Mosman Oil and Gas said a key well in Texas was proceeding to plan and expected to reach its target depth in a few days.
The Stanley-2 well commenced drilling on 19 March.
Surface casing had since been set and drilling was now at a depth of 3,713 feet, with a target depth of around 5,100 feet.
Completion of drilling would be followed by logging, running completion casing and then test producing selected zones.
Meaningful results may be available in 10-12 days, the company said.
At 1:37pm: (LON:MSMN) Mosman Oil And Gas Ltd share price was 0p at 0.29p