New Zealand and Australia-focused explorer Mosman Oil and Gas has spudded its first well of the year for its Petroleum Creek project.
The Cross Roads-1 well is targetting the Eight Mile and Cobden Limestone formations in New Zealand, known to contain oil in offset wells. The well will be drilled vertically to an expected total depth of 400metres.
The first drill of Mosman’s three-well programme for 2014 comes shortly after the AIM-listed firm released its initial public offering (IPO).
“We are pleased to commence drilling at Petroleum Creek so soon after the March 2014 IPO,” said John Barr, executive chairman of Mosman.
“The board will meet onsite next week to review progress and also to meet with local contractors and stakeholders who have greatly assisted Mosman achieving this first milestone.”
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