Last checked at 23 Jul 2020 08:47
23 July 2020
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Six Month Production Summary
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces its production summary for the six months ended on 30 June 2020.
Net Production attributable to Mosman for the six months was 9,890 boe.
Production Details
Further details are outlined below:
6 Months to 30 June 2020 | 6 Months to 30 June 2020 | 6 Months to 31 December 2019 | 6 Months to 31 December 2019 | |
Total Project | Net Attributable | Total Project | Net Attributable | |
Gross boe | Net boe | Gross boe | Net boe | |
Stanley | 28,540 | 4,482 | 42,268 | 6,877 |
Greater Stanley | 485 | 97 | - | - |
Arkoma | 1,632* | 276* | 5,868* | 1,124* |
Welch | 6,569 | 5,035 | 6,851 | 5,252 |
Total boe |
37,226 |
9,890 |
54,987 |
13,253 |
* Figures for five months of the period
John W Barr, Chairman, said: "The current pandemic and the oil price fluctuations have all resulted in Mosman and the Operator of projects focusing their attention and operations on cashflow and costs rather than maximizing production. This together with Stanley-1 being offline, has of course led to production levels falling for the period.
"As recently announced the focus is now returning to production with two workovers and two new wells planned and now financed.
"Mosman is determined to continue to build its production base and is encouraged by the solid asset position it has established, combined with exploration potential."
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
| Joint Broker Monecor (London) Ltd trading as ETX Capital Thomas Smith +44 (0) 20 7392 1432
|
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. |