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Mosman Oil and Gas said that the drilling a new oil well in Texas was completed as planned and that testing operations would now commence.
The Stanley-3 well reached a target depth of 5,100 feet, on time and on budget.
'Several zones of interest were identified while drilling, in line with expectations,' Mosman said.
'The next operations will be to log the well and evaluate the target zones.'
'Once a zone is selected for production, the well will be completed, and flow tested to temporary tanks.'
'It is anticipated that these will be replaced with permanent production facilities in due course.'
'Flow rates will be advised when data is available.'
The company currently held a 14.85% working interest in Stanley-3, which was part of a venture with Baja Oil & Gas.
At 1:48pm: (LON:MSMN) Mosman Oil And Gas Ltd share price was 0p at 0.26p