Mosman Oil and Gas signs land agreements to drill two new wells

Mosman Oil and Gas signs land agreements to drill two new wells The New Zealand and Australia-based company Mosman Oil and Gas Limited recently signed two agreements for access to explore and drill for their Crossroads-1 and Crestal-1 wells, one with Landcorp Farming Limited and another with a local farmer.

Mosman Oil and Gas was formed in 2011 to explore oil resources that may have been overlooked, and in 2013 the company began their Petroleum Creek Project in New Zealand and another project in the Officer Basin in Australia.

Landcorp Farming Limited, an agriculture business that owns and manages farmland throughout New Zealand, signed an agreement with Mosman authorizing a single well, while carving out room for a possible second well to be drilled on Landcorp's property at a later date.

Both landowners have agreed to add modifications to their land such as fences and gates for Mosman's projects.

The company hopes to begin drilling on the newly-acquired land in June 2014.

"This is the next milestone in preparation for drilling in June 2014 and we are pleased to reach mutual agreement with two key stakeholders in our Petroleum Creek project." Executive Chairman John Barr stated.

For more information on outlook for oil exploration in New Zealand and Australia visit PennEnergy's Research Center.

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