Mosman reports uptick in production at Stanley project

16th Feb 2024 14:31

(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.