The share price of Mosman Oil and Gas (LON: MSMN) has declined Thursday following the company's update on Winters-2 and Stanley-5 wells in Polk County, East Texas.
In a press release, Mosman told investors that the Winters-2 well was perforated from 6,788 to 6,808 feet. The well was swabbed on 5 November and started to flow gas, oil, and water.
It was then swabbed a few days later and well testing flowed 48 to 96 thousand cubic feet of gas per day (Mcfgpd) of gas, minor amounts of oil, and 240-480 barrels per day of water.
Mosman said that nearby wells have seen oil production increase in the first days of flowing. However, if the oil rate does not increase, the well may be re-completed in another zone. Meanwhile, potential pay has been identified in other Wilcox sands.
Regarding Stanley-5, the company is waiting on the delivery of required equipment before it is put on production. The equipment is expected next week.
Mosman Oil and Gas shares are currently down 1.48% at 0.133p. Following a previous Stanley-5 well update, the company's shares fell just under 1%. However, the shares have been stuck in a range for the past few months.
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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.