Business
USA Production & Development Update
USA Production & Development Update.
About this update from Quantum Helium Limited
[{"type":"text","content":"\n\n11 August 2023\nMosman Oil and Gas Limited\n(\"Mosman\" or the \"Company\")\n \nUSA Production & Development Update\n \nMosman Oil and Gas Limited (AIM: MSMN) the oil and gas exploration, development, and production company, announces its production for the year ended 30 June 2023 (\"FY23\"), and an update on development in the USA.\n \nProduction\n \n· FY23 Net Production of 31,067 boe (FY22: 37,915 boe). 2023 was impacted by the halt in production at Falcon due to water ingress. Whilst there is remaining potential at Falcon, the lower gas prices meant a workover is not a high-ranking investment alternative.\n· Achieved 73% annual increase in production at Stanley with installation of gas lift and jet pumps.\n· Production for the June 2023 quarter was 15,332 boe gross and 5,937 boe net. Production was materially lower than the March quarter (28,632 boe gross, 11,960 boe net) mainly due to issues at Cinnabar as well as increased sand production issues requiring additional screens and clean outs at Stanley. Some wells may be optimised by changing back to gas lift.\n· Work continues at the Cinnabar project to optimise production on all three existing wells on the lease and planning for drilling the next development well (that is subject to funding). At G-2, the well has been serviced and a fracture stimulation is expected to be conducted in the week commencing 13 August 2023.\n \nJohn W Barr, Chairman, said: \"The Company continues to develop and maintain its portfolio of projects, with a clear focus on its strategic plan to maximise the opportunity for further production growth and increasing cashflow. Whilst we are disappointed with the outcome at Falcon, the resolution of sand issues at Stanley and currently happening workovers at Cinnabar may deliver a more sustainable growth in production.\" \n \nUSA Production\n \nNet Production attributable to Mosman for the year ended 30 June 2023 was 31,067 boe. The decrease was primarily due to the production halting at Falcon, which was somewhat offset by increased production at Stanley and new production at Cinnabar.\n \nProduction Summary\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\...