LONDON, UK: Mosman Oil and Gas Limited (AIM: MSMN) has completed construction of the gas network in East Texas which will allow for the sale of gas from the Winters-2 well (23% Working Interest) and Stanley-4 well (45% Working Interest).
The gas network connects several leases, including one operated by Arcadia Operating LLC and will be owned by Mosman’ s subsidiary, Nadsoilco and Arcadia. Costs have been split between the parties to provide a strong economic foundation for the pipeline and operating costs will be in proportion to gas sales volumes.
The system will be tested over the next few days and well production flow rates will be announced once available.
John W Barr, Chairman, commented: “Mosman is pleased to complete the construction of the gas network to further build on our production profile.
“With the gas network in place, it enables gas production from Winters-2 and Stanley-4, and other wells in the area. I am pleased to see increasing production volumes and cashflow, especially while gas price is strong.”
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 seven projects in the US: Stanley, Greater Stanley, Livingston, Winters, Challenger and Champion in East Texas and Arkoma in Oklahoma in addition to exploration projects in the Amadeus Basin in Central Australia.