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).

www.aorereresources.co.nz

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half Empty: Fonterra's 2017 Opening Forecast Below Expectations

Fonterra Cooperative Group raised its forecast farmgate milk payout for next season by less than expected as the world's largest dairy exporter predicts lower prices will crimp production and supply will pick up. The New Zealand dollar fell. More>>

ALSO:

Pest Control: Mouse Blitz Team Leaves For Antipodes

The Million Dollar Mouse project to rid Antipodes Island of mice is underway with the departure of a rodent eradication team to the remote nature reserve and World Heritage Area. More>>

Gongs Got: Canon Media Awards & NZ Radio Awards Happen

Radio NZ: RNZ website The Wireless, which is co-funded by NZ On Air, was named best website, while Toby Manhire and Toby Morris won the best opinion general writing section for their weekly column on rnz.co.nz and Tess McClure won the best junior feature writer section. More>>

ALSO:

Pre-Budget: Debt Focus Risks Losing Opportunity To Stoke Economy

The Treasury is likely to upgrade its forecasts for economic growth in Budget 2016 next week but Finance Minister Bill English has already signalled that more of his focus is on debt repayment than on fiscal stimulus or tax cuts... More>>

ALSO:

Fulton Hogan's Heroes: Managing Director Nick Miller Resigns

Fulton Hogan managing director Nick Miller will leave the privately owned construction company after seven years in charge. The Dunedin-based company has kicked off a search for a replacement, and Miller will stay on at the helm until March next year, or until a successor has been appointed and a transition period completed. More>>

ALSO:

Gordon Campbell: On Electricity, Executions, And Bob Dylan

The Electricity Authority has unveiled the final version of its pricing plan for electricity transmission. This will change the way transmission prices (which comprise about 10% of the average power bill) are computed, and will add hundreds of dollars a year to power bills for many ordinary consumers. More>>

ALSO:

Half Empty: Fonterra NZ, Australia Milk Collection Drops In Season

Fonterra Cooperative Group says milk collection is down in New Zealand and Australia, its two largest markets, in the first 11 months of the season during a period of weak dairy prices. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news