Business
Acquisition of assets in USA Stanley 4 update
Acquisition of assets in USA Stanley 4 update.
About this update from Quantum Helium Limited
[{"type":"text","content":"\n \n \n RNS Number : 3830E\n Mosman Oil and Gas Limited\n 27 February 2020\n \n \n \n \n The following replaces RNS 3734E updating in regard to the acquisition of the Great Stanley 1 lease to clarify that Mosman expects to acquire a 20% working interest in the Greater Stanley 1 lease.\n \n \n \n \n \n \n \n \n \n \n Mosman Oil and Gas Limited\n \n \n (\"Mosman\" or the \"Company\")\n \n \n \n \n \n Acquisition of assets in USA\n \n \n Stanley 4 update\n \n \n \n \n \n Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, is pleased to announce that it has agreed the acquisition of interests in two leases in Texas, USA as the first step to expanding on the success of the Stanley project.\n \n \n \n \n \n Greater Stanley \n \n \n \n \n \n Mosman and its Strategic Alliance partner, Baja\n Oil and Gas LLC (\"Baja\"), have for some time worked to identify additional locations where the successful 3D Seismic led approach adopted at Stanley could be repeated and further commercial success obtained. This business development project is to be called \"Greater Stanley\".\n \n \n \n \n \n This first acquisition of additional acreage is 20% of an existing oil producing lease \"Greater Stanley 1\" covering circa 36 acres and situated near the existing Stanley Project, where Mosman has participated in 3 wells. Acquisition of this lease will enable application of the technical work that has been successful at the Stanley wells. The Greater Stanley 1 lease is currently producing circa 6 bopd from two wells completed in the Sparta zone. The key benefit of the acquisition is the potential to apply the technical work successful at the Stanley wells to increase production from this lease. This may include re-entry and re-completion of one or both of the existing wells, or the drilling of new wells. The terms have been agreed and the transaction is subject to completion and registration.\n \n \n \n \n \n The second acquisition is an adjacent lease \n circa 35 acre lease with no wells\n , \"Greater Stanley 2\". This area is being leased directly from landowners. Baja has been managing the acquisition process and Mosman expects to acquire at least a 25% working interest in that lease as part of that process. \n \n \n \n \n \n The next step for ...