LONDON (Alliance News) - Mosman Oil and Gas Ltd Tuesday said that the drilling rig is now rigged up at the Crossroads-1 location at the Petroleum Creek license in New Zealand and will be testing the as yet untested Cobden Limestone.
In a statement, the New Zealand- and Australia-focused oil explorer said planned activities for the Drill Force Rig #1 include perforation of the Cobden Limestone, and re-installation of the downhole pump and nodding-donkey, followed by flow testing. It expects the flow testing to continue for up to 60 days.
"The company's Technical Director, Andy Carroll, is now on site and is overseeing rig activities as well as conducting a series of meetings with relevant stakeholders," it said.
Last month, Mosman revealed that it had received an unsolicited approach to farm into one of its New Zealand permits. On Tuesday, it said talks are ongoing and it'll update shareholders when it's "appropriate to do so".
Mosman Oil & Gas shares were up 4.4% at 8.74 pence in London early Tuesday.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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Mosman Oil Gas (MSMN)