Mosman Oil and Gas to begin work on third well

28th May 2014 12:49

AIM-listed exploration group Mosman Oil & Gas announced its wholly-owned subsidiary Petroleum Creek has confirmed it will begin work on its third well.The well will be named Crestal-2 and is the third well in its drilling programme, which is located 800m south of Crestal-1, drilling is expected to start in June.The company's drill force equipment has arrived on site and drill preparations will continue until the start date, which is anticipated to be in 10 days. The group has contracted to lease a 10 acre property next to Crestal-2 location with the option to purchase it. The infrastructure on the site is set to be used as office accommodation and the location will be used for storage. Executive Chairman John W Barr said: "As we continue to build out the drilling programme at Petroleum Creek, we are delighted to confirm Crestal-2 as the third planned well and are working to firm up on a contingent fourth well as part of the broader development of this asset."As of 13:22 the share price had risen 3.3% to 11.5p.WS