Mosman Oil & Gas Ltd on Tuesday said production at its Stanley project in the US has increased recently.
The US and Australia-focused natural resource development company said gross production increased 84% to around 221 barrels of oil equivalent per day on a 30 day average flow rate in April, compared to 120 barrels of oil equivalent per day in March.
Mosman O&G said this ‘significant’ increase has been achieved following a recompletion of Stanley-3 which is now flowing oil and gas.
It said it will provide details on production at all assets as part of its quarterly update in June.
Mosman O&G also noted progress made in Australia.
It said it received A$160,000, or £84,350, for its asset EP 145 as expected, which was due upon completion of the previously announced farm-in agreement with Greenvale Energy Pty Ltd.
It added that additional prior exploration expenditure amounts of around A$100,000 will be invoiced and reimbursed under deal, alongside an environmental bond of around A$55,000 will be cashed in.
‘I am pleased that the continued work on the Stanley project is now achieving stronger production numbers, which improves revenues and is a pre-requisite to sale of the asset in the future,’ said Mosman O&G Chief Executive Officer Andy Carroll.
‘This combined with the progress made in Australia, with the completion of the EP 145 farm-in, moves Mosman into a more robust position with a strengthened balance sheet.’
Shares in Mosman O&G were up 5.3% to 0.020 pence each in London on Tuesday afternoon.
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