Mosman Oil and Gas finished a gas network in East Texas, connecting several leases in the area and enabling sales of gas from the Winter-2 project.
Mosman Oil and Gas share price has leaped 25.9% to 0.12p on the news of their project completion to supply gas in East Texas.
The Mosman Oil and Gas strategy focuses on exploration of existing permits and acquisition of new permits in politically stable companies. The Group works to find opportunities which will optimise operating cash flows along with positive developmental shifts.
In the new development, sale of gas is going to be supplied by Winter-2 well and Stanley-4 well. The gas network connects multiple leases, out of which one is Arcadia Operating LLC. Arcadia Operating LLC is jointly owned by Arcadia and Mosman subsidiary, Nadsoilco.
The well production flow rate will be announced after testing the system for a few days.
“Mosman is pleased to complete the construction of the gas network to further build on our production profile. With the gas network in place, it enables gas production from Winters-2 and Stanley-4, and other wells in the area. I am pleased to see increasing production volumes and cashflow, especially while gas price is strong,” said John W Barr, Chairman.
Mosman is on its way to maintaining their growth by furthering their exploration in helium and hydrogen potential in Australia and have recently released a production report that 17,344 boe, an increase of 43% compared to the six months to June 2021 of 12,143 boe.