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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0165 | 0.016 | 0.017 | 0.017 | 0.0165 | 0.017 | 107,577,885 | 11:59:51 |
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 : 9273W
Mosman Oil and Gas Limited
24 April 2019
24 April 2019
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Production up by 59%
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces the latest production update which shows a 59% increase in quarterly production attributable to Mosman.
Production Summary
During the three months ended 31 March 2019, Net Production attributable to Mosman from four of its US projects was 6,033 BOE, a 59% increase over the quarter ended 31 December 2018 of 3,773 BOE.
Current daily production has further increased due to production from the recent recompletion of Stanley-1 and drilling and completion of Stanley-2. Mosman is pleased to confirm that both Stanley wells will mainly use existing infrastructure; and sale of production has already commenced. Further information on Stanley flow rates will be announced as information becomes available.
Production Details
Quarter to 31 December 2018 Quarter to 31 March 2019 Total Project Basis Total Project Basis ============================ ========================= Gross BOE Gross BOE ============================ ========================= Stanley 4,692 3,295 ============================ ========================= Strawn 322 506 ============================ ========================= Welch 2,694 3,002 ============================ ========================= Arkoma 3,409 9,714 ============================ ========================= Total BOE 11,117 16,517 ============================ ========================= Quarter to 31 December 2018 Quarter to 31 March 2019 Net Production attributable Net Production attributable to Mosman to Mosman ============================ ============================ Net BOE Net BOE ============================ ============================ Stanley 774 543 ============================ ============================ Strawn 257 405 ============================ ============================ Welch 2,065 2,301 ============================ ============================ Arkoma 677 2,784 ============================ ============================ Total BOE 3,773 6,033 ============================ ============================
Future Operations
Mosman's strategic objective continues to be to identify opportunities which will provide operating cash flow and have development upside, in conjunction with exploration of its existing Australian exploration permit.
Increased production and an oil price currently over USD 60/bbl are expected to provide strong operating cash flow to Mosman, and the Company looks forward to progressing additional development wells to add to the recent success at Stanley. Wells currently under consideration include additional Stanley development wells, a well at Falcon and at Galaxie at the Champion project and development wells at the Challenger project. The timing and order of the wells under consideration remain subject to a number of considerations including approvals, priorities determined by Working Interest partners, and funding.
Mosman continues to progress EP 145 in the Amadeus Basin NT, near where Santos is drilling the Dukas well to test a large helium and hydrocarbons prospect. The Company is planning and making applications for the approvals required to acquire additional seismic data.
Mosman's policy remains that it will provide the market with six monthly updates on production with ad hoc updates as required due to changes in production trends.
John W Barr, Chairman, said: "Mosman set a strategic objective on which it is delivering results. We are on track to further increase production and look forward to updating the market with further developments.
The recent success at Stanley and the potential new wells under consideration should further lift production."
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 NOMAD and Broker John W Barr, Executive Chairman SP Angel Corporate Finance LLP Andy Carroll, Technical Director Stuart Gledhill / Richard Hail jwbarr@mosmanoilandgas.com / Soltan Tagiev acarroll@mosmanoilandgas.com +44 (0) 20 3470 0470 Gable Communications Limited Joint Broker Justine James / John Bick SVS Securities Plc +44 (0) 20 7193 7463 Tom Curran / Ben Tadd mosman@gablecommunications.com +44 (0) 203 700 0078
Updates on the Company's activities are regularly posted on its website www.mosmanoilandgas.com
Production by Project
The table below is an unaudited summary of historical production by project. The figures below are prepared by management using established industry practice.
6 Months to 31 December 6 Months to 31 December 2017 2017 Total Project Basis Net Production Attributable to Mosman ======================== ============================ Gross BOE Net BOE ======================== ============================ Strawn 1,716 686 ======================== ============================ Welch 3,108 2,383 ======================== ============================ Arkoma 4,781 206 ======================== ============================ Total BOE 9,604 3,274 ======================== ============================ 6 Months to 30 June 2018 6 Months to 30 June 2018 Total Project Basis Net Production Attributable to Mosman ========================= ============================ Gross BOE Net BOE ========================= ============================ Strawn 1,519 608 ========================= ============================ Welch 4,309 3,303 ========================= ============================ Arkoma 6,434 507 ========================= ============================ Total BOE 12,262 4,417 ========================= ============================ 6 months to 31 December 6 Months to 31 December 2018 2018 Total Project Basis Net Production Attributable to Mosman ======================== ============================ Gross BOE Net BOE ======================== ============================ Stanley 6,071 1,002 ======================== ============================ Strawn 1,049 420 ======================== ============================ Welch 5,137 3,937 ======================== ============================ Arkoma 5,996 1,117 ======================== ============================ Total BOE 18,253 6,476 ======================== ============================ Quarter to 31 December Quarter to 31 March 2019 2018 Total Project Basis Total Project Basis ======================= ========================= Gross BOE Gross BOE ======================= ========================= Stanley 4,692 3,295 ======================= ========================= Strawn 322 506 ======================= ========================= Welch 2,694 3,002 ======================= ========================= Arkoma 3,409 9,714 ======================= ========================= Total BOE 11,117 16,517 ======================= ========================= Quarter to 31 December 2018 Quarter to 31 March 2019 Net Production attributable Net Production attributable
to Mosman to Mosman ============================ ============================ Net BOE Net BOE ============================ ============================ Stanley 774 543 ============================ ============================ Strawn 257 405 ============================ ============================ Welch 2,065 2,301 ============================ ============================ Arkoma 677 2,784 ============================ ============================ Total BOE 3,773 6,033 ============================ ============================
Definitions
boe or BOE barrels of oil equivalent Net Sales Attributable Mosman's portion of Gross sales less to Mosman royalties owed to leaseholders ============================================= Total Gross Production boe produced on the project throughout the period. Includes oil still held as inventory ============================================= Net Production Attributable Mosman's portion of Total Gross Production to Mosman 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. =============================================
This information is provided by RNS, 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.
END
UPDLIFEDSTISFIA
(END) Dow Jones Newswires
April 24, 2019 04:00 ET (08:00 GMT)
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