Mosman Oil and Gas Limited Production Update (0416D)

TIDMMSMN

RNS Number : 0416D

Mosman Oil and Gas Limited

14 February 2020

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        6 Months to       6 Months to      6 Months to 
                      to           31 December      30 June 2019     30 June 2019 
                 31 December          2019 
                     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            NOMAD and Broker 
  John W Barr, Executive Chairman     SP Angel Corporate Finance LLP 
  Andy Carroll, Technical Director    Stuart Gledhill / Richard Hail 
  [e-mail]          / Soltan Tagiev 
  [e-mail]        [phone] 
 Alma PR 
  Justine James 
  [phone] 
  [phone] 
  [e-mail] 
 

Updates on the Company's activities are regularly posted on its website www.mosmanoilandgas.com

D efinitions

 
 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        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 [e-mail] or visit www.rns.com.

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February 14, 2020 03:02 ET (08:02 GMT)