Mosman Oil and Gas Ltd. updated reserves by about 78% in its producing Cinnabar Project in Tyler County, Tex.
After the successful development drilling of and production from the Cinnabar-1 well, Mosman commissioned an updated independent reserve report for the Cinnabar project prepared on the basis of a potential full-field development of the project.
Total proved reserves have increased from 887,000 to 1.581-million gross boe. Reserves are based on a potential full-field development on the producing 352-acre Cinnabar project involving five further development wells, with one well drilled in 2023, two in 2024, and two more in 2025. It also assumes well recompletions when appropriate to produce separate production zones.
The final development plan remains subject to board approval and funding availability.
Mosman Operating LLC, a wholly-owned subsidiary of Mossman Oil, operates the Cinnabar project with 75% interest.