“This will immediately boost Mosman’s production base and cash flow,” said John Barr.
It is buying the company to increase its stake in Stanley by 20% to 35-39%, from 15-19%. Net production will increase to 60 barrels of oil per day, from the 27 bopd seen in the prior quarter.
The company also gains a 20% working interest in the producing Livingston leases and 23.3% interest in the producing Winters lease, where a development is slated to be drilled.
“The board is delighted to complete the acquisition of Nadsoilco that it has been working on for some months,” said chairman John Barr.
“This will immediately boost Mosman’s production base and cash flow, and provide multiple near-term drilling and development activity.”
“We believe that increasing Mosman’s interest in these projects is a fast-track to increasing production. The operatorship is particularly important as Mosman can now drive the project forward with renewed vigor.”
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Read More: Mosman Oil and Gas Ltd increases stake in Stanley with Nadsoilco acquisition