ukcitymedia news feed

Mosman Oil and Gas grows production despite severe weather delays

Mosman Oil and Gas grows production despite severe weather delays

Wed 6 Feb 2019 07:45 by ukcitymedia.co.uk about : operational news - 0 Comments - 2968 words


Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, provides the following production information for the six months from 1 July 2018 to 31 December 2018.

 

Production Summary

 

Net Production attributable to Mosman increased 47% in this period, compared to the prior six months. The one new well is Stanley-1, which continues to produce mainly gas with some oil.

 

The weather has resulted in lower production than expected, mainly due to wet road conditions affecting access to well sites. For example, production at Welch was limited by some wells not producing due to broken rods (which is a routine workover); and the drilling of Stanley-2 has been delayed as the road needs to be in dry condition for the heavy rig loads. Once the roads dry out, the workovers at Welch and drilling of Stanley-2 can proceed. Both of these activities are expected to further increase production.

 

Production (6 months ended 31 December 2018)

 

Total Gross Production was 18,253 boe an increase of 48.9% (12,260 six months to 30 June 2018).

 

Net Production attributable to Mosman was 6,476 boe an increase of 46.6% (4,417 six months ended 30 June 2018).

 

Net Sales attributable to Mosman were AUD$614,120 an increase of 14.9% (AUD$534,500 six months ended 30 June 2018).

 

Further details are outlined below:

 

 

6 Months to 31 December 2018

 

6 Months to 31 December 2018

 

 

Total Project Basis

Net Production Attributable to Mosman

 

Gross BOE

Net BOE

Stanley (*)

6,071

1,002

Welch

5,137

3,937

Arkoma (**)

5,996

1,117

Strawn

1,049

420

Total BOE

18,253

6,476

 

1.         * Stanley-1 commenced production in September 2018.

2.         **Does not reflect full six months production as wells were not producing while workovers occurred.

 

John W Barr, Chairman, said: "Mosman continues to grow its production and sales consistent with its business plan, despite the challenges of the severe weather delays, oil price falls and operational issues during the period.

 

"Production growth is expected to continue as workovers are completed and new wells drilled.

The horizontal wells at Welch are subject to funding, where options are being reviewed, including a farmout. Planning continues for additional wells."

 

 

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.

 



These articles are summaries / highlights and dont always include all financial news updates. Check at company website INVESTORS INFORMATION for full published results.


Add a comment


Username:


Email:


Security key:


Message:






More

ukcitymedia news feed

Please take our RSS Feed and news to your Network and message boards. With thanks





 


ukcitymedia moderates but does not authenicate postings. Users are reminded that shares and all trading instruments by nature do not always prove to be good investments. Readers are reminded to do your own research. ukcitymedia.co.uk delivers UK stock market news, latest shares news, uk financial news, rns news articles, latest business news, latest uk financial news, stockmarket investment news, business news round-ups. director dealings bulletins, stock market reports, share trading articles, latest finance news, broker recommendations, uk city news, latest financial information. ukcitymedia.co.uk does not offer financial advice.