Mosman Hits Stumbling Block at Petroleum Creek Project

Junior energy firm Mosman Oil and Gas revealed Friday that flow tests at its Petroleum Creek Project in New Zealand have produced mostly water, with varying amounts of oil.

Mosman currently does not know why the fluid is predominantly water and the company has stated that there is visible oil in the core and on wireline tools at the zone. Flow testing at Petroleum Creek will continue for the next few weeks to get a better idea of the potential of the well.

In Mosman's other New Zealand interests, drilling rig negotiations are underway at the Murchison permit and geophysical studies are being conducted at Taramakau with the company holding farm-in discussions with a party that has remained nameless. Heritage clearances were completed at the EP 145 project and Mosman is awaiting the outcome of a minor work program variation request at the EP 156 site.

In Western Australia, Mosman has received 2D seismic data for EP 478 which was acquired by the Buru Joint Venture in 2014 and is currently in the process of interpreting it. A decision on whether or not the company will participate in the project will be made once the JV makes a decision to drill the well.

Elsewhere in Australia, land access continues to be negotiated at Officer Basin STP0071 and petroleum consultant 3D-Geo has completed a study of petroleum generation in the Torquay portion of the Otway Basin for VIC P/62. Mosman now intends to meet with its JV partner Loyz Energy Limited to discuss the most effective forward program.

Mosman's board has expressed a desire to acquire further exploration opportunities and production assets with cash flow. The board has also been evaluating financing options with its advisers in respect of the financing of potential acquisitions and has been actively evaluating a number of acquisition opportunities, stating that it will provide further updates as appropriate.

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