Mosman Oil and Gas (AIM:MSMN) has announced the completion of drilling at the Garcia prospect, where it holds a 20% working interest.
The well, spudded on 24 June 2025, reached a total depth of 1,288 feet. Gas testing was carried out continuously using an onsite mass spectrometer. While the principal target—the Lyons formation—was reached, it encountered water at depth. A flow test near the top of the formation detected a small percentage of helium, but the flow rate was weak, likely due to low porosity in the rock. Drilling a further three feet revealed additional water, prompting the decision to halt the operation.
In line with its agreement with the landowner, Mosman will now convert the well into a water well. This work, including materials and rig time, is expected to cost no more than $30,000. Final cost details are pending but are not anticipated to exceed pre-drill estimates.
Given the disappointing result, the company is currently reviewing the future of the ongoing Vecta campaign with its partners. An update on those discussions will follow in due course.
Howard Mclaughlin, Interim Chief Executive Officer of Mosman, said “Given the disappointing results obtained from the Vecta Project thus far we have entered into discussions about potentially concluding the drilling programme early, reflecting our commitment to preserving cash resources and with the intention of allowing us to focus our full attention and financial resources on the Sagebrush and Coyote Wash helium projects. The Company will provide a further update to shareholders next week.”
Updates on the Company’s activities are regularly posted on its website: www.mosmanoilandgas.com
