Mosman Progresses Crossroads-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 Tuesday an update to shareholders in respect to operational activity at Crossroads-1 well in New Zealand's Petroleum Creek permit.

The Company advises that the Drill Force Rig #1 has been mobilized and is now rigged up at the Cross Roads-1 location. The planned activities include perforation of the Cobden Limestone, and re-installation of the downhole pump and nodding-donkey, followed by flow testing. It is expected that the flow testing will continue for up to 60 days. The Company's Technical Director, Andy Carroll, is now on site and is overseeing rig activities as well as conducting a series of meetings with relevant stakeholders.

As stated in its Operational Update Jan. 14, Mosman received an unsolicited approach to farm into one of its New Zealand permits. Discussions remain ongoing and the Company will update shareholders accordingly when it is appropriate to do so.

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 be back at Petroleum Creek and proceeding with the as yet untested Cobden Limestone. We look forward to the results from the flow testing at Crossroads-1."


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