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COLORADO - Mosman Oil and Gas Limited (AIM:MSMN) has commenced drilling operations at "The Bard" lease area in the Vecta Project, Colorado, marking the second well in a planned five-well drilling campaign targeting helium resources.
The Richardson TH well has been spudded and casing set, with drilling targeting the Lyons Sandstone formation to a planned total depth of 725 feet. Gas testing will be conducted at intervals during drilling to determine concentrations of gases, including helium, according to a company press release.
The Vecta Project is located primarily in Las Animas County, near the Red Rocks helium producing field and Blue Star Helium’s Galactica development project. Nearby wells have shown helium concentrations of up to 11%, with the closest well reportedly flowing 8.8% helium from the upper Lyons sandstone.
Mosman holds a 90% working interest in "The Bard" lease area following Vecta’s decision to farmout their working interest. Under the agreement terms, Vecta will continue to operate at no cost to Mosman in exchange for a 10% carried interest, while Mosman retains the right to assume operatorship. Vecta maintains the option to buy back into the lease for four times the drilling costs.
This drilling operation follows the first well in the campaign, which was drilled on the Billy Goat lease area. Each of the five planned wells will test individual structural closures identified through surface mapping.
The company’s drilling program aims to gather data on potential helium resources in an area with established helium production history. The Vecta Project represents part of Mosman’s portfolio focused on helium, hydrogen and hydrocarbon exploration, development and production.
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