Shares in Mosman Oil And Gas Ltd (LON:MSMN) more than doubled on Wednesday morning after it confirmed it had bought an 80% interest in a producing Texas oil field.
Technical director Andy Carroll tells Proactive: ”The technology that’s being applied is simple drill and produce technology and hasn’t changed since the 1950s when production started.”
Carroll added that they’re excited about the potential to increase production at Pine Mills and also the further exploration potential they reckon can be accessed by acquiring seismic data.
”We had a strategic review as to the best place to be in the current oil environment and the U.S. is outstanding because you’re close to market with very small transportation costs”.
Story by ProactiveInvestors