AIM-listed Mosman Oil and Gas, the hydrocarbon, helium and hydrogen exploration, development, and production company, has provided an update on its Stanley project in the US (34.85% to 38.5% WI) where the recent gross production has increased 84% to circa 221 boepd (30 day average flow rate in April). This is a material improvement from the recently notified March quarter gross average flow rate of 120 boepd.
This significant increase has been achieved following a recompletion of Stanley-3 which is now flowing oil and gas. The Company will provide details on production at all assets as part of its June 2024 quarter update.
In Australia on EP 145, the A$160,000 payment, which was due upon completion of the previously announced Farmin Agreement with Greenvale Energy, has been received as expected. Additional prior exploration expenditure amounts of circa A$100,000 will be invoiced and reimbursed under the terms of the Farmin Agreement. In addition, an environmental bond of circa $55,000 will be cashed in.
Source: Mosman Oil and Gas
Andy Carroll, CEO of Mosman commented: "I am pleased that the continued work on the Stanley project is now achieving stronger production numbers, which improves revenues and is a pre-requisite to sale of the asset in the future. This combined with the progress made in Australia, with the completion of the EP 145 Farmin, moves Moman into a more robust position with a strengthened balance sheet."
