Mosman Oil & Gas Limited, the New Zealand and Australia focused oil exploration and development company, announced Friday an update on its Petroleum Creek Project in New Zealand.
At the Crestal-1 well, drilling has now finished at a depth of 823 feet (251 meters). Wireline logs were run, and the 4.5 inch casing has been run and cemented. Based on the petrophysical analysis from its third party consultants, including SRK (Australia) Ltd, Mosman has determined that the oil encountered in both the Eight Mile formation and Cobden Limestone meet the definition of a Discovery in accordance with the New Zealand (NZ) legislation. As required, Mosman has reported this update to the Regulator, New Zealand Petroleum & Minerals (NZPAM).
Flow testing is planned for later in 2014 on both the Eight Mile Formation and the Cobden Limestone intervals at Crestal-1. With the successful results on these first two wells, the Company has achieved its initial exploration objectives as set out in the IPO in March and the results have provided Mosman with wealth of information from which it can further shape its drilling and appraisal program.
Following these drilling results the Crestal-2 well will now be re-designed as an appraisal well which is anticipated to be drilled in September. Further drilling is now scheduled for October/November 2014, once additional seismic data has been integrated into the geological model. This will focus on the next highest ranked exploration targets at Petroleum Creek.
John W Barr, executive chairman of Mosman commented: "This positive result from Crestal-1 is another advance in the exploration and appraisal process and enables the team to tailor its next phase of drilling more effectively.”
This now concludes Mosman’s first phase of drilling at Petroleum Creek as the Company moves to the appraisal phase on Cross Roads-1 and Crestal-1, and as a result the weekly drilling updates will restart with the next phase of drilling.
Competent Person's Statement
The information contained in this announcement has been reviewed and approved by Andy Carroll, technical director for Mosman Oil and Gas, who has over 35 years of relevant experience in the oil industry. Carroll is a member of the Society of Petroleum Engineers (SPE).
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