Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces its production summary for the six months ended on 30 June 2021.
Net Production attributable to Mosman for the six months was 12,143 boe, which was an increase of c 2,123 boe or c21% (on the six months ended 31 December 2020). With this progress, combined with higher sales prices, the acquisition of Nadsoilco (effective 1 July 2021) and an additional interest in Falcon, the future production is now more robust and Mosman is looking forward to a significantly improved production profile going forward
Production Summary
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6 Months to 30 June 2021 |
6 Months to 31 December 2020 (updated) |
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Total Project |
Net Attributable1 |
Total Project |
Net Attributable |
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Gross boe2 |
Net boe |
Gross boe |
Net boe |
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Falcon3 |
16,502
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8,251 |
2,395 |
1,197 |
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Stanley |
20,327
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3,312
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24,982 |
3,984 |
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Greater Stanley |
652
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155 |
936 |
187 |
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Arkoma |
2,706
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425 |
896 |
171 |
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Welch |
– |
– |
5,845 |
4,481 |
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Total boe |
40,187 |
12,143 |
35,054
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10,020 |
1. Net attributable production means net to Mosman’s working interest before royalties
2. Gas production is converted into boe at a rate of 1boe = 5.8 MMBtu
3. Falcon production started on 11 December 2020
John W Barr, Chairman, said: “Mosman views this as a solid result, entering the next period more confidently with an increased working interest across our projects.”
“Going forward we have taken the next step of delivering on our strategy of production growth, achieved with the acquisition of Nadsoilco and an additional 25% working interest in the Falcon-1 well. Both of these events occurred in July 2021 and are not reflected in the numbers.”
“The next step is to increase production with drilling imminent with wells planned at Winters-2 and Stanley-5.”
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.
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 +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:
Definitions
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boe or BOE |
barrels of oil equivalent This is both oil and gas and includes the gas converted to oil barrels using a standard industry formula |
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Gross Sales |
Reference to sales is boe that has been sold from the project throughout the period |
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Net Sales Attributable to Mosman |
Mosman’s portion of Gross sales less royalties owed to leaseholders |
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Total Gross Production |
boe produced on the project throughout the period. Includes oil still held as inventory |
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Net Production Attributable to Mosman |
Mosman’s portion of Total Gross Production before royalties owed to leaseholders |
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Total Project Basis |
Refers to performance of Sales or Production on a 100% basis of the four projects that Mosman has invested in. |