AIM-listed Mosman Oil and Gas the hydrocarbon, helium and hydrogen exploration, development and production company, has announced its production update for the three months ended 31 March 2024.
US Production (Various interests)
Mosman achieved net production of 3,764 boe (circa 41 boepd) versus net production of 2,725 boe (circa 30 boepd) in the December Quarter. The higher production rates were primarily due to workovers and changes in production infrastructure.
March Quarter Production Summary
|
|
3 Months to 31 March 2024 |
3 Months to 31 December 2023 |
||||
|
|
Boe |
Boe |
||||
|
|
Gross Project Production |
Net Production to Mosman |
Gross Project Production |
Net Production to Mosman |
|
|
|
|
Gross boe |
Net boe |
Gross boe |
Net boe |
|
|
|
Cinnabar |
728 |
546 |
705 |
528 |
|
|
|
Stanley |
5,583 |
2,163 |
3,951 |
1,461 |
|
|
|
Winters |
2,169 |
506 |
1,060 |
247 |
|
|
|
Livingston |
338 |
68 |
534 |
107 |
|
|
|
Arkoma |
1,927 |
481 |
2,119 |
382 |
|
|
|
Total boe |
10,745 |
3,764 |
8,369 |
2,725 |
|
|
Net Production of 3,764 boe comprised of 2,859 barrels of oil and 5,248 MMBtu of gas. The average sale prices achieved during the Quarter was US$73.73 per barrel for oil and US$2.74 per MMBtu for gas (December quarter: US$76.22 and US$2.37 respectively, and in each case after transport and processing costs but before royalties).
Production numbers in the Quarter are based on the current best available data or estimates (including field data if necessary) and are subject to adjustment upon receipt of final sales invoices from the purchasers of products.
Major Project Updates
Cinnabar (75% Working Interest)
The decision was made to perform a recompletion prior to installation of artificial lift (pump jacks). This is expected to take place in the current quarter and this workover will be funded from cashflow.
Stanley (34.85% to 38.5% Working Interest)
Stanley-3 was successfully recompleted and produced strong gas flows, allowing gas sales and this well is now producing oil and gas. An additional jet pump was installed at Stanley-5 in October 2023 and whilst oil flow rates were good, production has had to be halted periodically to manage fine sand that is produced with the oil which blocks the screens. Work continues to optimise production, funded from cashflow.
Winters (23% Winters-2 Working Interest)
Winters-2 continues to produce both gas and oil with rates in natural decline.
Cash position
As at 31 March 2024, Mosman had cash at bank of circa AUD$0.82 million.
Andy Carroll, CEO, said: 'I am pleased to see increasing production in USA providing revenue and cashflow whilst we progress helium, hydrogen and hydrocarbon exploration in Australia.'
Source: Mosman Oil & Gas
