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Alan Green discusses OnTheMarket #OTMP, Technology Minerals #TM1 & Mosman Oil & Gas #MSMN on Vox Markets podcast
Alan Green discusses OnTheMarket #OTMP, Technology Minerals #TM1 & Mosman Oil & Gas #MSMN with Justin Waite on the Vox Markets podcast.
#MSMN Mosman Oil and Gas – Winters-2 update
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces an update to the Winters-2 well, where Mosman owns a c23% Working Interest.
As previously announced, the well was recompleted in the Wilcox sand at a depth of 6,695-6,700 feet.
The well has now been flow tested with an adjustable choke and flowed at rates of 576-624 mcfd (gross) over an 8 hour period on an 8/64 choke
The well will be put on production once installation of gas infrastructure is completed, anticipated to be later this quarter. The initial production rate is expected to be in this 576-624 mscfd (gross) range (110 to 120 boepd), subject to operational considerations.
John W Barr, Chairman, said “I am pleased to be able to report the successful test of Winters-2. As highlighted in the recent production update Mosman continues to build the Company’s production base and we look forward to providing further updates in due course.”
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director |
NOMAD and Joint Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
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Alma PR Justine James / Joe Pederzolli +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
Joint Broker Monecor (London) Ltd trading as ETX Capital Thomas Smith 020 7392 1432 |
#MSMN Mosman Oil and Gas – Result of Annual General Meeting
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces that the 2021 AGM was held in Sydney earlier today. The meeting was held in accordance with COVID protocols currently in place in Sydney, and Australia.
Resolution 1, the re-election of Mr. JW Barr as a Director, was placed before shareholders. The following proxies were received:
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For |
511,967,495 |
78.44% |
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Against |
138,546,916 |
21.23% |
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Abstain |
2,134,772 |
0.33% |
The Resolution was passed on a show of hands.
Resolution 2, in respect of a potential share consolidation, was withdrawn as previously announced.
Previously the Company had sought questions from shareholders. A summary of the questions and answers will be published on the Company’s website.
Enquiries:
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director |
NOMAD and Joint Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
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Alma PR Justine James / Joe Pederzolli +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
Joint Broker Monecor (London) Ltd trading as ETX Capital Thomas Smith 020 7392 1432 |
Mosman Oil and Gas #MSMN – Production Update – 43% increase in six month net production
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces its production summary for the six months ended 31 December 2021.
Net Production attributable to Mosman for the six months was 17,344 boe, an increase of 5,201 boe, or 43% increase compared to the six months to June 2021 of 12,143 boe. This is despite the operational issues experienced in December that reduced the production in the 3 months to 31 December. This progress reflects the uplift in production from growth of existing projects, the acquisition of Nadsoilco and an increased interest in Falcon. It does not reflect recent increases in production at Falcon which occurred after 31 December 2021, and does not include the Winters-2 well which was drilled in November and was recently recompleted and flowed gas. It also only includes minor production from Stanley-5.
Production Summary
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3 Months to 31 December 2021 |
6 Months to 31 December 2021 |
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boe |
boe |
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Gross Project Production |
Net Production to Mosman |
Gross Project Production |
Net Production to Mosman |
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Gross boe |
Net boe |
Gross boe |
Net boe |
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|
Falcon |
5,944 |
4,458 |
14,800 |
11,099 |
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Stanley |
5,130 |
1,741 |
11,705 |
4,141 |
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Livingston |
172 |
35 |
501 |
100 |
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Winters |
173 |
50 |
349 |
101 |
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Greater Stanley |
– |
– |
– |
– |
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|
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Arkoma |
3,362 |
839 |
7,617 |
1,903 |
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|
|
|
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Welch (sold) |
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|
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Total boe |
14,781 |
7,123 |
34,972 |
17,344 |
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Production numbers are based on the current best available data and are subject to adjustment upon receipt of final sales invoices from the purchasers of products.
Falcon
There was natural decline in production from the producing zone in October and November that meant it was time to add an additional production zone. The well was shut in to perform the workover.
The well was successfully perforated in December. Production in December was constrained as production facilities were upgraded.
Mosman reported on 17 January 2021 that production was 113 gross boepd with a 7/64 choke
Since adjusting the choke to 8/64 seven days ago, the well has averaged 133 gross boepd, a 64% increase compared to the average gross production for the six months ended 31 December 2021.
Stanley
On the Stanley project, production has been constrained mainly because Stanley-4 is waiting on gas infrastructure to be completed before it can be returned to production. This infrastructure is a combination of existing pipelines controlled by Nadsoilco, new pipelines and connections requiring multiple land access agreements and regulatory approvals. The infrastructure will have significant short term and long term benefits to the Stanley area.
Stanley-5 was drilled and been producing at an average daily rate circa 50 bopd since coming on production in December 2021.
Stanley-3 continues to produce steady oil rates, but the gravel pack on Stanley-1 was not successful and the well will be worked over again. Stanley-2 production has declined and this well is a candidate for recompletion.
Livingston
The Livingston property was one part of the acquisition of Nadsoilco. One well (Davis & Holmes 11) that has been shut-in for over one year was successfully worked over and put on production in December. Nadsoilco owns 20% of the well.
Production has been circa 10 to 20 bopd (gross) with some water, whilst production facilities are being modified to optimize the production rate.
Greater Stanley
The workover of a Duff lease well was carried out. The recompletion was unsuccessful, and the production strategy on this lease is now under review.
Winters
Winters-2 has been recompleted in the Wilcox sand 6,695-6,700 feet and flowed gas. Flow tests are expected to be conducted later this week and will be reported in due course. Gas infrastructure is being installed to enable gas sales from the Winters and Stanley leases.
Arkoma
Production had been steady until there was minor damage from a lightning strike in December 2021 which is now repaired. Two wells are shut-in awaiting workovers. This asset is being held for sale as other projects are preferred for further investment.
Cinnabar
3D seismic data was successfully reprocessed and interpreted, indicating several potential drilling locations. Mosman will seek to farmout at least one well at the annual NAPE Summit 2022 in Houston in February.
John W Barr, Chairman, said: “Mosman is pleased to report an uplift in production from the previous half year which reflects a daily production rate of 95 boepd for the six months to 31 December 2021.
“Importantly, since 31 December we are seeing growth in production which has been achieved with the recompletion at Falcon, the drilling and start of production at Stanley-5 and the workover of -D&H-11. We anticipate further increases from workovers at Stanley, Stanley-4 returning to production and Winters-2 starting production once gas infrastructure is completed.”
Quarterly Updates
Going forward Mosman will move to quarterly production updates.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside is now considered to be in the public domain.
Glossary:
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boe
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Barrels of oil equivalent based on calorific value as opposed to dollar value |
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boepd |
Barrels of oil per day of oil equivalent based on calorific value as opposed to dollar value |
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Gross Project Production |
Means the production of BOE at a total project level (100% basis) before royalties (where Mosman is the Operator) and where Mosman is not the operator the total gross production for the project |
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Net Production |
Net to Mosman’s Working interest attributable production means net to Mosman’s working interest before royalties |
Enquiries:
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director |
NOMAD and Joint Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
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Alma PR Justine James / Joe Pederzolli +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
Joint Broker Monecor (London) Ltd trading as ETX Capital Thomas Smith 020 7392 1432 |
Updates on the Company’s activities are regularly posted on its website:
Notes to editors
Mosman (AIM:MSMN) is an oil exploration, development, and production company with projects in the US and Australia.
Mosman’s strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration of existing exploration permits.
The Company has seven projects in the US: Stanley, Greater Stanley, Livingston, Winters, Challenger and Champion in East Texas and Arkoma in Oklahoma in addition to exploration projects in the Amadeus Basin in Central Australia.
#MSMN Mosman Oil and Gas – Falcon Update
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces an update in respect of its Falcon project which forms part of the Champion Project in East Texas. Mosman holds a 75% working interest in the Falcon-1 well, the first well to be drilled at the project.
At Falcon-1, an additional Frio sand zone has been perforated at a depth 7,457-7,460 feet. The well has flowed on test at a rate of 1,000 mcfd, but due to the current choke size of 7/64 it has been producing at an average rate over the last 5 days of 576 mcfd (c 113 boepd gross). To balance short term cashflow and long optimize gas recovery over time, the production strategy is to periodically increase the choke size and monitor wellhead pressures. The first increase in choke size planned for this this week is to increase the choke to 8/64.
The current production rate is an increase of 23% compared to average flow rate of c 92 boepd (gross) in the quarter ended 30 September 2021.
John W Barr, Chairman, said: “Mosman is making steady progress to meet our growth objectives, with another strong step forward with this strong increase in production at Falcon.”
The costs of the recompletion were paid from existing cash reserves. The current cash position is c AUD 1 million.
Production numbers for the six months ending 31 December should be available in the next month, once all information has been received.
Mosman is awaiting results from recent drilling and other workovers. This information will be published when it is available.
Qualified 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.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this information is now considered to be in the public domain.
Enquiries:
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director |
NOMAD and Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
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Alma PR Justine James / Joe Pederzolli +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
Joint Broker Monecor (London) Ltd trading as ETX Capital Thomas Smith 020 7392 1432 |
#MSMN Mosman Oil and Gas – AGM Update – Withdrawal of Resolution 2
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces an update on the planned AGM due to held in Sydney on 28 January 2022.
The Company has received a number of comments from shareholders in respect to the proposed Resolution 2 – Share Consolidation – 1 for 100 Shares. The Board has taken this feedback into consideration and has decided to withdraw Resolution 2 at this time and that matter will now not be placed before shareholders at the AGM.
As required by Australian law, all other aspects of the meeting will proceed.
Enquiries:
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director |
NOMAD and Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
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Alma PR Justine James / Joe Pederzolli +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
Joint Broker Monecor (London) Ltd trading as ETX Capital Thomas Smith 020 7392 1432 |
#MSMN Mosman Oil and Gas – AGM Shareholder Q&A
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, advises that shareholders are able to submit questions to management ahead of the Annual General Meeting (‘AGM’) taking place at 10.00am (AEDT) on 28 January 2022 in Sydney, Australia.
Those shareholders wishing to submit questions to management ahead of the AGM, should email info@mosmanoilandgas.com by 5pm GMT on 20 January 2022, also giving details of their name and shareholder reference number so the shareholding can be confirmed, and the Company will provide an update following the AGM to respond.
As announced on 31 December 2021, Mosman’s priority is the health and wellbeing of its team and shareholders and as a result of the current measures, shareholders not attending the AGM, are strongly encouraged to submit their votes by proxy as soon as possible.
The Explanatory Memorandum and Proxy Forms are available on the Company’s website: www.mosmanoilandgas.com .
Enquiries:
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director
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NOMAD and Joint Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470
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Alma PR Justine James / Joe Pederzolli +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
Joint Broker Monecor (London) Ltd trading as ETX Capital Thomas Smith +44 (0) 20 7392 1432 |
Mosman Oil & Gas #MSMN – AGM and Proposed Share Consolidation
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, confirms that the Notice of Annual General Meeting has been sent to shareholders today.
The Annual General Meeting will be held at 10.00am (AEDT) on 28 January 2022 at Suite 305, Level 3, 35 Lime Street, Sydney NSW 2000 Australia.
The Notice of Meeting details two Resolutions which include a notice of an intended share consolidation on the terms and indicative timetable as per the explanatory memorandum attached to the Notice of Meeting.
Proposed Share Consolidation
Mosman is proposing to conduct a consolidation to reduce the number of Shares on issue in the Company to a number more appropriate, and to better align the Company’s trading price to an amount that is broadly comparable to its peer group of companies.
The Company currently has 3,845,138,052 Shares on issue and as at 29 December 2021 was last traded at 0.085 of 1 pence per Share.
If the resolution for a share consolidation is passed, the number of Shares on issue in the Company will reduce by a factor of 100:1, which equates to a resulting issued share capital of ~38,451,3811.
As the share consolidation applies equally to all Shares and Shareholders, all shareholdings will be reduced in the same ratio as the total number of shares (subject to the rounding of fractions) and accordingly there will be no material effect on the percentage interest of each Shareholder in the Company. Similarly, the aggregate value of each Shareholder’s holding and the Company’s market capitalisation will not, in principle, change as a result of the consolidation.
The Company will make a further announcement in respect of the number of shares on issue as a result of fractional shares (if applicable) being rounded up following the Share Consolidation.
Indicative Timetable
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Date |
Detail |
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30 December 2021 |
Announcement of AGM and share consolidation |
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25 January 2022 |
Application to London Stock Exchange for admission of consolidation shares to replace current shares |
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28 January 2022 |
AGM and approval of shareholders for consolidation 6.00pm UK time: record date for consolidation |
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31 January 2022 |
Estimated consolidation effective date and trading on AIM of the consolidated shares commences |
AGM Attendance
Mosman’s priority is the health and wellbeing of its team and shareholders and as a result of the current measures, shareholders who are not able to attend the AGM, are strongly encouraged to submit their votes by proxy as soon as possible.
The Explanatory Memorandum and Proxy Forms are available on the Company’s website: www.mosmanoilandgas.com
Enquiries:
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director
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NOMAD and Joint Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470
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Alma PR Justine James / Joe Pederzolli +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
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Updates on the Company’s activities are regularly posted on its website: www.mosmanoilandgas.com |
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Mosman Oil & Gas #MSMN – Final Results
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces its final results for the year ended 30 June 2021.
Summary
· Gross Project Production 76,673 BOE 1
· Net Production to Mosman 22,824 BOE 1
· Revenue $0.82m
· Gross Profit $0.32m
· Net loss for the year of $1.2m
1 ,BOE/boe – barrels of oil equivalent based on calorific value as opposed to dollar value
2. Gross Project Production – means the production of BOE at a total project level (100% basis) before royalties (where Mosman is the Operator) and where Mosman is not the operator the total gross production for the project
3. Net Production – Net to Mosman’s Working interest after royalties
Post period highlights
· Completed acquisition of Nadsoilco LLC for $1.1m, boosting production base and potential cash flow and providing multiple near term drilling and development opportunities for FY22
· Increased production base through acquisition of additional 25% WI in Falcon lease
· Drilled Winters-2 and Stanley-5 wells as part of ongoing development plans
· Quarter ended 30 September delivered a 77% increase in production to 110 boepd, as a result of Falcon 1 and Nadsoilco acquisition
The Company expects to publish its annual report today which will be posted and made available on the Company’s website at www.mosmanoilandgas.com/financial-reports .
John W Barr, Chairman of Mosman commented: “ Whilst 2021 has undoubtedly continued to be challenging, Mosman remains resolute in delivering on its strategic objectives with a clear plan for 2022, to continue to build the oil and gas production base in the USA and to progress hydrocarbon, helium and hydrogen exploration in Australia. Our determination has been reinforced by the 77% production increase to 110boepd in the September quarter, compared to the previous year. Production results were published in the Annual Report for the year and the September quarter.”
“Our lean team remains nimble and have avoided COVID related down time, however some of our suppliers and consultants have been impacted, inevitably slowing progress in our development. Mosman is determined and focused on delivering a more robust performance in the year ahead with the support of our valued partners.”
“We would like to take this opportunity to thank shareholders for their continued support whilst reassuring them of our confidence and greater optimism to achieve growth in both production and value for the business.”
Enquiries:
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director
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NOMAD and Joint Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470
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Alma PR Justine James / Joe Pederzolli +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
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For Chairman’s statement and financial statements, link here
#MSMN Mosman Oil and Gas – Stanley-5 to be placed on production
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces an update on the Stanley-5 well in Polk County, East Texas in which the Company has a c.36.5% interest.
At Stanley-5, the well has been recompleted in a Yegua zone at a depth of 4,528-4,530 feet. The initial flow rate is equivalent to 60 bpd, limited by a 8/64 choke. The flow is almost all oil with some minor water. The well is not yet optimised, and the choke size may be changed in an endeavour to improve the production flow rate. Further information will be provided once a steady production flow rate is fully established.
The service rig which completed this recompletion will now return to Winters-2 to undertake a further workover and may be used on other wells (for example at Stanley).
John W Barr, Chairman, said: “Mosman has always had faith in this well and in the larger East Texas location due to the seismic work completed to determine the location of wells. In most wells there are multiple potential production zones, and the task is always to complete and then recomplete the well at various zones to maximise oil and gas recovery.
“The initial flow rates at Stanley-5 are an encouraging result and highlight the opportunities we identified when we acquired Nadsoilco in July 2021.”
Qualified 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.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this information is now considered to be in the public domain.
Enquiries:
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director |
NOMAD and Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
|
Alma PR Justine James / Joe Pederzolli +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
Joint Broker Monecor (London) Ltd trading as ETX Capital Thomas Smith 020 7392 1432 |