Business
July 2018 Operations Update
July 2018 Operations Update.
About this update from Quantum Helium Limited
[{"type":"text","content":"\n \nRNS Number : 8772U Mosman Oil and Gas Limited 17 July 2018 \n\n17 July 2018\n \nMosman Oil and Gas Limited\n(\"Mosman\" or the \"Company\")\n \nJuly 2018 Operations Update\n \n \nMosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, is pleased to provide the following update to operations.\n \nStrategy\n \nMosman's strategic objective continues to be that of identifying opportunities which will provide operating cash flow and further development upside, in conjunction with adding value to the Company's existing exploration permits. Presently short term focus is on developing the existing production assets in the USA to deliver production increases and cash flow.\n \nSummary\n \nTotal Gross Production across all of Mosman's underlying acreage on a Total Project Basis was 12,260 boe over the 6 months to 30 June 2018 representing a 28% increase over the previous 6 months Total Project Production of 9,604 boe.\n \nNet Production Attributable to Mosman increased to 4,417 boe for the six months ended 30 June 2018. This is a 35% increase over the Net Production of 3,274 boe for the previous six months ended 31 December 2017.\n \nSales Revenue attributable to Mosman was $534,500, a 191% increase over the previous six months reflecting Mosman's further investment into production assets, increases to production, and oil prices over the comparative period.\n \nProduction and sales are anticipated to continue strong growth due to rod replacements at Welch, the new ESP's at Arkoma, and the potential horizontal wells at Welch. Further details are outlined below and in the table at the end of this announcement.\n \nWelch Permian Basin Project (Texas): 100% Working Interest and Operator\nThe property was acquired for both immediate production income and development potential. Oil Production for the six months ending June 2018 was 4,309 barrels (Net Attributable to Mosman: 3,303 barrels). This represents an increase of 39% over the previous six months.\nSince June, three additional wells have now been repaired and restored to production (utilizing part of the recent placing funds). In addition, a recent resource Report was completed by Moyes & Co. \n \nThe development potential remains the drilling of horizontal w...