Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Mosman reports uptick in production at Stanley project

(Sharecast News) - Hydrocarbon, helium and hydrogen explorer, developer and producer Mosman Oil and Gas announced a substantial uptick in production at its Stanley project in the United States on Friday.

The AIM-traded company reported that recent gross production had risen to approximately 93 barrels of oil per day, based on a five-day average flow rate.

That marked an enhancement from the previously-notified December quarter gross average flow rate of 43 daily barrels.

The increased production levels had been achieved through a series of strategic measures, including production equipment reconfiguration and optimisation.

Notably, the installation of surface and downhole equipment, particularly jet pumps, played a pivotal role in boosting production rates.

However, Mosman said the enhancement also introduced a challenge of fine sand production, initially managed through screens.

Unfortunately, the sand blocked the screens, leading to periodic shutdowns.

In response to the issue, Mosman said it had resolved the challenge by implementing settling tanks.

The tanks had proven effective in managing fine sand production, ensuring uninterrupted operations at the Stanley project.

Mosman said it planned to provide comprehensive details on production across all assets as part of its March quarter update, slated for release by early May.

"I am pleased that the continued work on the Stanley project is now achieving stronger production numbers," said chief executive officer Andy Carroll.

"This flow rate is positive for commercialisation of the asset through ongoing cash flow or sale of the asset."

At 1312 GMT, shares in Mosman Oil and Gas were up 1.88% at 0.02p.

Reporting by Josh White for Sharecast.com.

Share this article

Related Sharecast Articles

Easyjet suspends flights to Israel until October
(Sharecast News) - Budget carrier easyJet on Tuesday said it had suspended flights to Tel Aviv until October 27 after Iran's missile and drone attack against Israel on Saturday night.
Berenberg stays at 'buy' on Yellow Cake on tight supplies and supply risk
(Sharecast News) - Analysts at Berenberg stood by their 'buy' recommendation for shares of Yellow Cake, the uranium oxide concentrate holding company, following a fireside chat with its boss, Andre Liebenberg.
Bank of America upbeat despite profits slide
(Sharecast News) - Bank of America said it had seen a "strong" first quarter on Tuesday, despite posting a sharp fall in profits.
Berenberg lowers target price on Kainos
(Sharecast News) - Analysts at Berenberg lowered their target price on software company Kainos from 1,315.0p to 1,260.0p on Tuesday following the group's full-year trading update on 15 April.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.