Mosman Oil & Gas Ltd, a US and Australia-focused natural resource development company, experienced a significant decrease in annual gross production for the year ended June 30. The company reported a production of 47,245 barrels of oil equivalent, almost half of the 86,933 barrels produced in the previous year. Mosman attributed this decline to natural production decrease and various output challenges. However, the company noted a positive uptick in the fourth quarter, with gross production reaching 17,357 barrels of oil equivalent, marking a 62% increase from the third quarter’s 10,745 barrels.
During the quarter, Mosman observed growth in gross production at the Stanley project, which rose to 15,928 barrels of oil equivalent from 5,583 in the last quarter. The total net production in the quarter included 4,628 barrels of oil and 9,624 million British thermal units of gas. The average sale price was USD78.82 per barrel of oil and USD1.03 per MMBtu of gas, showing improvements compared to the previous quarter.
Mosman’s financial position at the end of June showed cash amounting to AUD1.1 million, about USD723,298, with subsequent increments due to warrant exercises.
The company remains optimistic about its future prospects, despite the challenges faced in the past year. Moving forward, Mosman is focused on addressing production issues and improving its overall output to drive growth and profitability.
