Mosman Commits to Next Permit Year for its NZ's Petroleum Creek Asset

Mosman Oil & Gas Limited, the Australia and New Zealand focused oil exploration and development company, provided the following update Thursday.


Mosman’s strategy to build a sustainable mid tier oil and gas business, both organically and by acquisition, is well on track following the Company’s admission to AIM in March, having made discoveries on its Petroleum Creek asset and through the proposed acquisition of Trident Energy, which brings three further oil and gas exploration assets into its portfolio in Australia.

Petroleum Creek, New Zealand

The work program at Petroleum Creek has provided good results in a short period of time. Following the Discoveries at Cross Roads-1 and Crestal-1, Mosman is now appraising these two wells, which includes flow testing, additional seismic and then the process will be reserve estimates, development and potentially production.

The Company has now formally advised New Zealand Petroleum & Minerals (NZPAM) that the Company is committed to the next Permit Year which includes 24.8 miles (40 kilometers) of seismic acquisition. Mosman has also advised NZPAM that it will be conducting seismic acquisition during the month of August. The 24.8 miles (40 kilometers) of seismic is a condition of the permit, and Mosman anticipates that in addition to this minimum commitment, additional wells will be drilled in both 2014 and 2015.

Mosman was delighted to welcome New Zealand’s Minister of Energy and Resources to the site July 23 where he was briefed by management as to the work carried out on site.

Drilling Timetable and Seismic

Mosman has now contracted the Drill Force Rig No 1 to drill an additional 2 to 5 wells in 2014. Testing and appraisal of Crestal-1 is scheduled in September and will be followed by drilling and testing Crestal-2.

The other additional wells are planned once the results of the current seismic program have been evaluated. Mosman will be acquiring 15.5 miles (approximately 25 kilometers) of seismic over the targets defined by SRK and some new leads, which together with current seismic reprocessing, will support the ranking and selection of the next wells.


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