Mosman Oil and Gas (LON: MSMN) shares have been boosted Friday after it provided an update on the Winters-2 well in Polk County, Texas.
Winters-2 was drilled to the desired depth of 7,011 feet, according to Mosman. The formation pressure tests, as well as wireline logs and side wall cores, were completed.
According to on-site reports, the Winters-2 well has encountered probable pay in the Yegua and Wilcox sands based on the data it received. The well is being finished in the Third Wilcox, which has a 54-foot gross thickness.
Mosman said that when the flow rates are known, which will not be until after production facilities are installed, they will be made public.
The drilling rig will now move to the Stanley-5 location, and that well is anticipated to commence drilling next week.
Mosman Oil and Gas shares rose over 7% following the news. However, they have since given up around 2% of those initial gains, trading at 0.15p, up 5.33%. In July, MSMN shares fell after completing an EP-145 airborne survey in the Amadeus Basin in Central Australia.
Should you invest in Mosman Oil and Gas shares?
Mosman Oil and Gas shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are MSMN shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies