Mosman Oil and Gas Limited provided an update on its Australian operations on Wednesday, where the company has been working on developing seismic interpretations with Synterra Technologies.
Calgary-based geophysical service provider Synterra has successfully completed seismic reprocessing at EP145, while a work programme at EP156 has been deferred to this year as the companies work to integrate 2017's airborne survey into the existing geological model.
The work has delivered “better definition of geological horizons and structural features” at EP145 and encouraging early results at EP156 as Mosman seeks to further analyse both sites.
As well as these two projects in the Northern Territory, Mosman has applied for a permit at EPA 155 in the federal territory and will visit the site in July.
John Barr, chairman of Mosman Oil and Gas, said: “We remain focused on our strategically important and high-impact production and development assets in the USA and in parallel in Australia, we are making meaningful progress on technical work on our exploration permits in the NT and look forward to receiving the report and the final geological model on EP156 from Synterra incorporating the airborne survey acquired in 2017 where initial interpretations look encouraging.”
A report from SRK consulting stated that the EP156 site “likely contains significant and strategically located unconventional hydrocarbon potential,” but currently has no defined prospects.
EP145 is believed to have potential for both conventional oil and gas resources in proven reservoirs.
As of 1040 GMT, Mosman Oil and Gas' shares were up 0.26% at 0.78p.