Mosman Prepares for Crossroad-1 Flow Testing in NZ's Petroleum Creek Permit

Mosman Oil and Gas Limited (Mosman or the Company), the New Zealand and Australia focused oil exploration and development company provided Wednesday an update to shareholders in respect to operational activity as follows:.

Petroleum Creek

The Company has now received the latest technical report from Chemostrat Pty Ltd on the cores and cuttings from the 2014 drilling program at Cross Roads-1, Crestal-1 and Crestal-2. The report confirms the reservoir potential of the Cobden Limestone in the Petroleum Creek permit, as well as valuable geological information including the identification of multiple distinct depositional layers.

Now that the report has been received the planned and previously announced flow test of the Cobden Limestone at Crossroads-1 will proceed. It is expected to commence in the next few weeks, and will run for 60 days. The tests require the mobilization of crew and  the Drill Force Rig #1 from the nearby storage yard.

Additional seismic acquisition is also planned to finalize drilling locations on identified prospects and leads.

Competent Person's Statement

The information contained in this announcement has been reviewed and approved by Andy Carroll, Technical director for Mosman, who has over 35 years of relevant experience in the oil industry. Carroll is a member of the Society of Petroleum Engineers.

John W Barr, executive chairman of Mosman, commented: "We are pleased to have progressed the 2015 exploration program under the strict capital expenditure programs which we have determined for each asset. The latest technical report on the Cobden Limestone cores provides excellent third party validation of the value and prospectivity of the New Zealand exploration permits in the Mosman portfolio. We now look forward to commencing flow testing at Crossroads-1."

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