Mosman Oil and Gas Ltd production rises after busy year
The higher production resulted from the acquisition of Nadsoilco and the Falcon 1 well
The higher production resulted from the acquisition of Nadsoilco and the Falcon 1 well coming online, it said.
Nadsoilco brings production and potential cash flow while providing multiple near-term drilling and development opportunities in the current year (2022), it added.
The US and Australia-focused oil and gas group also released results for the year to end June 2021 showing net production of 22,824 barrels equivalent over the twelve months.
Revenue for the year amounted to US$0.82mln, gross profit US$0.32mln and there was a net loss of US$1.2mln.
John W Barr, chairman, said: “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.”
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2021-12-29 08:43:00
