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Mosman Oil and Gas acquires additional 20% interest in Greater Stanley; Falcon well production hit by freezing weather
StockMarketWire.com
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Oil company Mosman Oil and Gas announced it has acquired an additional interest at the Greater Stanley Project and reported 'lower-than-anticipated' production at its Falcon well following freezing weather conditions.
The company said it has purchased an additional 20% interest in the Duff lease which forms part of the Greater Stanley Project, increasing its working interest in Duff to 40% following acquisition of the initial 20% in February 2020.
It said that the operator has proposed a workover to re-complete the Duff-2 well in a zone which has previously been productive at Greater Stanley and that Mosman has agreed to a workover well in order to raise production rates.
Mosman reported that despite a six-day shut in for freezing weather, its Falcon well produced 12,405 Mcf of gas with a thermal value of 13,942 MMBtu in February 2021, while 180 barrels of oil were produced and sold from site, compared to the January production of 21,805 Mcf of gas with a thermal value 23,475 MMBtu and production and sale of 365 barrels of oil.
The company said that, as previously announced, hydrocarbon production has been adversely affected since the beginning of March due to increasing water production, which is in turn adversely affecting the economic return on the well. The operator at the Falcon Project, in which Mosman has a 50% interest, has recommended the well be completed in a higher zone.
Chairman John W Barr said: 'At Falcon, whilst the well has been impacted by weather conditions and the current production is lower than anticipated, we are encouraged by the proposal from the operator to recomplete at a higher level to resolve production.'
At 1:55pm: (LON:MSMN) Mosman Oil And Gas Ltd share price was 0p at 0.16p
Story provided by StockMarketWire.com
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