopment an exploration projects, with a clear focus on maximising the opportunity for further prouction growth an increasing cashflow. In aition to its US projects, Mosman has two exploration areas in Australia which are well positione to take avantage of the increasing eman for Helium an Hyrogen, in aition to Oil an Gas.
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US Prouction
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Gross Prouction showe steay increases across the Company's projects save for the Falcon well which is currently shut-in pening a review. Net Prouction attributable to Mosman for Q1 was 6,98 boe (three months to 30 June 2022 of 8,81 boe). The results reflect continue strong prouction at Stanley an Winters. Notably, the loss of gas prouction at Falcon has been mitigate by higher value oil prouction increases at Stanley.
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At Stanley, several recent workovers have increase both oil an gas prouction resulting in the recent five-ay average gross prouction at Stanley an Winters combine achieving 193 bop an 628 mcf or circa 300 boep in aggregate. That compares to 218 boep (gross) in the June Quarter etaile below.
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The priority this quarter has been increasing prouction at Stanley an rilling at Cinnabar. Priorities on all projects, incluing Falcon, will be reviewe when we have results from Cinnabar.
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Prouction Summary
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The Net Prouction of 6,98 boe prouce in the September Quarter consiste of 2,973 barrels of oil an 23,113 MMBtu of gas. The average sale prices achieve uring the perio was US91.3 per barrel for oil an US6.99 (July an August only) per MMBtu for gas (June quarter was US109.24 an US.81, an in each case after transport an processing costs but before royalties).
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Prouction numbers in the September Quarter are base on the current best available ata (incluing fiel ata if necessary) an are subject to ajustment upon receipt of final sales invoices from the purchasers of proucts. 160
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John W Barr, Chairman, sai: "Mosman is please to report a soli quarter of prouction, particularly factoring in the current halt in prouction at Falcon.
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"We continue to make steay progress, with further evelopment potential in existing leases. Notably, the recent workovers at Stanley an the expecte results from the Cinnabar-1 well also provie optimism that the December quarter will be even stronger."
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Market Abuse Regulation (MAR) Disclosure
The information containe within this announcement is eeme by the Company to constitute insie information as stipulate uner the Market Abuse Regulations (EU) No. 96/2014 ('MAR') which has been incorporate into UK law by the European Union (Withrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this information is now consiere to be in the public omain.
Enquiries:
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Upates on the Company's activities are regularly poste on its website:
www.mosmanoilangas.com
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Notes to eitors
Mosman (AIM:MSMN) is an oil exploration, evelopment, an prouction company with projects in the US an Australia. Mosman's strategic objectives remain consistent: to ientify opportunities which will provie operating cash flow an have evelopment upsie, in conjunction with progressing exploration of existing exploration permits. The Company has several projects in the US, in aition to exploration projects in the Amaeus Basin in Central Australia.
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Glossary
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