Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Cross Roads-1 Drilling Update

Cross Roads-1 Drilling Update

Mosman Oil & Gas (AIM: MSMN), the New Zealand and Australia focused oil exploration and development company, is pleased to advise drilling progress at its Petroleum Creek Project as follows.

At midnight (NZ time) on Sunday 8 June, Cross Roads-1 has reached a depth of 172m. Due to oil shows (fluorescence) at 146m, drilling was stopped and coring commenced. Oil shows (fluorescence and cut) and visible oil on core from 151m continue to the current depth of 172m.

The rock samples and core are interpreted to be from the Eight Mile conglomerate formation, as expected at this depth. Coring is providing valuable rock and fluid information, and will continue. Due to the oil shows, additional wireline logs will now be run in this 8.5 inch hole section and the Company will update shareholders accordingly once full data analysis has been completed.

Anticipated operations for this week commencing 9 June include setting the 7 inch casing, coring the remainder of the Eight Mile formation, drilling and coring the Miocene sandstone and Cobden Limestone targets and drilling to basement.

Following drilling operations on Cross Roads-1, the Drill Force rig is scheduled to be moved to the nearby Crestal-1 site to drill that well. The Crestal-1 site is "ready to drill", and the Crestal-2 site preparations are progressing well. The Mosman Board is conducting a site visit, HSE audit, and meeting stakeholders in the area including the West Coast Regional Council, landowners and service providers. The community feedback on our operations is positive.

John W Barr, Executive Chairman of Mosman commented: "Whilst it is still early days, we are pleased with the encouraging results so far. Oil shows indicate a technical success, but it is too early to make any comment on the commercial significance. The operations are going well and the geology is as expected. We look forward to additional results including ongoing cores and wireline logs and will provide further advice as and when appropriate."

Competent Person's Statement
The information contained in this announcement has been reviewed and approved by Andy Carroll, Technical Director for Mosman Oil and Gas, who has over 35 years of relevant experience in the oil industry. Mr. Carroll is a member of the Society of Petroleum Engineers (SPE).


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news