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Mosman Oil & Gas #MSMN – Half Year Results
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces its Half Year results to 31 December 2021, a period in which it significantly increased oil and gas production across its US projects.
Summary
· Revenue increased 95% to AUD 745,790 (compared to AUD $383,138 in the six months ending 30 June 2021)
· Gross Profit increased 232% to AUD188,487 (compared to AUD $56,828 in the six months ending 30 June 2021)
· Net loss narrowed to AUD 498,940 (compared to AUD $708,822 in the six months ending 30 June 2021)
· Net Production to Mosman increased 43% to 17,344 BOE
· Completed acquisition of Nadsoilco increasing working interest in Stanley Project, Livingston and Winters leases and became operator of these leases, providing more day to day control
· Acquired additional working interests in Falcon-1 and Cinnabar in East Texas. Completed 3D seismic reprocessing and interpretation and identified potential development drilling locations with multiple Wilcox sand targets at Cinnabar.
1 BOE/boe – barrels of oil equivalent
2 Gross Project Production – means the production of BOE at a total project level (100% basis) before royalties (where Mosman is the Operator) and where Mosman is not the operator the total gross production for the project
3 Net Production – Net to Mosman’s Working interest before royalties
Post Period end
· Completed the construction of a gas network in East Texas in February, enabling the sale of gas from Winters-2 and Stanley-4 and enabling ongoing production optimisation.
· 12 month extension of EP-145 in Australia secured and an on-site environmental survey completed.
John W Barr, Chairman of Mosman commented: “We remain focussed on delivering on our strategic objectives to build oil and gas production and development upside, delivering solid progress on this objective through the acquisition of Nadsoilco and additional working interests at Falcon-1 and Cinnabar in East Texas.
“Good progress was made across our development projects, increasing production. Revenues have benefitted from the increasing oil and gas prices, which remain very strong. We have identified potential drilling locations to target further increases in production.”
Enquiries:
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director |
NOMAD and Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
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Alma PR Justine James / Joe Pederzolli +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
Joint Broker Monecor (London) Ltd trading as ETX Capital Thomas Smith 020 7392 1432 |
Updates on the Company’s activities are regularly posted on its website:
Notes to editors
Mosman (AIM:MSMN) is an oil exploration, development, and production company with projects in the US and Australia.
Mosman’s strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration of existing exploration permits.
The Company has seven projects in the US: Stanley, Greater Stanley, Livingston, Winters, Challenger and Champion in East Texas and Arkoma in Oklahoma in addition to exploration projects in the Amadeus Basin in Central Australia.
Link here to view the full results announcement and financial statements
#MSMN Mosman Oil and Gas – Amadeus Basin EP-145 Update
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces the completion of the on-site portion of the Environmental Survey at EP-145, located in the Amadeus Basin in the Northern Territory, Australia.
The Environmental Survey was completed on schedule and initial results have been received. The next step is the receipt of the final report and submission to the NT government.
This Environmental Survey was one of the pre-requisites to seismic acquisition. The other pre-requisite is approval for acquisition from organisations representing native title parties.
Representatives from the Company will be travelling to Alice Springs in April to meet with the Central Land Council (‘CLC’) and to attend the annual technical conference.
John W Barr, Chairman, said : “Mosman is pleased to achieve the next step in the approval process at EP-145 and is following up on the outstanding final reports with vigor.
“The Amadeus Basin is considered an important asset with considerable exploration upside which needs ongoing work to prove the concepts and resources.”
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director |
NOMAD and Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
|
Alma PR Justine James / Joe Pederzolli +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
Joint Broker Monecor (London) Ltd trading as ETX Capital Thomas Smith 020 7392 1432 |
#MSMN Mosman Oil and Gas – Stanley-4 First Gas and Oil Production
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces initial gas production from the Stanley-4 well in East Texas. Mosman has a 36.5% Working Interest.
The Stanley-4 well has been connected to the recently completed gas infrastructure. The initial gross flow rate is circa 275 thousand cubic feet per day (mcfpd), which is circa 53 barrels of oil equivalent per day (boepd). In addition, 6 barrels of oil (bopd) were produced bringing the initial daily production to 59 boepd. The well will be monitored, and production rate optimized.
The other well recently connected to the gas infrastructure is the Winters-2 well. Mosman has c23% working interest. Gross production rate from 7 to 11 March averaged 657 thousand cubic feet per day (mcfpd) which is circa 127 barrels of oil equivalent per day (boepd). In addition, 10 barrels of oil per day (bopd) were produced bringing the 5 day average production to 137 boepd.
John W Barr, Chairman, said: “It is pleasing to see Stanley-4 producing oil and gas and we are encouraged by the oil production data at Winters-2. Going forward, the gas infrastructure will be useful in optimizing production, for example by enabling gas lift on other Stanley oil wells.”
#MSMN Mosman Oil and Gas – Winters-2 First Gas Production
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces initial production from the Winters-2 well in East Texas.
The initial flow rate is circa 545 thousand cubic feet per day (mcfpd), which is circa 105 barrels of oil equivalent per day (boepd). This well and equipment will be monitored, and the initial rate may be adjusted in due course. Mosman has c23% working interest (‘WI’) in Winters-2.
The new production will add significantly to the average daily gross production which was 164 boepd in the December 2021 quarter.
Onsite focus has now moved to establishing production from Stanley-4 (Mosman 36.5% WI). Production rates from that well will be announced shortly.
John W Barr, Chairman, said: “Mosman is pleased to see that following completion of gas infrastructure, enabling gas production from the Winters and Stanley leases, this initial flow rate is an excellent starting point and we look forward to continuing to build our production base.”
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside is now considered to be in the public domain.
Enquiries:
|
Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director |
NOMAD and Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
|
Alma PR Justine James / Joe Pederzolli +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
Joint Broker Monecor (London) Ltd trading as ETX Capital Thomas Smith 020 7392 1432 |
Alan Green discusses #BP BP, #BVC BATM Advanced Comm, #KAV Kavango Resources, #MSMN Mosman O&G & #MCLS McColl’s in Vox Market Podcast
Alan Green discusses #BP BP, #BVC BATM Advanced Comm, #KAV Kavango Resources, #MSMN Mosman O&G & #MCLS McColl’s on the Vox Market Podcast
#MSMN Mosman Oil and Gas – CLC Permit Issued for EP-145 Environmental Survey
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, is pleased to announce an update on EP-145 located in the Amadeus Basin, Northern Territory of Australia, which is prospective for oil and gas, hydrogen and helium.
On 25 February, the Central Land Council (“CLC”) issued a Permit and Authority to enter and remain on Aboriginal Land and/or Community Living Areas for the area which is covered by EP-145 (the “CLC Permit”).
The CLC Permit for four months will allow Mosman to undertake an environmental survey which is required prior to the planned 2-D seismic acquisition programme.
This enables Mosman to proceed with the environmental survey which is scheduled to be completed in March 2022.
John W Barr, Chairman, said: “Mosman is pleased to secure the CLC Permit on EP-145 now enabling the environmental survey to proceed. This survey and a CLC heritage clearance survey are the only on-site survey requirements prior to the seismic acquisition.
“Interpretation of the resulting seismic will be important in assisting Mosman to refine further our technical understanding of the sub surface structures and identify future drilling locations in EP-145 which is prospective for oil and gas, hydrogen and helium.”
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside is now considered to be in the public domain.
Enquiries:
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director |
NOMAD and Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
|
Alma PR Justine James / Joe Pederzolli +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
Joint Broker Monecor (London) Ltd trading as ETX Capital Thomas Smith 020 7392 1432 |
UK Investor Magazine Podcast – Barclays, Rio Tinto, and Rising Rates with Alan Green – We cover Rio Tinto #RIO Barclays #BARC Mosman Oil and Gas #MSMN and Blencowe Resources #BRES
The UK Investor Magazine Podcast is joined by Alan Green as we explore UK equites and key market themes.
We start by questioning the current narrative and if markets are underestimating the risk of rising rates as investor attention shifts to Eastern Europe.
Rio Tino is one of two FTSE 100 companies reporting record profits on Wednesday as rising commodity prices saw earnings soar and gave the board confidence to hike the dividend, making Rio Tinto one of the FTSE 100’s top dividend payers.
Barclays also reported record profits as the banking group enjoyed strong investment banking activity and the reversal of impairment charges. Income investors will be pleased Barclays is also raising their dividend.
Mosman Oil and Gas recently released a dramatic increase in production figures and has updated the market of developments at exploration projects concerned with Helium resources.
We cover the latest developments at Blencowe Resources which is working to supply the EV market.
Mosman Oil & Gas #MSMN – Gas Network Construction Completed in East Texas
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, has completed construction of the gas network in East Texas which will allow for the sale of gas from the Winters-2 well (23% Working Interest) and Stanley-4 well (45% Working Interest).
The gas network connects several leases, including one operated by Arcadia Operating LLC (‘Arcadia’) and will be owned by Mosman’ s subsidiary, Nadsoilco and Arcadia. Costs have been split between the parties to provide a strong economic foundation for the pipeline and operating costs will be in proportion to gas sales volumes.
The system will be tested over the next few days and well production flow rates will be announced once available.
John W Barr, Chairman, commented: “Mosman is pleased to complete the construction of the gas network to further build on our production profile.
“With the gas network in place, it enables gas production from Winters-2 and Stanley-4, and other wells in the area. I am pleased to see increasing production volumes and cashflow, especially while gas price is strong.”
To view photos of the gas network, please visit Mosman’s website – www.mosmanoilandgas.com.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside is now considered to be in the public domain.
Enquiries:
|
Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director |
NOMAD and Joint Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
|
Alma PR Justine James / Joe Pederzolli +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
Joint Broker Monecor (London) Ltd trading as ETX Capital Thomas Smith 020 7392 1432 |
Updates on the Company’s activities are regularly posted on its website:
Notes to editors
Mosman (AIM:MSMN) is an oil exploration, development, and production company with projects in the US and Australia.
Mosman’s strategic objectives remain consistent: to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration of existing exploration permits.
The Company has seven projects in the US: Stanley, Greater Stanley, Livingston, Winters, Challenger and Champion in East Texas and Arkoma in Oklahoma in addition to exploration projects in the Amadeus Basin in Central Australia.
#MSMN Mosman Oil and Gas – EP-145 License Extension Approved
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces that the Minister for Mining and Industry in the Northern Territory Government has approved Mosman’s application for a suspension and extension to the work programme conditions for EP145.
The suspension and extension approval provides the company with additional time in which to complete the permit year 3 work program. This means that the work allocated to be completed in Permit year 3 has now been extended an additional 12 months until 21st August 2023.
Subsequent permit years’ work requirements have also been extended by one year.
Mosman continues to actively progress with technical work to advance the helium and hydrogen exploration potential in addition to the previously known hydrocarbons discovered on the West Walker anticline, an extension of the Meerenie Anticline, in EP-145.
The 12-month permit suspension and extension approval by the NT Government is a sensible response to the covid related delays in Australia. It provides a realistic schedule required for necessary approvals and seismic acquisition, and then to optimise and plan a well location based on the acquired data.
For the project, it is encouraging to see nearby Operators (Santos and Central Petroleum) planning hydrocarbon development and exploration wells in 2022 and deep wells targeting helium to be drilled in 2023.
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (‘MAR’) which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service (‘RIS’), this inside is now considered to be in the public domain.
Enquiries:
|
Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director |
NOMAD and Joint Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
|
Alma PR Justine James / Joe Pederzolli +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
Joint Broker Monecor (London) Ltd trading as ETX Capital Thomas Smith 020 7392 1432 |
#MSMN Mosman Oil and Gas – Director/PDMR Shareholding
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces that on 3 February 2022, the Company was notified that John W Barr, Executive Chairman of the Company, transferred 25 million ordinary shares from Kensington Advisory Services P/L to Kensington Consulting P/L which acts as trustee of the Barr Superfund, at a price of AUD50,000.
Following the transaction, there is no change in John Barr’s beneficial ownership, which remains at 82,354,584 Ordinary Shares, representing 2.14% of the Company.
Enquiries:
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director |
NOMAD and Joint Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470 |
|
Alma PR Justine James / Joe Pederzolli +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
Joint Broker Monecor (London) Ltd trading as ETX Capital Thomas Smith 020 7392 1432 |