Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces that the Falcon-1 well at the Champion Project in East Texas commenced commercial production on Friday 11 December 2020.
In October 2020 Mosman announced the completion of drilling. In November flows tests were conducted, and the production facilities were installed.
The well has been tied into new production facilities consisting of a separator and tanks. Oil will be sold from the tanks and gas sold via an existing pipeline.
A gas Marketing Contract and a Gas Transmission contract have been signed recently.
Actual production rates will be reported once stable oil and gas rates are established.
John W Barr, Chairman of Mosman commented: “I am very pleased to be see the successful drilling, development, and now production of the first well at the Champion project.
“This producing well is a major milestone for the company and represents a significant increase in production and is also validation of the investment decision in the Champion project. Mosman has a 50% working interest in this Falcon lease and 60% working interest in the adjacent Galaxie lease.
“In my view Falcon can become the cornerstone of a revitalized Mosman. 2021 certainly looks to be better than 2020 in most respects and I would like to express my gratitude to all involved to achieve this outcome.
“I also invite shareholders to attend the AGM on 22 December and to the online Oil Capital event which Mosman is presenting at on 14 January 2021.”
To register for the event, please visit: https://www.oilcapital.com/register/event_details/311
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