Mosman Oil and Gas Ltd highlights “renewed vigour” as it focuses on drilling
“We are well funded to deliver our exploration and development plan and expect to benefit from the recovery in energy prices,” said John Barr.
() said it has started the third quarter with “renewed vigour”.
The US focused oil junior, in its half year statement, said it is to focus on drilling activity and its position is boosted by its increased interest in the Greater Stanley project.
Gross production amounted to 34,569 barrels of oil over the first half, which is 9,871 barrels net to Mosman.
In the six months ended December 31 the company generated some A$380,000 of revenue and made a gross profit of A$56,828. The company reported a A$700,000 net loss amid production challenges and the volatile oil prices.
It ended the six month period with A$776,549 of cash and equivalents.
“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,” said John Barr, Mosman chairman.
Barr added: “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.”
Read More: Mosman Oil and Gas Ltd highlights “renewed vigour” as it focuses on drilling