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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 |
|
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
Mosman Oil and Gas #MSMN – Production Update – 43% increase in six month net production
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces its production summary for the six months ended 31 December 2021.
Net Production attributable to Mosman for the six months was 17,344 boe, an increase of 5,201 boe, or 43% increase compared to the six months to June 2021 of 12,143 boe. This is despite the operational issues experienced in December that reduced the production in the 3 months to 31 December. This progress reflects the uplift in production from growth of existing projects, the acquisition of Nadsoilco and an increased interest in Falcon. It does not reflect recent increases in production at Falcon which occurred after 31 December 2021, and does not include the Winters-2 well which was drilled in November and was recently recompleted and flowed gas. It also only includes minor production from Stanley-5.
Production Summary
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3 Months to 31 December 2021 |
6 Months to 31 December 2021 |
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boe |
boe |
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Gross Project Production |
Net Production to Mosman |
Gross Project Production |
Net Production to Mosman |
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Gross boe |
Net boe |
Gross boe |
Net boe |
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|
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Falcon |
5,944 |
4,458 |
14,800 |
11,099 |
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|
|
Stanley |
5,130 |
1,741 |
11,705 |
4,141 |
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|
|
Livingston |
172 |
35 |
501 |
100 |
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Winters |
173 |
50 |
349 |
101 |
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|
Greater Stanley |
– |
– |
– |
– |
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|
|
Arkoma |
3,362 |
839 |
7,617 |
1,903 |
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Welch (sold) |
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Total boe |
14,781 |
7,123 |
34,972 |
17,344 |
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Production numbers are based on the current best available data and are subject to adjustment upon receipt of final sales invoices from the purchasers of products.
Falcon
There was natural decline in production from the producing zone in October and November that meant it was time to add an additional production zone. The well was shut in to perform the workover.
The well was successfully perforated in December. Production in December was constrained as production facilities were upgraded.
Mosman reported on 17 January 2021 that production was 113 gross boepd with a 7/64 choke
Since adjusting the choke to 8/64 seven days ago, the well has averaged 133 gross boepd, a 64% increase compared to the average gross production for the six months ended 31 December 2021.
Stanley
On the Stanley project, production has been constrained mainly because Stanley-4 is waiting on gas infrastructure to be completed before it can be returned to production. This infrastructure is a combination of existing pipelines controlled by Nadsoilco, new pipelines and connections requiring multiple land access agreements and regulatory approvals. The infrastructure will have significant short term and long term benefits to the Stanley area.
Stanley-5 was drilled and been producing at an average daily rate circa 50 bopd since coming on production in December 2021.
Stanley-3 continues to produce steady oil rates, but the gravel pack on Stanley-1 was not successful and the well will be worked over again. Stanley-2 production has declined and this well is a candidate for recompletion.
Livingston
The Livingston property was one part of the acquisition of Nadsoilco. One well (Davis & Holmes 11) that has been shut-in for over one year was successfully worked over and put on production in December. Nadsoilco owns 20% of the well.
Production has been circa 10 to 20 bopd (gross) with some water, whilst production facilities are being modified to optimize the production rate.
Greater Stanley
The workover of a Duff lease well was carried out. The recompletion was unsuccessful, and the production strategy on this lease is now under review.
Winters
Winters-2 has been recompleted in the Wilcox sand 6,695-6,700 feet and flowed gas. Flow tests are expected to be conducted later this week and will be reported in due course. Gas infrastructure is being installed to enable gas sales from the Winters and Stanley leases.
Arkoma
Production had been steady until there was minor damage from a lightning strike in December 2021 which is now repaired. Two wells are shut-in awaiting workovers. This asset is being held for sale as other projects are preferred for further investment.
Cinnabar
3D seismic data was successfully reprocessed and interpreted, indicating several potential drilling locations. Mosman will seek to farmout at least one well at the annual NAPE Summit 2022 in Houston in February.
John W Barr, Chairman, said: “Mosman is pleased to report an uplift in production from the previous half year which reflects a daily production rate of 95 boepd for the six months to 31 December 2021.
“Importantly, since 31 December we are seeing growth in production which has been achieved with the recompletion at Falcon, the drilling and start of production at Stanley-5 and the workover of -D&H-11. We anticipate further increases from workovers at Stanley, Stanley-4 returning to production and Winters-2 starting production once gas infrastructure is completed.”
Quarterly Updates
Going forward Mosman will move to quarterly production updates.
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.
Glossary:
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boe
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Barrels of oil equivalent based on calorific value as opposed to dollar value |
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boepd |
Barrels of oil per day of oil equivalent based on calorific value as opposed to dollar value |
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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 |
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Net Production |
Net to Mosman’s Working interest attributable production means net to Mosman’s working interest before royalties |
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 |
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.
Mosman Oil & Gas #MSMN – Six Month Production Summary
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces its production summary for the six months ended on 30 June 2021.
Net Production attributable to Mosman for the six months was 12,143 boe, which was an increase of c 2,123 boe or c21% (on the six months ended 31 December 2020). With this progress, combined with higher sales prices, the acquisition of Nadsoilco (effective 1 July 2021) and an additional interest in Falcon, the future production is now more robust and Mosman is looking forward to a significantly improved production profile going forward
Production Summary
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6 Months to 30 June 2021 |
6 Months to 31 December 2020 (updated) |
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Total Project |
Net Attributable1 |
Total Project |
Net Attributable |
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Gross boe2 |
Net boe |
Gross boe |
Net boe |
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Falcon3 |
16,502
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8,251 |
2,395 |
1,197 |
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Stanley |
20,327
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3,312
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24,982 |
3,984 |
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Greater Stanley |
652
|
155 |
936 |
187 |
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Arkoma |
2,706
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425 |
896 |
171 |
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Welch |
– |
– |
5,845 |
4,481 |
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Total boe |
40,187 |
12,143 |
35,054
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10,020 |
1. Net attributable production means net to Mosman’s working interest before royalties
2. Gas production is converted into boe at a rate of 1boe = 5.8 MMBtu
3. Falcon production started on 11 December 2020
John W Barr, Chairman, said: “Mosman views this as a solid result, entering the next period more confidently with an increased working interest across our projects.”
“Going forward we have taken the next step of delivering on our strategy of production growth, achieved with the acquisition of Nadsoilco and an additional 25% working interest in the Falcon-1 well. Both of these events occurred in July 2021 and are not reflected in the numbers.”
“The next step is to increase production with drilling imminent with wells planned at Winters-2 and Stanley-5.”
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 +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:
Definitions
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boe or BOE |
barrels of oil equivalent This is both oil and gas and includes the gas converted to oil barrels using a standard industry formula |
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Gross Sales |
Reference to sales is boe that has been sold from the project throughout the period |
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Net Sales Attributable to Mosman |
Mosman’s portion of Gross sales less royalties owed to leaseholders |
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Total Gross Production |
boe produced on the project throughout the period. Includes oil still held as inventory |
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Net Production Attributable to Mosman |
Mosman’s portion of Total Gross Production before royalties owed to leaseholders |
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Total Project Basis |
Refers to performance of Sales or Production on a 100% basis of the four projects that Mosman has invested in. |
SP Angel Update – Mosman Oil & Gas #MSMN – Acquisition of material interests in key leases
Mosman Oil & Gas* (MSMN LN): Acquisition of material interests in key leases
Share Price: 0.15p, Market Cap: £5.8m
- Mosman has confirmed the Company will acquire an additional 25% working interest in the Falcon lease (including the Falcon-1 well) and 25% of the adjacent Galaxie lease.
- Mosman will acquire these interests from Baja Oil and Gas, for a cash consideration of US$160k and the effective date is 1 July 2021.
- Since the recent recompletion, production at the Falcon-1 well has been steady with the recent average flow rate of circa 112boepd of gas and 7bopd of oil condensate for a total of 119boepd.
- Unaudited gross revenue from Falcon-1 in June is estimated to be c.US$40k after royalties.
This acquisition means Mosman’s share of production increases by c.30boepd to 90boped (as of the effective date of 1 July). - There is not currently any independent report to quantify resources or reserves on the Falcon on Galaxie leases.
- As previously announced in the Company’s interim results for the six-month period to 31 December 2020, with the Falcon-1 well only coming on production in December 2020, there was no revenue recognised by the Company until cash for hydrocarbon sales was received in January 2021 and thus there was no revenue recognised during H1 2021.
- Similarly, all costs prior to January 2021 have been capitalised so there was no accounting profit or loss for Falcon in H1 2021.
- The consideration will be paid from the Company’s existing cash resources and the transaction is due to complete on 30 July 2021.
- Baja has agreed to use part of the US$160k consideration to repay an existing debt to Nadsoilco; monies owed by Baja for work at the Falcon-1 well, and a prepayment towards the drilling of the Stanley-5 well.
- The AFE for the Stanley-5 well has been issued and drilling is scheduled to take place after the Winters-2 well is drilled.
SP Angel take: Another shrewd acquisition for Mosman picking up further material interests in these key leases, boosting the Company’s production profile whilst ensuring additional upside exposure ahead of drilling at Galaxie. Importantly, the Company also has more control of the timing of technical work and operations with the increase from 50% to 75% WI at Falcon the lease and increasing to 85% ownership at the Galaxie lease, where Mosman will become Operator.
* SP Angel acts as Nominated Advisor and Broker to Mosman Oil & Gas
Mosman Oil & Gas #MSMN – Increase in Working Interest in US
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, has agreed to acquire an additional 25% working interest (“WI”) in the Falcon lease (including the Falcon-1 well) and 25% of the adjacent Galaxie lease. Mosman will acquire these WIs from Baja Oil and Gas LLC, for a cash consideration of USD 160,000 and the effective date is 1 July 2021.
Since the recent recompletion, production at the Falcon-1 well has been steady with the recent average flow rate of circa 112 boepd of gas and 7 bopd of oil condensate for a total of 119 boepd. Unaudited gross revenue from Falcon-1 in June is estimated to be circa USD$40,000 after royalties.
This acquisition means Mosman’s share of production increases by circa 30 boepd from 60 to circa 90 boped (as of the effective date of 1 July). Mosman also has more control of the timing of technical work and operations with the increase from 50% to 75% WI at Falcon the lease and increasing to 85% ownership at the Galaxie lease, where Mosman will become Operator. There is not currently any independent report to quantify resources or reserves on the Falcon on Galaxie leases.
As previously announced in the Company’s interim results for the six month period to 31 December 2020 (“H1 2021”), with the Falcon-1 well only coming on production in December 2020, there was no revenue recognised by the Company until cash for hydrocarbon sales was received in January 2021 and thus there was no revenue recognised during H1 2021. Similarly all costs prior to January 2021 have been capitalised so there was no accounting profit or loss for Falcon in H1 2021.
The consideration will be paid from the Company’s existing cash resources and the transaction is due to complete on 30 July 2021. Baja has agreed to use part of the USD 160,000 consideration to repay an existing debt to Nadsoilco; monies owed by Baja for work at the Falcon-1 well, and a prepayment towards the drilling of the Stanley-5 well. The AFE (“Authorisation For Expenditure”) for the Stanley-5 well has been issued and drilling is scheduled to take place after the Winters-2 well is drilled.
John W Barr, Chairman, said:
“The Board is delighted to yet again increase its production portfolio in Eastern Texas, and to increase ownership and control of additional acreage.”
Qualified Person’s Statement
The information contained in this announcement has been reviewed and approved by Andy Carroll, Technical Director for Mosman, who has over 35 years of relevant experience in the oil industry. Mr. Carroll is a member of the Society of Petroleum Engineers.
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 |
Updates on the Company’s activities are regularly posted on its website:
Mosman Oil & Gas #MSMN – Falcon Well update
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces an update on the Falcon-1 well in East Texas, USA in which Mosman has a 50% working interest.
The Falcon-1 well continues to produce gas and oil with a small amount of water. With a 7/64 choke, the well has now produced an average of 114 boepd of gas and 7 bopd of condensate for a total of 121 boepd (gross) over the last 5 days.
Gas continues to be sold utilizing the existing pipeline facilities, and oil is transported off site by truck.
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 +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:
Mosman Oil & Gas #MSMN – Falcon-1 Production Update
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces an update on the Falcon-1 well and the Stanley Project in East Texas, USA.
Falcon-1 (Mosman 50% working interest)
The Falcon-1 well was recompleted in a new zone last week and Mosman now confirms that the Falcon-1 well is producing gas and oil with no reported water. The flow is intentionally restricted with a 5/64 choke well to monitor the well performance. The production rate with this choke is c600 mmbtu/day (c105 boepd) and the well has been operating at this level since 12 June. Whilst this gas and oil production rate is similar to the recent production rate in the lower zone, the profit margin will be greater as operating costs will be reduced due to lower water disposal costs.
Production from this zone also verifies the wireline log interpretation of multiple hydrocarbon bearing zones in this well. This will enable an update of the geological model of this lease and the adjacent Galaxie lease.
Stanley (Mosman 15-19% working interest)
The Operator has advised that hot oil treatment of the surface pipeline was successful and enabled an increase in gross production from Stanley-3 from 40 to 65 bopd.
The Operator has also advised that Stanley-4 will be back on production this week. The decision has also been made to gravel pack Stanley-1 for sand control, in order to produce the well without needing workovers to remove sand from the wellbore or pumping equipment, and this well should also be back on production in the near future.
Qualified Person’s Statement
The information contained in this announcement has been reviewed and approved by Andy Carroll, Technical Director for Mosman, who has over 35 years of relevant experience in the oil industry. Mr. Carroll is a member of the Society of Petroleum Engineers.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
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 +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:
Mosman Oil & Gas #MSMN – EP 145 Update
Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, advises an update in respect to EP 145 in the Amadeus Basin in the Northern Territory of Australia (“NT”).
As previously advised, Mosman is now operating in two distinct divisions. Dr Julie Daws, in consultation with the Technical Director, Mr. Andy Carroll, is managing Mosman’s exploration work in Australia, specifically EP 145 airborne gravity and seismic acquisition. Bids have now been received for the airborne gravity data acquisition and are currently being evaluated. As there are not currently any Covid-19 restrictions in the Northern Territory where EP145 is located, and no ground access is required, this survey is able to proceed in the near future once a contractor is selected and equipment is available.
Planning for the seismic acquisition is ongoing. Mr. Andy Carroll and Dr Julie Daws met with the Aboriginal Areas Protection Authority (“APAA”) and the Central Land Council (“CLC”) in Alice Springs to discuss the current work programme. An AAPA Sacred Site Clearance Certificate is required to ensure no damage to sacred sites, and this has been received.
Other requirements prior to the seismic acquisition include the CLC requirement for a heritage survey (needed prior to ground access), where Mosman is awaiting clarity from CLC on timing and also the requirement for an on-ground environmental survey and Environmental Management Plan before the crews can access the area to acquire the seismic data. Given delays related to Covid-19, Mosman no longer considers it feasible to obtain and process the seismic data under the original EP 145 permit seismic schedule of August 2021, and Mosman has applied to the NT Government for an extension.
The subsalt play is a focus of exploration across the Amadeus Basin, including Mosman operated EP145. Two wells in the Amadeus Basin, Magee-1 in EP38 (Pacific O&G, 1992) and Mt Kitty-1 in EP125 (Santos, 2014), encountered hydrocarbons with up to 9% helium within this interval and other significant structures have been identified including Dukas-1 in EP112 (Santos, 2019) and the Zevon lead in EP115 (Central Petroleum) which is located close to EP145.
In addition to the subsalt prospectivity, EP145 contains the West Walker-1 gas discovery which lies on trend with the Mereenie oil and gas field which produces from the Ordovician Pacoota Sandstone unit and the Palm Valley gas field that have both been under production for over 30 years.
Two wells have been drilled in EP145, the first West Walker -1 (1982) tested the western end of an anticlinal feature and flowed wet gas to surface at a rate of 3.5MMscf/d from the Pacoota Sandstone, also the main producing reservoir in the Mereenie Field. A follow up well drilled, called Tent Hill -1 (1984), located to the southeast on the same anticline was deemed unsuccessful, although oil was observed weeping from cores.
As previously announced, independent resource estimates by SRK (2016) support prospective resources of 22Bcf in the Pacoota Sandstone play and additional unconventional prospective resources of 1,456Bcf in the Horn Valley Siltstone (SRK report 2016, P50 gross unrisked) on EP145.
Mr. Andy Carroll and Dr Julie Daws attended the Annual Geoscience Exploration Seminar 2021 Conference in Alice Springs on 19-20 April. The presentations included Federal and State Minister speeches with government supporting investment in exploration and infrastructure. Part of the State $9 million per annum pledge of support includes a 50% grant for geophysical work (up to $100,000 per survey) and Mosman has applied for this grant.
There was also a presentation of the SEEBASE basement map for the whole of N Northern Territory, which will help Mosman integrate the local data obtained in EP 145 with regional geophysical data.
Further details of timing will be provided once known.
Qualified Person’s Statement
The information contained in this announcement has been reviewed and approved by Andy Carroll, Technical Director for Mosman, who has over 35 years of relevant experience in the oil industry. Mr. Carroll is a member of the Society of Petroleum Engineers.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
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 +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:
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 2020.
Summary
· With a clear focus on the higher margin operations, Mosman took the decision to sell the Welch project and shares in Norseman.
· Proceeds applied to drilling, completing, and installing production facilities at Falcon and workovers at Stanley and Greater Stanley.
· COVID-19 constraints and some production challenges resulted in lower production, which was also impacted by a volatile oil price further affecting revenue
· Revenue of AUD380,000 and Gross Profit AUD56,828
· Net loss of AUD0.7m impacted by production challenges and the volatile oil price in 2020
· Gross Project Production 34,569 BOE 1
· Net Production to Mosman 9,871 BOE 1
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 after royalties
Post period events
· Sold remaining shares in Norseman Silver Inc for AUD208,000
· Completed the sales of the Welch asset for AUD546,611
· Raised £1.5m to be used for Helium, Hydrogen and Hydrocarbon exploration on EP 145 in Central Australia
· Acquired an additional 20% of the Greater Stanley (Duff lease), increasing Mosman’s working interest in Duff to 40%.
John W Barr, Chairman of Mosman commented: “Whilst the first half of FY21 was extremely challenging with continued economic uncertainty, volatile oil price movements and production challenges, we remained resolute that we would weather the storm. We have started Q3 with renewed vigour having completed the disposal of the Welch project to enable us to focus on drilling activity and are look forward to the opportunity our increased working interest in Greater Stanley in the US will bring.
“We are well funded to deliver our exploration and development plan and expect to benefit from the recovery in energy prices. This coupled with the planned exploration at EP145 in Australia, where drilling results in nearby permits have demonstrated the commercial production of hydrocarbons reinforcing the potential for successful helium and hydrogen exploration, sets out an encouraging programme for the months ahead.
“Once again, we thank our shareholders for their support whilst reassuring them of our continued confidence to achieve growth in both production and value for the business.”
Link here for the full financial statements
Enquiries:
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Mosman Oil & Gas Limited John W Barr, Executive Chairman Andy Carroll, Technical Director
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NOMAD and Joint 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 +44 (0) 20 3405 0205 +44 (0) 7525 324431 |
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Updates on the Company’s activities are regularly posted on its website: www.mosmanoilandgas.com |
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