Mosman Oil and Gas Limited (LON:MSMN) told investors that wireling logs from the Falcon-1 well at the Champion project in east Texas indicate good porosity and hydrocarbons.
The data points to hydrocarbons in the primary and secondary Frio sandstone target zones which are interbedded with shale between circa 7,100 to 7,550 feet.
“The primary zone is circa 90 feet thick,” the company said in a statement.
“The mud logs also showed hydrocarbons in these zones with an increase in mud gas readings from a background of circa 30 units to over 3000 units in the primary zone.”
Mosman noted that casing will be run and testing is due to take place once the drill rig has been released from the site.