10 April 2024
Mosman Oil and Gas Limited
("Mosman"
or the "Company")
March 2024 Quarter Production
Summary
Mosman Oil and Gas Limited (AIM: MSMN) the
hydrocarbon, helium and hydrogen exploration, development and
production company, announces its production update for the three
months ended 31 March 2024 (the "Quarter").
US Production
(Various interests)
Mosman achieved net production of 3,764 boe (circa 41
boepd) versus net production of 2,725 boe (circa 30 boepd) in the
December Quarter. The higher production rates were primarily due to
workovers and changes in production infrastructure.
March Quarter Production
Summary
|
3 Months to
31 March
2024
|
3 Months to
31 December
2023
|
|
Boe
|
Boe
|
|
Gross
Project Production
|
Net
Production to Mosman
|
Gross
Project Production
|
Net
Production to Mosman
|
|
|
Gross
boe
|
Net
boe
|
Gross
boe
|
Net
boe
|
|
Cinnabar
|
728
|
546
|
705
|
528
|
|
Stanley
|
5,583
|
2,163
|
3,951
|
1,461
|
|
Winters
|
2,169
|
506
|
1,060
|
247
|
|
Livingston
|
338
|
68
|
534
|
107
|
|
Arkoma
|
1,927
|
481
|
2,119
|
382
|
|
Total boe
|
10,745
|
3,764
|
8,369
|
2,725
|
|
|
|
|
|
|
| |
Net Production of 3,764 boe comprised of 2,859
barrels of oil and 5,248 MMBtu of gas. The average sale prices
achieved during the Quarter was US$73.73 per barrel for oil and
US$2.74 per MMBtu for gas (December quarter: US$76.22 and US$2.37
respectively, and in each case after transport and processing costs
but before royalties).
Production numbers in the Quarter are based on the
current best available data or estimates (including field data if
necessary) and are subject to adjustment upon receipt of final
sales invoices from the purchasers of products.
Major Project
Updates
Cinnabar (75%
Working Interest)
The decision was made to perform a recompletion prior
to installation of artificial lift (pump jacks). This is expected
to take place in the current quarter and this workover will be
funded from cashflow.
Stanley (34.85% to
38.5% Working Interest)
Stanley-3 was successfully recompleted and produced
strong gas flows, allowing gas sales and this well is now producing
oil and gas. An additional jet pump was installed at Stanley-5 in
October 2023 and whilst oil flow rates were good, production has
had to be halted periodically to manage fine sand that is produced
with the oil which blocks the screens. Work continues to optimise
production, funded from cashflow.
Winters (23%
Winters-2 Working Interest)
Winters-2 continues to produce both gas and oil with
rates in natural decline.
Cash
position
As at 31 March 2024, Mosman had cash at bank of circa
AUD$0.82 million.
Andy Carroll, CEO,
said: "I am pleased to see increasing production in USA
providing revenue and cashflow whilst we progress helium, hydrogen
and hydrocarbon exploration in Australia."
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:
Mosman Oil & Gas Limited
Andy Carroll, Technical
Director
acarroll@mosmanoilandgas.com
|
NOMAD and Joint Broker
SP Angel Corporate Finance
LLP
Stuart Gledhill / Richard Hail /
Adam Cowl
+44 (0) 20 3470 0470
|
Alma
Justine James
+44 (0) 20 3405 0205
+44 (0) 7525 324431
mosman@almastrategic.com
|
Joint Broker
CMC Markets UK Plc
Douglas Crippen
+44 (0) 020 3003 8632
|
Updates on the Company's activities are
regularly posted on its website: www.mosmanoilandgas.com
Notes to
editors
Mosman (AIM: MSMN) is a hydrocarbon, helium and
hydrogen 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 whilst maximising the opportunity for
further production growth and increasing cashflow from its current
US projects.
In addition, Mosman has two exploration areas in the
Amadeus Basin in Central Australia which are well positioned to
take advantage of the increasing demand for Helium and Hydrogen, in
addition to oil and gas.
Glossary
boe
|
Barrels of oil equivalent based on
calorific value as opposed to dollar value
|
boepd
|
Barrels of oil per day of oil
equivalent based on calorific value as opposed to dollar
value
|
bo
|
Barrels of oil
|
bopd
|
Barrels of oil per day
|
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
|
Mcf
|
Thousand cubic feet
|
Mcfpd
|
Thousand cubic feet per
day
|
MBtu
|
One thousand British Thermal
Units
|
MBtupd
|
One thousand British Thermal Units
per day
|
MMBtu
|
One million British Thermal
Units
|
MMBtupd
|
One million British Thermal Units
per day
|
Net Production
|
Net to Mosman's Working Interest;
Net Production attributable to Mosman means net to Mosman's Working
Interest before royalties
|