LONDON (ShareCast) - (Sharecast News) - Exploration, development and production company Mosman Oil and Gas updated the market on the Stanley-4 well in East Texas on Monday, saying it has completed drilling after reaching the target depth of around 5,000 feet.
The AIM-traded firm said drilling was completed successfully, reporting that "several" zones of interest were identified while drilling, in line with expectations.

It said the well had now been logged to evaluate the target zones, with logs indicating several potential pay zones in the Yegua formation between 4600 and 4900 feet.

The well would now be completed and tested, with flow rates to be advised when data is available.

Mosman said the completion made for a total of four wells drilled by the joint venture at the Stanley project, with positive results.

Mosman holds a 16.5% working interest in Stanley-4.

"We are pleased to deliver this next step, further demonstrating the team's ability to advance its business plan," said chairman John Barr.

"Attention now turns to flow testing Stanley-4, as well as well as the drilling of Falcon-1."

At 1320 BST, shares in Mosman Oil and Gas were down 0.51% at 0.19p.

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