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Mosman Oil And Gas Ltd

Six Month Production Update

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RNS Number : 3349H
Mosman Oil and Gas Limited
31 July 2019
 

31 July 2019

Mosman Oil and Gas Limited

("Mosman" or the "Company")

 

Six Month Production Update

 

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, provides the following production information, highlighting an 81% net increase in attributable production to Mosman for the six months ending 30 June 2019.

 

Production Summary

 

Gross production for the six months ending 30 June 2019 was 37,811 boe and the Net Production attributable to Mosman was 11,742 boe.

 

Gross production for the year ending 30 June 2019 was 55,508 boe and the Net Production attributable to Mosman was 18,216 boe.

 

Compared to the six-month period ended 31 December 2018 Net Production attributable to Mosman increased 81%.

 

Additionally, Net Production attributable to Mosman for the year ended 30 June 2019 increased 138% from the previous year.

 

The results reflect both the increase in the number of producing wells and continued increases in production rates at the projects that Mosman has ownership in.

 

Production subsequent to six-month reporting period

 

Mosman also highlights the increase in Production at the Stanley project in July 2019.

 

In July 2019, (with Stanley 2 having been recompleted and on production from 4 July), the Stanley project has produced 6,010 boe (Gross) representing a Daily average Gross production of 215 BOEPD. This compares to the Stanley Gross production of 14,153 in the six-months and represents a Daily average Gross production of 79 BOEPD during the six-month period to 30 June 2019 (although this period was impacted by workovers).

 

Mosman further advises that in the seven days ending 28 July 2019 this average has increased again to over 233 boe.

 

Further production increases are expected from the drilling of the Stanley-3 well which is due to spud shortly, and  the Falcon-1 well which is due to spud in the current quarter.

 

Production at the other projects appears to be in line with expectations and reported historic production.

 

Production (6 months ended 30 June 2019)

 

Total Gross Production was 37,811 boe an increase of 106% (18,253, six months to 31 December 2018).

 

Net Production attributable to Mosman was 11,742 boe an increase of 81% (6,476, six months ended 31 December 2018).

 

 

 

 

Further details are outlined below:

 


6 Months to 30 June 2019

 

6 Months to 30 June 2019

 


Total Project Basis

Net Production Attributable to Mosman


Gross BOE

Net BOE

Stanley

14,153

2,353

Welch

6,210

4,760

Arkoma

16,945

4,227

Strawn*

503

402

Total BOE

37,811

11,742

 

 


12 Months to 30 June 2019

 

12 Months to 30 June 2019

 


Total Project Basis

Net Production Attributable to Mosman


Gross BOE

Net BOE

Stanley

20,224

3,355

Welch

11,347

8,697

Arkoma

22,911

5,343

Strawn*

1,026

821

Total BOE

55,508

18,216

 

* Strawn project was sold at the end of June 2019

 

 

John W Barr, Chairman, said: "Mosman continues to grow its production with a significant 81% increase in H2 over the first half which reflects general increases in production and the Stanley wells.

 

"The further increases at Stanley in July 2019 are particularly pleasing and this, combined with the two further wells which are due to be drilled this quarter using existing cash resources, provides further exciting growth opportunities.

 

"The horizontal wells at Welch remain subject to funding, where options are being reviewed, including a farmout. Planning continues for other additional wells."

 

 

 

Competent Person's Statement

The information contained in this announcement has been reviewed and approved by Andy Carroll, Technical Director for Mosman, who has over 35 years of relevant experience in the oil industry. Mr. Carroll is a member of the Society of Petroleum Engineers.

 

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside

information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 



 

 Enquiries:

 

Mosman Oil & Gas Limited

John W Barr, Executive Chairman

Andy Carroll, Technical Director

[email protected]

[email protected]

 

NOMAD and Broker

SP Angel Corporate Finance LLP

Stuart Gledhill / Richard Hail / Soltan Tagiev

+44 (0) 20 3470 0470

 

Gable Communications Limited

Justine James / John Bick

+44 (0) 20 7193 7463

[email protected]

Joint Broker

SVS Securities Plc

Tom Curran / Ben Tadd

+44 (0) 203 700 0078

 

 

Updates on the Company's activities are regularly posted on its website www.mosmanoilandgas.com

 

 

Production by Project

The below table is an unaudited summary of production by project for the period described. The below figures are prepared by management using established industry practice.

 


6 Months to 30 June 2019

 

6 Months to 30 June 2019

 


Total Project Basis

Net Production Attributable to Mosman


Gross BOE

Net BOE

Stanley

14,153

2,353

Welch

6,210

4,760

Arkoma

16,945

4,227

Strawn

503

402

Total BOE

37,811

11,742

 


6 Months to 31 December 2018

 

6 Months to 31 December 2018


Total Project Basis

Net Production Attributable to Mosman


Gross BOE

Net BOE

Stanley

6,071

1,002

Welch

5,137

3,937

Arkoma

5,996

1,117

Strawn

1,049

420

Total BOE

18,253

6,476

 

 

 

 



 

 

Definitions

 

BOE or boe

                                               

Barrels of oil equivalent

BOEPD

Barrels of oil equivalent per day

Daily Average Gross Production

Average of barrels of oil equivalent per day over the period

Gross Sales                                            

Reference to sales is boe that has been sold from the project throughout the period

Net Sales Attributable to Mosman                                     

Mosman's portion of Gross sales less royalties owed to leaseholders

Net Production Attributable to Mosman

Mosman's portion of Total Gross Production less royalties owed to leaseholders.

Total Gross Production

                                   

boe produced on the project throughout the period. Includes oil still held as inventory

Total Project Basis                      

Refers to performance of Sales or Production on a

100% basis of the four projects that Mosman has invested in.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
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