Business
Cross Roads-1 Oil Discovery
Cross Roads-1 Oil Discovery.
About this update from Quantum Helium Limited
[{"type":"text","content":"\n \nRNS Number : 5970J Mosman Oil and Gas Limited 13 June 2014 \n \n\n \n13 June 2014\nMosman Oil and Gas Limited\n(\"Mosman\" or the \"Company\")\n \nCross Roads-1 Oil Discovery\n \nMosman Oil & Gas (AIM: MSMN), the New Zealand and Australia focussed oil exploration and development company, is pleased to announce an Oil Discovery (as defined below) at its Petroleum Creek Project in New Zealand.\n \nDrilling commenced at Cross Roads-1 last week and the Company has been advised by its technical and legal advisors that in accordance with the New Zealand legislation the data from work completed to date meets the definition of a Discovery and the regulations require this to be reported to New Zealand Petroleum & Minerals (\"NZPAM\").\n \nThe core and wireline logs indicate two zones each 8.5 metres thick in the Eight Mile formation have good porosity (10 to 20%) and significant moveable oil for a total potential pay of 17 metres.\n \nIn addition, the well has now been drilled to 243 metres where the Cobden limestone was encountered. The cuttings sample from this depth had oil shows (cut and fluorescence). 7 inch casing has now been set and cemented. Once blow out preventers (\"BOPs\") are installed and pressure tested, coring will commence to test the Cobden limestone.\n \nDrilling will then continue until total depth estimated to be circa 350-400metres.\n \nMosman has started detailed planning for the testing and appraisal programme once drilling at Cross Roads-1 has been completed.\n \nThe weekly drilling update is anticipated to be released on Monday 16 June 2014 following the ongoing drilling.\n \nJohn W Barr, Executive Chairman of Mosman commented: \"We are delighted to get an Oil Discovery in the first half of the first well, so soon after drilling commenced at Cross-Roads 1. We are now encouraged by the oil shows in the Cobden limestone and look forward to seeing the results from drilling the rest of this well. The results to date appear to be a \"proof of concept\" for the 22 prospects and leads identified by geophysics at Petroleum Creek in addition to the Crestal area.\"\n \nCompetent Person's Statement\nThe information contained in this announcement has been reviewed and approved by Andy Carroll, Technical Director for Mosman Oil and Gas, who has over 3...