Production Update

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 to

31 December 2019

 

6 Months to

31 December 2019

 

6 Months to

30 June 2019

 

6 Months to

30 June 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

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

 

 

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.

 


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.
 
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