Mosman Updates on Operations at NZ Upstream Assets, Company Acquisitions
Mosman Oil & Gas Limited, the Australia and New Zealand (NZ) focused oil exploration and development company, provided Wednesday the following update.
- Execution of strategy progressing in line with management’s expectations
- Petroleum Creek entering next stage of drilling and flow testing programme commencing mid-September 2014
- Further seismic acquisition underway on Petroleum Creek asset
- NZ additional four permit applications to be lodged in October
- Trident Energy Limited (Trident) acquisition update
- OilCo Pty Ltd (OilCo) acquisition completed adding one granted permit and one application in the Amadeus Basin in Central Australia
John W Barr, executive chairman of Mosman commented: "In a short period of time Mosman has made significant progress with the execution of its strategy to build a portfolio of oil and gas assets, growing from two exploration areas at the time of the listing on AIM earlier this year, to four permits in three areas and pending the successful completion of the Trident acquisition, seven permits in five areas.
“As we expand the asset portfolio we are now building the core expertise required for this level of activity, and planning for further growth, without incurring unnecessary overheads. We now have multiple funding options, including farm-out or sale of assets, as well as the potential for cash flow from production.
“We look forward to reporting on the next stage of drilling at Petroleum Creek as we progress through the program and continue to accumulate a more detailed appraisal of this asset.”
Petroleum Creek, New Zealand
The cores taken from Cross Roads-1 and Crestal-1 have been transported to a laboratory and have been logged, photographed and analyzed. Further work will include extraction of oil from the core and testing the extracted oil to assist the ongoing process of measuring reservoir parameters and using the resulting data to update source and migration assumptions in the geological model.
The results from the ongoing testing process will provide further valuable data for the team and the design of the testing equipment in order to advance the appraisal process to the next stage, which is due to commence in September with the drilling and testing of Crestal-2 followed by the flow testing of Cross Roads-1 and Crestal-1.
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