TIDMMSMN
RNS Number : 4735S
Mosman Oil and Gas Limited
06 November 2023
6 November 2023
Mosman Oil and Gas Limited
("Mosman" or the "Company")
September 2023 Quarter Production Summary
Mosman Oil and Gas Limited (AIM: MSMN) the hydrocarbon, helium
and hydrogen exploration, development, and production company,
announces its production update for the three months ended 30
September 2023.
US Production (Various interests)
Mosman achieved net production of 3,564 boe (circa 39 boepd)
versus net production of 5,937 boe (c. 65 boepd) in the prior June
Quarter. The lower production rates are primarily due to lower
production at Cinnabar-1, and Stanley-5 not producing pending
installation of a jet pump. A jet pump was installed at Stanley-5
in October 2023 and production optimization continues at
Cinnabar.
September Quarter Production Summary
3 Months to 3 Months to
30 September 2023 30 June 2023
boe boe
=============================== ===============================
Gross Project Net Production Gross Project Net Production
Production to Mosman Production to Mosman
============== =============== ============== ===============
Gross boe Net boe Gross boe Net boe
============== =============== ============== ===============
Cinnabar 541 405 1,775 1,332
============== =============== ============== ===============
Stanley 6,038 2,170 9,949 3,744
============== =============== ============== ===============
Winters 2,085 487 1,334 311
============== =============== ============== ===============
Livingston 511 102 350 70
============== =============== ============== ===============
Arkoma 1,599 400 1,924 480
============== =============== ============== ===============
Total boe 10,774 3,564 15,332 5,937
============== =============== ============== ===============
Net Production of 3,564 boe comprised of 2,885 barrels of oil
and 3,937 MMBtu of gas. The average sale prices achieved during the
period was US$81.47 per barrel for oil and US$2.22 per MMBtu for
gas (June quarter was US$73.02 and US$1.70 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 (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 Cinnabar-1 well had water influx that resulted in low
production rates despite a workover and an initial attempt to gas
lift the well. The last three months all three wells have been
producing intermittently and production is mainly from G-1 and G-2
with Cinnabar-1 (G-3) supplying gas pressure support for G-1 gas
lift. Technical work continues to determine the preferred
artificial lift for Cinnabar-1 (G3) and the older wells G1 and
G2.
Stanley (34.85% to 38.5% Working Interest)
Stanley-3 and Stanley-4 have benefited from installation of gas
lift. Power generation and sand production caused periodic
shutdowns; these issues are now being managed. A jet pump has
recently been installed on Stanley-5.
Winters (23% Winters-2 Working Interest)
Winters-2 continues to produce.
Cash position
As at 30 September 2023, Mosman had cash at bank of circa
AUD$0.7 million.
Andy Carroll, CEO, said: "Whilst there are significant oil
Reserves at Cinnabar, we need to do better with production rates
and technical work continues to enable us to achieve this. We have
successfully demonstrated the benefits of jet pumps at Stanley and
are working to improve overall production for the December
Quarter."
The Company continues to maintain its portfolio of development
and exploration projects, with a clear focus on its strategic plan
to maximise the opportunity for further production growth and
increasing cashflow. In addition to its USA projects, Mosman has
two exploration areas in Australia which are well positioned to
take advantage of the increasing demand for Helium and Hydrogen, in
addition to oil and gas.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has
been incorporated into UK law by the European Union (Withdrawal)
Act 2018. Upon the publication of this announcement via Regulatory
Information Service ('RIS'), this information is now considered to
be in the public domain.
Enquiries:
Mosman Oil & Gas Limited NOMAD and Joint Broker
Andy Carroll, Technical Director SP Angel Corporate Finance LLP
acarroll@mosmanoilandgas.com Stuart Gledhill / Richard Hail /
Adam Cowl
+44 (0) 20 3470 0470
Alma Joint Broker
Justine James CMC Markets UK Plc
+44 (0) 20 3405 0205 Douglas Crippen
+44 (0) 7525 324431 +44 (0) 020 3003 8632
mosman@almastrategic.com
Updates on the Company's activities are regularly posted on its
website: www.mosmanoilandgas.com
Notes to editors
Mosman (AIM: MSMN) is an oil exploration, development, and
production company with projects in the US and Australia. Mosman's
strategic objectives remain consistent: to identify opportunities
which will provide operating cash flow and have development upside,
in conjunction with progressing exploration of existing exploration
permits. The Company has several projects in the US, in addition to
exploration projects in the Amadeus Basin in Central Australia.
Glossary
boe Barrels of oil equivalent based on calorific value as
opposed to dollar value
boepd Barrels of oil per day of oil equivalent based on calorific
value as opposed to dollar value
--------------------------------------------------------------
bo Barrels of oil
--------------------------------------------------------------
bopd Barrels of oil per day
--------------------------------------------------------------
Gross Project Means the production of boe at a total project level
Production (100% basis) before royalties (where Mosman is the Operator)
and where Mosman is not the operator the total gross
production for the project
--------------------------------------------------------------
Mcf Thousand cubic feet
--------------------------------------------------------------
Mcfpd Thousand cubic feet per day
--------------------------------------------------------------
MBtu One thousand British Thermal Units
--------------------------------------------------------------
MBtupd One thousand British Thermal Units per day
--------------------------------------------------------------
MMBtu One million British Thermal Units
--------------------------------------------------------------
MMBtupd One million British Thermal Units per day
--------------------------------------------------------------
Net Production Net to Mosman's Working Interest; Net Production attributable
to Mosman means net to Mosman's Working Interest before
royalties
--------------------------------------------------------------
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END
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(END) Dow Jones Newswires
November 06, 2023 02:00 ET (07:00 GMT)
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