Mosman Oil and Gas Limited announced an update in respect of its Falcon project which forms part of the Champion Project in East Texas. Mosman holds a 75% working interest in the Falcon-1 well, the first well to be drilled at the project. At Falcon-1, an additional Frio sand zone has been perforated at a depth 7,457-7,460 feet.

The well has flowed on test at a rate of 1,000 mcfd, but due to the current choke size of 7/64 it has been producing at an average rate over the last 5 days of 576 mcfd (c 113 boepd gross). To balance short term cashflow and long optimize gas recovery over time, the production strategy is to periodically increase the choke size and monitor wellhead pressures. The first increase in choke size planned for this this week is to increase the choke to 8/64.

The current production rate is an increase of 23% compared to average flow rate of c 92 boepd (gross) in the quarter ended 30 September 2021.