Mosman Oil & Gas Limited has now finished drilling at a depth of 251 m on the Crestal-1 well, on its Petroleum Creek Project. Wireline logs were run, and the 4.5 inch casing has been run and cemented. Based on the petrophysical analysis from its third party consultants, including SRK (Australia) Ltd, Mosman has determined that the oil encountered in both the Eight Mile formation and Cobden Limestone meet the definition of a Discovery in accordance with the New Zealand (NZ) legislation. As required, Mosman has reported this update to the Regulator, New Zealand Petroleum & Minerals (NZPAM).
Flow testing is planned for later in 2014 on both the Eight Mile Formation and the Cobden Limestone intervals at Crestal-1. With the successful results on these first two wells, the Company has achieved its initial exploration objectives as set out in the IPO in March and the results have provided Mosman with wealth of information from which it can further shape its drilling and appraisal programme.