Exploration and development company Mosman Oil and Gas has agreed to acquire two assets in Texas in the US to expand its Stanley project.
Approximately 20% of the ‘Greater Stanley’ area will comprise of an existing oil-producing lease, ‘Greater Stanley 1’, which covers 36 acres and another lease, ‘Greater Stanley 2’, spanning 35 acres.
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Mosman estimates the total value of the deal at approximately $30,000.
The project will include detailed technical work. This may involve drilling a well later this year.
Mosman Oil and Gas chairman John Barr said: “Mosman is pleased to provide tangible evidence of the benefit of its investment in business development work with Baja to increase Mosman’s interests in Texas.
“The Greater Stanley area will enable additional activity aimed at increasing production.”
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By GlobalDataMeanwhile, Mosman said that it has already begun site preparation for the Stanley-4 well. It expects to begin drilling next month.
The company also said that its strategic alliance partner Baja Oil and Gas will receive an interest in both acquisitions and become the operator of both leases, subject to final documentation.
In August, Mosman completed the drilling of Stanley-3 well after reaching the target depth of 5,100ft. At the time of drilling, the company identified several zones of interest that were in line with its expectations.
In September 2018, Mosman agreed to acquire two assets in East Texas, US, as part of a collaboration with Baja Oil and Gas.
