Mosman Oil & Gas loss narrowed after production surge
Mosman Oil & Gas on Friday reported a narrower annual loss after a leap in production that drove double-digit revenue growth even as its expenses dropped.
The oiler recorded a loss before tax of $1.2m for the 12-month period ended 30 June, compared with a loss of $4.1m in the year before that had included a one-off payment of $2.8m related to previously incurred costs.
Meanwhile, sales jumped 49% to $1.1m as gross production leapt by 205% to 55,508 barrels of oil equivalent.
This improvement was due to higher production at each of Mosman's four projects, with Stanley's growth from 3,355 boe to 20,224 boe and Arkoma increasing from 5,343 boe to 22,911 boe.
Meanwhile, the AIM traded company continued to complete technical work on its Central Australian exploration projects, with works largely focused on the 100% owned EP-145 project in the Amadeus Basin.
Chairman John Barr said: "Mosman's focus remains delivering on its strategic objective. We have made considerable progress in acquiring projects and building production however this is only the start of this next phase of growth and we remain focussed on sustainable production and identifying projects that meet our strict criteria."
Mosman Oil & Gas shares were up by 8.70% at 0.25p at 1359 GMT.