On Monday, the company had said it had found oil at the Cross Roads-1 well on the
It is now planning flow testing later in 2014 on both the Cobden Limestone interval and the Eight Mile Formation at Cross Roads-1. It will also acquire additional seismic data to assist in mapping the extent of the accumulation and drilling locations for appraisal drilling.
Mosman added that drilling started at the Crestal-1 well on the site on Thursday.
"This further positive result from Cross Roads-1 is extremely encouraging. As we have outlined, this is the first stage of the process as we now move into the appraisal process at Cross Roads-1. The next steps will be to carry out flow tests, additional seismic acquisition and processing work, and then complete the economic modelling required to determine commercial viability. This process is anticipated to take several months." Chairman
Mosman shares were up 33.3% at
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