Mosman Oil and Gas narrows losses amid 'very challenging' climate for juniors

Mosman Oil and Gas saw losses narrow in its last trading year despite a "very challenging" outlook for junior oil companies amid recent oil price movements.

Mosman narrowed its losses by 55% year-on-year to $4.1m as revenues picked up 49% to $295,867 in the year ended 30 June and expenses dropped 62% to $2.75m.

"Overhead costs have been tightly controlled with reductions in many areas including board remuneration," said Mosman, which continues to operate with "a very small number of employees and consultants".

Losses per share contracted to 1.33p from the 4.46p turned in a year earlier.

Net assets fell 33% to $1.59m.

Looking forward, Mosman said: "The outlook for junior oil and gas companies is still very challenging, especially in the light of recent oil price movements; but Mosman looks forward to 2019 and 2020 with greater optimism now that a firm production base has been established and plans for increasing production are in place."

As of 1420 GMT, Mosman shares were untraded at 0.26p.