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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Mosman Oil And Gas Limited | LSE:MSMN | London | Ordinary Share | AU0000XINET1 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0005 | -2.56% | 0.019 | 0.018 | 0.02 | 0.0195 | 0.019 | 0.0195 | 131,753,908 | 09:34:41 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Crude Petroleum & Natural Gs | 2.25M | -2.13M | -0.0005 | -0.40 | 801.84k |
TIDMMSMN
RNS Number : 5700X
Mosman Oil and Gas Limited
26 April 2023
26 April 2023
Mosman Oil and Gas Limited
("Mosman" or the "Company")
93% Increase in Quarterly Net Production
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces its Q3 production update for the three months ended 31 March 2023 ("Q3" or "March Quarter") delivering a 93% increase in net production compared to the prior December Quarter.
US Production (Various interests)
Mosman made significant progress in growing the production portfolio as a result of the Cinnabar-1 well (Mosman 75% working interest) coming on production. Improved production at Stanley and Winters contributed to the growth in the quarter in which Mosman achieved net production of 11,960 boe (circa 133 boepd) versus 6,212 boe (c. 67 boepd) in the prior December Quarter.
March Quarter Production Summary
3 Months to 3 Months to 31 March 2023 31 December 2022 boe boe =============================== =============================== Gross Project Net Production Gross Project Net Production Production to Mosman Production to Mosman ============== =============== ============== =============== Gross boe Net boe Gross boe Net boe ============== =============== ============== =============== Cinnabar 6,690 5,017 - - ============== =============== ============== =============== Stanley 13,753 5,028 12,943 4,897 ============== =============== ============== =============== Winters 6,324 1,476 3,431 800 ============== =============== ============== =============== Livingston 535 107 1,238 248 ============== =============== ============== =============== Arkoma 1330 332 1,070 267 ============== =============== ============== =============== Total boe 28,632 11,960 18,682 6,212 ============== =============== ============== ===============
Net Production of 11,960 boe comprised of 9,908 barrels of oil and 11,902 MMBtu of gas. The average sale prices achieved during the period was US$73.46 per barrel for oil and US$3.49 per MMBtu for gas (December quarter was US$82.02 and US$5.69 respectively, and in each case after transport and processing costs but before royalties).
Production numbers in the Quarter are based on the current best available data (including field data if necessary) and are subject to adjustment upon receipt of final sales invoices from the purchasers of products.
Major Project Updates
Cinnabar (75% Working Interest)
The Cinnabar-1 well was put on production at the end of December 2022 and produced throughout the March Quarter.
Gas infrastructure has been upgraded and a connection to the sales gas pipeline is under way that will enable gas to be sold. Current production numbers do not include gas.
During the period, formation water influx increased and this caused a decrease in oil production to c50 bopd during April. Wireline logs indicated that the oil and gas production was coming from the 1st Wilcox and water was coming from one 2nd Wilcox sand that had also been perforated. A workover was successfully completed on 25 April setting a plug to seal off the 2(nd) Wilcox zone. Production from the 1st Wilcox is expected to be restarted during 26 April and updated flow rates will be reported in due course. At some time in the future, the 2(nd) Wilcox will be squeeze cemented to seal off the source of the water and re-perforated in a different 2(nd) Wilcox sands to produce the significant Reserves identified in the 2(nd) Wilcox. In addition, in due course artificial lift may be used to increase flow rates.
At G-2, a workover was performed to enable gas injection. Gas from Cinnabar-1 was injected and this led to the well flowing, demonstrating proof of concept. The next step is to inject gas at a high enough pressure to initiate gas lift. This will require the acquisition and installation of a gas compressor.
Technical work is being undertaken in order to prepare a Development Plan for the Cinnabar lease. This work will include updates of the 3D seismic interpretation on the lease and the geological model and result in the identification of drilling targets and locations. The Development Plan is expected to take several months to complete.
Stanley (34.85% to 38.5% Working Interest)
Stanley benefitted from the completion of gas infrastructure and workovers to optimise production. The gas lift on Stanley 4 and 5 was successful, with several days producing approximately 300 bopd. However, due to decline in available gas the decision was made to change to fluid injection and install jet pumps in these wells. The recent aggregate daily gross production rate across Stanley is 154 bopd (averaged over the last 5 days of available data).
In addition to production optimisation work, a technical report was also completed that detailed significant remaining production potential in the Stanley leases.
Winters (23% Winters-2 Working Interest)
Winters-2 continues to produce at rates exhibiting natural decline.
Cash position
As at 31 March 2023, Mosman had cash at bank of circa AU$682k, which does not include the additional GBP300,000 raised per the announcement on 6 April 2023.
John W Barr, Chairman, said: "We are pleased to report on the progress we have made as a result of the development work enabling us to deliver a significant quarter on quarter increase in production."
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this information is now considered to be in the public domain.
Enquiries:
Mosman Oil & Gas Limited NOMAD and Broker John W Barr, Executive Chairman SP Angel Corporate Finance LLP Andy Carroll, Technical Director Stuart Gledhill / Richard Hail / jwbarr@mosmanoilandgas.com Adam Cowl acarroll@mosmanoilandgas.com +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
Notes to editors
Mosman (AIM: MSMN) is an oil exploration, development, and production company with projects in the US and Australia. Mosman's strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration of existing exploration permits. The Company has several projects in the US, in addition to exploration projects in the Amadeus Basin in Central Australia.
Glossary
boe Barrels of oil equivalent based on calorific value as opposed to dollar value boepd Barrels of oil per day of oil equivalent based on calorific value as opposed to dollar value -------------------------------------------------------------- bo Barrels of oil -------------------------------------------------------------- bopd Barrels of oil per day -------------------------------------------------------------- Gross Project Means the production of boe at a total project level Production (100% basis) before royalties (where Mosman is the Operator) and where Mosman is not the operator the total gross production for the project -------------------------------------------------------------- Mcf Thousand cubic feet -------------------------------------------------------------- Mcfpd Thousand cubic feet per day -------------------------------------------------------------- MBtu One thousand British Thermal Units -------------------------------------------------------------- MBtupd One thousand British Thermal Units per day -------------------------------------------------------------- MMBtu One million British Thermal Units -------------------------------------------------------------- MMBtupd One million British Thermal Units per day -------------------------------------------------------------- Net Production Net to Mosman's Working Interest; Net Production attributable to Mosman means net to Mosman's Working Interest before royalties --------------------------------------------------------------, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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END
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(END) Dow Jones Newswires
April 26, 2023 07:44 ET (11:44 GMT)
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