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Mosman plans well test, will drill new well and is assessing Australia acquisition

It’s full steam ahead for Mosman Oil & Gas after its breakthrough oil discovery at Petroleum Creek in New Zealand.

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It’s full steam ahead for Mosman Oil & Gas (LON:MSMN) after its breakthrough oil discovery at Petroleum Creek in New Zealand.

As the Drill Force Rig #1 crew moves to the Crestal-1 location ready to drill in the next few days, the group is planning an extended test on Cross Roads-1, its first well. The firm also said it is working on acquisitions in Australia that “will significantly increase future operations”.

The well test, meanwhile, will assess the Cobden and Eight Mile formations of the Cross Roads discovery.

While there is visible oil in the Cobden limestone, the wireline logs were not conclusive, so Mosman has decided a flow test is required to determine whether or not it qualifies as an additional discovery.

At the same time Mosman has started to acquire the additional seismic required to rank the following prospects to select the best locations in order to drill a further four wells during 2014.

They are Crestal-2, Blair Road, Big Rock, Killeen, Molloy's Creek, Bells Gully, Pipers Creek and Onganui.

Chairman John Barr told investors: "Operational decisions continue to drive Mosman's activities at Petroleum Creek as we move from exploration to appraisal, and hopefully eventually production.

“In Australia the team has been working hard on proposed acquisitions which will significantly increase the future operations of the company."

The shares, up 60% in the past month, rose 0.55p to 22.8p.

Quick facts: Mosman Oil And Gas Ltd

Price: 0.11 GBX

AIM:MSMN
Market: AIM
Market Cap: £1.24 m
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