Mosman Oil and Gas Ltd (AIM: MSMN) announced a significant increase in gross production at its Stanley project in Texas, which surged by 84% to 221 barrels of oil equivalent per day (boepd) in April.
This boost in production occurred after the recompletion of the Stanley-3 well, which is now actively producing oil and gas.
Mosman also mentioned that it will provide more detailed production figures in its next quarterly update in June.
In addition, the company informed investors about a recent payment of A$160,000 received after finalizing a farm-in agreement with Greenvale Energy Pty Ltd for its EP 145 project in Australia. Under this agreement, Mosman will also receive reimbursement for A$100,000 in exploration back costs and will cash in an environmental bond of A$55,000.
“I am pleased that the ongoing efforts at the Stanley project are yielding higher production figures, enhancing our revenues and setting the stage for a potential future sale of the asset,” said the Mosman CEO in a statement.
“The successful completion of the EP 145 Farm-in in Australia further strengthens our financial position and enhances our overall balance sheet,” the CEO added.
