29 May 2014
Mosman awards drilling contract
Aorere Resources Limited holds approximately 15.8% of AIM listed Mosman Oil and Gas Limited. This shareholding has a present market value of NZD 2.3 million and represents 36% in value of the Aorere portfolio. Mosman released the following announcement in London last night.
Chris Castle, Managing Director
Aorere Resources Ltd
Petroleum Creek Update – Third Well
Mosman Oil & Gas (AIM: MSMN), the New Zealand and Australia focussed oil exploration and development company announces that its wholly owned New Zealand subsidiary, Petroleum Creek Limited (“PCL”), has confirmed the third well in its drilling programme which will be named Crestal-2, located approximately 800 m south of Crestal-1. Mosman proposes to drill to basement estimated to be c300m. It is located to the east of and close to several old wells drilled with oil shows and flows. The intention is to drill this well after Cross Roads-1 and Crestal-1 in June 2014.
At Petroleum Creek, Drill Force equipment has now arrived on site and drill preparation continues for the commencement of drilling in the next 10 days. As part of its strategic planning, PCL has contracted to lease a 4-hectare property adjacent to Crestal-2 location (with an option to purchase). The infrastructure located on the site will initially be used as office accommodation and the location used for storage. In addition, management are also in discussions regarding land access in relation to a contingent fourth well location.
John W Barr, Executive Chairman of Mosman commented: “As we continue to build out the drilling programme at Petroleum Creek, we are delighted to confirm Crestal-2 as the third planned well and are working to firm up on a contingent fourth well as part of the broader development of this asset.”