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US: Mosman Oil and Gas announces 78 per cent increase in Cinnabar Project proved reserves

15 Mar 2023

Photo - see caption

Mosman Oil and Gas has announced a significant reserve update in respect of its producing Cinnabar Project in Tyler County, Texas.

Reserve Report

After the successful development drilling of and production from the Cinnabar-1 well, Mosman commissioned an updated independent Reserve Report for the Cinnabar Project

The Report was prepared on the basis of a potential full-field development of the Cinnabar Project where Mosman has a 75% Working Interest. A wholly-owned subsidiary Mosman Operating LLC operates the Project.

Total Proved Reserves have increased by approx. 78% from 887,000 to 1,581,000 gross boe.

Gross Reserves (MBOE):

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A further breakdown of the Reserves is set out below:

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'Gross' are 100% of the reserves and/or resources attributable to the licence whilst "Net attributable" are those attributable to Mosman's Working Interest after royalties.

Theoretical Development Schedule

Reserves are based on a potential full-field development on the producing 352 acre Cinnabar Project involving 5 further development wells with one well drilled in 2023, two in 2024 and two more in 2025. It also assumes well recompletions when appropriate to produce separate production zones. The final development plan remains subject to a number of matters including Board approval and funding availability.

Working Interest (WI)

Mosman acquired 97% WI and farmed out to reduce Mosman's exposure to the Cinnabar-1 well drilling costs. This farmout became effective with the drilling of the well in November 2022 and reduced Mosman's WI to 75%.

Photo - see caption
The Cinnabar Lease forms part of the Challenger Project (Source: Mosman)

John W Barr, Chairman, said:

'We are extremely pleased with the new Reserve Report that confirms significant quantities of Reserves at Cinnabar.

'Cinnabar is now the most significant project in Mosman's portfolio both in terms of production and reserves.

'The Board can now consider the best way to commercialise these Reserves.'

Original article link

Source: Mosman Oil and Gas

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