AIM-listed Mosman Oil and Gas, the helium, hydrogen and hydrocarbon exploration, development and production company, has announced its final results for the year ended 30 June 2024.
Summary
- Gross Project Production: 47,245 BOE (1) (2)
- Net Production to Mosman: 16,340 BOE (3)
- Revenue: AU$186,232
- Gross Profit: AU$76,362
- Net loss for the year: AU$2.1m
Operational overview
- The pivot to focus on helium was achieved with first entry into the USA with the acquisition of a 20% working interest in the Vecta Helium Project, where drilling of five planned helium wells is expected to commence in December 2024.
- Cinnabar project (75% WI) in Texas, USA leases are held by production and has significant Reserves. Technical work is underway to resolve production challenges.
- The two projects in Australia are progressing. At EP-145, land access was obtained from CLC and the Environmental Management Plan has been submitted for approval. At EPA-155, the process to approve the grant of the permit progressed with a meeting held with CLC and native title stakeholders.
Post-period overview
- Completed sale of Stanley project in USA.
- Raised £1.5m by way of a placing and subscription of ordinary shares. This, combined with the Stanley sale enables the Company to fund its share of Vecta drilling 5 wells, acquire seismic at EP-145 and business development seeking additional helium exploration projects.
- With the focus on helium exploration, appraisal and development and the sale of Stanley area assets, Mosman will no longer be providing quarterly production updates.
Andy Carroll, CEO of Mosman commented:
'It has been a significant year for Mosman as we delivered on our corporate plan to turn our focus towards helium opportunities.
'This pivot has been made possible by the hard work of the team who have now built a strong foundation upon which we can now grow the business and capitalise on the exciting opportunities ahead of us.
'I would like to once again thank shareholders for their continued support during a year of significant change and reemphasise our confidence in the future of the business.'
Source: Mosman Oil and Gas
