Mosman Oil and Gas says Stanley-4 drilling is underway


Mosman Oil and Gas says Stanley-4 drilling is underway

Mosman Oil and Gas Limited (LON:MSMN) has confirmed that the Stanley-4 drill programme is underway.

The well was spudded on September 4 and the last reported depth was 2,980 feet, towards a target depth of 5,100 feet.

READ: Mosman investee Norseman moves to TSX-V

At the Stanley-1 well, meanwhile, a new workover rig will be deployed after the first rig and crew did not meet the operator’s stipulated criteria.

The drilling rig is due to arrive at the Falcon-1 well site in the next few days, drilling is slated to start next week and complete later this month.

“We are pleased to see drilling at Stanley-4 underway and keen to get the right quality of rig on site at Falcon so we can start drilling soon,” Mosman chairman John Barr said in the update.

“There is considerable enthusiasm from the team to get wells completed and obtain test results. We look forward to updating shareholders in due course.”

In a separate statement later, Mosman also said it has received notification to exercise warrants over a total of 56,250,000 new ordinary shares of no par value in the company at a price of 0.15p per share.

The group said funds from the exercise of the warrants of circa A$155,000 will be added to Mosman’s existing cash reserves, while the immediate focus remains on drilling and workovers.

 — Adds warrant exercise statement —

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