Mosman Oil & Gas, the New Zealand and Australia focused oil exploration and development company reported Wednesday that its wholly owned New Zealand subsidiary, Petroleum Creek Limited (PCL), has confirmed the third well in its drilling program which will be named Crestal-2, located approximately 2,624 feet (800 meters) south of Crestal-1 in petroleum exploration permit 38526 near Greymouth in New Zealand's South Island. Mosman proposes to drill to basement estimated to be c 984 feet (300 meters). It is located to the east of and close to several old wells drilled with oil shows and flows. The intention is to drill this well after Cross Roads-1 and Crestal-1 in June 2014.
At Petroleum Creek, Drill Force equipment has now arrived on site and drill preparation continues for the commencement of drilling in the next 10 days.
As part of its strategic planning, PCL has contracted to lease a 10 acre property adjacent to Crestal-2 location (with an option to purchase). The infrastructure located on the site will initially be used as office accommodation and the location used for storage.
In addition, management are also in discussions regarding land access in relation to a contingent fourth well location.
John W Barr, executive chairman of Mosman commented: “As we continue to build out the drilling program at Petroleum Creek, we are delighted to confirm Crestal-2 as the third planned well and are working to firm up on a contingent fourth well as part of the broader development of this asset.”
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