Mosman Oil & Gas #MSMN – Final Results

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces its final results for the year ended 30 June 2021. 

Summary

· Gross Project Production 76,673 BOE ¹

· Net Production to Mosman 22,824 BOE ¹  

· Revenue $0.82m

· Gross Profit $0.32m

· Net loss for the year of $1.2m

^{1 ,BOE/boe – barrels of oil equivalent based on calorific value as opposed to dollar value}

^{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 after royalties}

Post period highlights

· Completed acquisition of Nadsoilco LLC for $1.1m, boosting production base and potential cash flow and providing multiple near term drilling and development opportunities for FY22

· Increased production base through acquisition of additional 25% WI in Falcon lease

· Drilled Winters-2 and Stanley-5 wells as part of ongoing development plans

· Quarter ended 30 September delivered a 77% increase in production to 110 boepd, as a result of Falcon 1 and Nadsoilco acquisition

The Company expects to publish its annual report today which will be posted and made available on the Company’s website at www.mosmanoilandgas.com/financial-reports . 

John W Barr, Chairman of Mosman commented: “ Whilst 2021 has undoubtedly continued to be challenging, Mosman remains resolute in delivering on its strategic objectives with a clear plan for 2022, to continue to build the oil and gas production base in the USA and to progress hydrocarbon, helium and hydrogen exploration in Australia.    Our determination has been reinforced by the 77% production increase to 110boepd in the September quarter, compared to the previous year. Production results were published in the Annual Report for the year and the September quarter.”

“Our lean team remains nimble and have avoided COVID related down time, however some of our suppliers and consultants have been impacted, inevitably slowing progress in our development. Mosman is determined and focused on delivering a more robust performance in the year ahead with the support of our valued partners.”

“We would like to take this opportunity to thank shareholders for their continued support whilst reassuring them of our confidence and greater optimism to achieve growth in both production and value for the business.”

Enquiries:

For Chairman’s statement and financial statements, link here