LONDON (ShareCast) - (Sharecast News) - Oil exploration, development and production firm Mosman Oil & Gas on Friday provided an update on its Stanley onshore drilling project in Texas, which started on Thursday.
The AIM traded company said the project, which is part of Mosman's strategic alliance with Baja Oil and Gas, has started with the drilling of the Stanley-1 well, which is targeting multiple potential reservoir zones that have been mapped on 3D seismic data.

Drilling the well to a planned depth of 7,000m is expected to take less than two weeks.

Mosman acquired its 16.5% working interest in the project by agreeing to pay 22% of the cost of the well and some prior costs, while Baja and other parties will pay the remainder.

The cost to Mosman will be approximately $95,000, with an extra $40,000 if the well is successful in matching forecasted initial flow rates of approximately 150 barrels of oil per day.

John W Barr, chairman of Mosman Oil & Gas, said: "Mosman keenly awaits the drilling results which is designed to add to the company's production profile."

Mosman Oil & Gas' shares were unchanged at 0.70p at 1301 BST.

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