Mosman Oil & Gas has found oil at the Crestal-1 well in its Petroleum Creek Project in New Zealand.
According to Mosman, the oil encountered in both the Eight Mile Formation and Cobden Limestone meet the definition of a discovery in accordance with New Zealand legislation.
The drilling was finished at a depth of 823 ft .
Flow tests are planned for later this year on both the Eight Mile Formation and the Cobden Limestone intervals at Crestal-1.
The Crestal-2 well will now be redesigned as an appraisal well with an anticipated drill date in September.
