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Mosman Oil and Gas said that a key well in Texas was currently producing oil in line with expectations, while another was due to be overhauled in June.
The Stanley-1 well was recently re-completed and Mosman and relevant parties had now agreed to re-complete the Stanley-2 well.
'In addition, the Stanley parties have agreed to make preparations for and drill a third Stanley well, Stanley-3,' Mosman said.
'This well is expected to be drilled in the next 90 days and will target the same reservoir zones as Stanley-1 and Stanley-2.'