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.
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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.
