Mosman Finds Further Traces of Oil at Crossroads-1 Well in New Zealand

Mosman Oil and Gas Limited (Mosman or the Company), the New Zealand and Australia focused oil exploration and development company provided an update Monday to shareholders in respect of the recent operational activity at Crossroads-1 well in New Zealand's Petroleum Creek permit.

The Company advises that the Drill Force Rig #1 was rigged up at the Crossroads-1 location last week. The Company successfully perforated the Cobden Limestone zone 794 to 804 feet (242 to 245 meters), recompleted the well, and installed the downhole pump. The nodding donkey was installed March 2 ready for flow testing.

Visible oil was noted on wireline tools retrieved to surface having been used downhole after the Cobden Limestone was perforated. The further evidence of oil is encouraging, but flow rates and volumes can only be determined by flow testing which will now proceed for up to 60 days.

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. Mr Carroll is a member of the Society of Petroleum Engineers.

John W Barr, executive chairman of Mosman, commented: “I am encouraged by the additional evidence of oil at this stage from the Crossroads-1 well. The challenge now is to establish steady oil flow rates. ”


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