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Mosman Oil & Gas looks to build on drill success

Published: 16:30 23 Jun 2014 AEST

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Mosman Oil & Gas (LON: MSMN) said it has halted drilling at 335 metres following the successful discovery of oil in the Eight Mile formation of its Petroleum Creek Project in New Zealand.

The plan to re-enter and test the lower-lying Cobden limestone at some time in the future.

Although oil shows were detected in the Cobden limestone, logs from this section were described as “inconclusive”.

However the data taken from Cross Roads-1 well has given the group a greater understanding of the geology of the area with which to shape its drilling programme.

“Of note is an increased focus on the seismic defined flank prospects near Cross Roads,” Mosman said.

These include the Blair, Pipers Creek, No Town Track and Bells Gully prospects, which were previously identified by oil consultants SRK. 

Mosman reckons some of these locations could be ready to drill in the “next few weeks”.

Having raised £3mln last week, the group is now in a position to accelerate progress and it could sink as many as six wells this year.

Chairman John Barr said: “Cross Roads-1’s success has brought early exploration success and as a result we are making every effort to increase and maximize the exploration efforts in 2014. Focus has now broadened to review and appraisal and resetting priorities for the next few months.”


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on 16/10/23