Exploration and development company Mosman Oil and Gas is set to spud the Stanley-3 well in Texas, US.
The company will drill the Stanley-3 well as part of the strategic alliance with Baja Oil and Gas.
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The well will be drilled vertically to a total depth of 5,100ft, primarily aiming to reach the multiple Yegua sands at similar depths to those encountered in Stanley-1 and Stanley-2 wells.
Secondary targets of the drilling are present at shallower drilling depths above the Yegua reservoirs.
The total cost of drilling Stanley-3 is estimated at $325,000, and an additional amount of approximately $165,000 will be required for completion and tie-in operations, provided the well is commercially successful.
The company will have at least a 14.85% working interest in the well, which is being drilled on a turnkey contract basis.
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By GlobalDataMosman Oil and Gas chairman John Barr said: “Given the significant results of Stanley-1 and 2, the operator has quickly moved to Stanley-3 with the assistance of Mosman consultants and Baja.
“It is anticipated the well will be completed in a short period of time and the Initial Oil production will be seen by mid-September.
“Mosman’s clear intention is to increase production and thus cashflows as quickly as possible whilst taking into account operational and legislative requirements.”
Last month, the company announced that it is progressing work programme with respect to EP 145 in the Amadeus Basin in Northern Territory, Australia.
The programme on EP 145 involves 100km of 2D seismic surveys, seismic processing, and interpretation and well planning.
