(Alliance News) - Mosman Oil & Gas Ltd on Tuesday said production at its Stanley project in the US has increased recently.
The US and Australia-focused natural resource development company said gross production increased 84% to around 221 barrels of oil equivalent per day on a 30 day average flow rate in April, compared to 120 barrels of oil equivalent per day in March.
Mosman O&G said this "significant" increase has been achieved following a recompletion of Stanley-3 which is now flowing oil and gas.
It said it will provide details on production at all assets as part of its quarterly update in June.
Mosman O&G also noted progress made in Australia.
It said it received AUD160,000, or GBP84,350, for its asset EP 145 as expected, which was due upon completion of the previously announced farm-in agreement with Greenvale Energy Pty Ltd.
It added that additional prior exploration expenditure amounts of around AUD100,000 will be invoiced and reimbursed under deal, alongside an environmental bond of around AUD55,000 will be cashed in.
"I am pleased that the continued work on the Stanley project is now achieving stronger production numbers, which improves revenues and is a pre-requisite to sale of the asset in the future," said Mosman O&G Chief Executive Officer Andy Carroll.
"This combined with the progress made in Australia, with the completion of the EP 145 farm-in, moves Mosman into a more robust position with a strengthened balance sheet."
Shares in Mosman O&G were up 5.3% to 0.020 pence each in London on Tuesday afternoon.
By Greg Rosenvinge, Alliance News senior reporter
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