Mosman ups production 28% as Texas project wins big

Mosman Oil & Gas on Tuesday reported it had boosted production by 28% in the six months to June compared to the previous six-month period.

Mosman Oil and Gas Limited (DI)

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16:35 01/11/24

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The AIM-listed company said that total output across all of its underlying acreage amounted to 12,260 barrels of oil equivalent, with net production attributable to Mosman rising 35% to 4,417 barrels of oil equivalent.

John W Barr, chairman of Mosman, said: "If production at existing projects is maintained, and we achieve the planned success at Welch and Arkoma, production from could see a further significant increase over current levels. The task now is to continue to develop Mosman to achieve that success."

Since June, three additional wells have now been repaired and restored to production at Mosman’s 100% owned Welch Permian Basin Project in Texas, with the company reporting that the potential remains for the drilling of horizontal wells that could increase both reserves and production.

Production attributable to Mosman at the Welch project increased by 39%, totaling 3,303 barrels for the six months ended 30 June.

Meanwhile, the firm’s 27% owned Arkoma Stacked Pay Project in Oklahoma saw the sale of 507 net barrels attributable to Mosman over the same period, an increase of 246%.

The area has the potential for additional wells according to a recent report completed by Moyes & Co., and Mosman has the option to up its interest to 33.3%.

Mosman Oil & Gas’ shares were up 66.32% at 0.79p at 1620 BST.