- Oil company Mosman Oil and Gas said the Stanley operation in Texas continued to produce positive cashflow at the operational level despite a slump in oil prices due to Covid-19.

The company said oil inventories at the asset were being carefully managed by operator Baja, including through the use of onsite storage tanks.

Baja had advised Mosman that recent operational improvements, including to central processing facilities, had materially lowered Stanley's operating costs allowing it to operate profitably with oil prices at the mid-teens.

The Stanley-1 well at the project had been shut-in for several weeks pending re-completion work expected to completed in July.

Attention would then turn to drilling the proposed Stanley-4 well.

'With reduced drilling activity, more rigs are available, and this is expected to result in lower drilling costs,' Mosman said.

At 1:18pm: [LON:MSMN] Mosman Oil And Gas Ltd share price was -0.02p at 0.12p

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