Shares of Mosman Oil and Gas (LON: MSMN) have fallen just under 1% Wednesday following an update on the Stanley-5 well in Polk County, East Texas.
Mosman said the Stanley-5 has been drilled to the target depth, logged, and cased.
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“Several Yegua sands from 4200-4800 feet have been identified as oil bearing from logs and sidewall cores,” The company said in a statement.
The AIM-quoted company went on to say that the well will be completed for production, and flow rates will be published when available.
John W Barr, Chairman of Mosman Oil and Gas, said: “This fifth successful well at Stanley is the next step to building on our delivery against the strategic objective to increase production, in addition to the recent successful wells drilled at Falcon and Winters.
“The combination of these developments, increased equity at our Stanley and Falcon projects and the much stronger oil and gas sales prices, means increased revenues and growth. The higher prices should also increase the potential value of the Cinnabar redevelopment project, where technical work continues to identify drilling locations.”
The company's shares fell to a low of 0.135p earlier in the session. They are currently down at 0.14p or -0.91%.
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