Business
Corporate Update
Corporate Update.
About this update from Quantum Helium Limited
[{"type":"text","content":"\n \nRNS Number : 9077H Mosman Oil and Gas Limited 13 June 2017 \n\n13 June 2017\n \nMosman Oil and Gas Limited\n(\"Mosman\" or the \"Company\")\n \n \nCorporate Update \n \nMosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces an update in respect to its current operations. \n \nMosman's strategic objective as part of its growth strategy remains to identify opportunities which will provide operating cash flow and have further development upside, in conjunction with adding value to the existing exploration permits.\n \nUSA\n \nMosman has now completed the acquisition of 50% of the Strawn Oil Project in Texas ('Strawn') and the initial 10% of the Arkoma Stacked Pay Acquisition in Oklahoma ('Arkoma'). These are the first acquisitions to complete and as stated, the Company continues to evaluate other opportunities as part of Mosman's growth strategy.\n \nStrawn: 50% interest \n \nAt Strawn, Mosman's subsidiary, Mosman Operating LLC has now been appointed and registered as the official operator. \n \nThe Company's plan remains to achieve increased production and cash flow. Free cash flow will continue to be re-invested with a view to further increasing production.\n \nInitial short term work has now been completed, including road improvements and pump jack repairs. Additionally, operational, health & safety and other site obligations have been identified which Mosman is working on to make further improvements. \n \nThe next phase is to implement workovers. There are some 27 wells on the leases and each has been or is currently being reviewed with a strong emphasis on production increases. The workover programme on existing shut-in production wells is now planned to start next week. \n \nAt the end of May, 496 barrels of oil was collected and sold from the project (Mosman 50%). This includes some initial inventory as well as oil produced from 1 April 2017 (being the effective date of the acquisition).\n \nIn addition to the current work programme, historic technical data has been collected from the previous owner and will be used to identify additional opportunities that offer development upside potential.\n \nArkoma: 10% interest with an option over a further 45%\n \nAt Arkoma Stack Pay projec...