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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
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:
|
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: