Mosman Oil and Gas Ltd (AIM:MSMN) told investors it will next drill the Stanley-5 well, with a plan to mobilise the rig after the completion of drilling at the Winters site.

Stanley-5 is described as a development targeting the Yegua formation.

“Mosman is pleased with the current drilling activity that we had planned for this year to achieve the strategic objective of increasing production,” said Mosman chair John Barr.

The company will own a 36.5% stake in the well, an increased interest as a result of the July acquisition of Nadsoilco LLC. It expects its share of well drilling costs will be around US$350,000, to be paid from existing cash resources.

Last week, Mosman spudded the Winters-2 well in Polk County, Texas, and at that time the company said it expected the well would reach target depth this week.

Winters-2 will be drilled 7,000 feet into the Wilcox formation, which produces in other nearby wells.

Nadsoilco holds a 29% interest in the winters lease and it is the operator.

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