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(Image courtesy of Mosman)

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.