Mosman Oil and Gas Provides Update on Vecta Project Drilling
Why we think this is neutral
This RNS announcement provides a general update on the drilling progress at the Vecta Project, but does not contain any of the mandatory news types that would require a more detailed analysis. The information provided is factual and does not indicate any significant positive or negative developments.
Key Points
- Drilling completed at the Richardson well on the Vecta Project in Colorado, US
- Well drilled to a total depth of 1007 feet, with the Lyons Formation encountered at around 1000 feet
- Well flowed water from the Lyons Formation, with trace amounts of helium gas noted during drilling
- Presence of helium supports the Vecta exploration model and does not impact the remaining three undrilled leases
Summary
Mosman Oil and Gas Limited (AIM:MSMN) has announced the completion of drilling at the Richardson well on the "The Bard" lease area of the Vecta Project in Colorado, US. The well was drilled to a total depth of 1007 feet, with the Lyons Formation encountered at a depth of around 1000 feet, 460 feet deeper than anticipated. The well flowed water from the Lyons Formation, and trace amounts of helium gas were noted during the drilling process. The company stated that the presence of helium supports the Vecta exploration model and does not impact the remaining three undrilled leases within the project.