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Mosman Oil and Gas looks forward to new drilling

New drilling, under the new strategic partnership is due to kick off in the coming weeks

oil and gas operations
Mosman will have a 16.5% working interest in the new venture

Mosman Oil And Gas Ltd (LON:MSMN) told investors that it will participate in a new drill programme, at the Stanley development, onshore Texas.

The company has agreed a new strategic alliance with Baja Oil & Gas, a privately-owned company, which has a substantial existing inventory of projects.

It will see Mosman participate in the evaluation of future projects, starting with Stanley.

WATCH: Mosman Oil & Gas announces strategic alliance

The Stanley well will be located in the Livingston Oilfield, Polk County, Texas. Drilling is set to start during July and August. Stanley’s primary objective is to produce oil from the Eocene aged Wilcox sands found productive in the area.

Mosman has acquired a 16.5% working interest in the Stanley project, by agreeing to pay 22% of the well’s costs - which, based on a fixed cost drill contract, are estimated at US$95,000, plus a further US$40,000 to complete and install production facilities.

If the well is successful, it is expected to yield 150 barrels of oil per day gross.

"While the near term focus for Mosman remains its existing US production projects and Australian exploration portfolio, the opportunity with Baja could not be ignored given the low entry cost and potential production numbers,” said John Barr, Mosman chairman.

“Baja management are a very experienced team, including time at BHP Petroleum when Mosman's US based operations manager Mr.Howard Mclaughlin was Head of Global Exploration."

Quick facts: Mosman Oil and Gas Ltd

Price: 0.17 GBX

AIM:MSMN
Market: AIM
Market Cap: £4.5 m
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