Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development, and production company, announces its final results for the year ended 30 June 2020.
· Revenue increased c35% to $1.49m
· Gross Profit increased 86% to £0.71m
· Net loss for the year of $4.8m, primarily attributed to a $4.1m Impairment on the carrying value of assets following the demise of the oil price in 2020
· Gross Project Production increased 50% to 92,170 BOE1
· Net Production to Mosman increased 24% to 23,117 BOE1
1BOE/boe - barrels of oil equivalent
2Gross Project Production - means the production of BOE at a total project level (100% basis) before royalties (where Mosman is the Operator) and where Mosman is not the operator the total gross production for the project
3Net Production - Net to Mosman's Working interest after royalties
Post period US highlights
· Stanley-4 drilled and placed on production in September 2020.
· Increasing to five producing projects with the Falcon-1 well at Champion completed in November, which is expected to significantly increase production.
The Company expects to publish its annual report later this week which will be posted and made available on the Company's website at www.mosmanoilandgas.com/financial-reports.
John W Barr, Chairman of Mosman commented: "Whilst 2020 has undoubtedly been challenging, Mosman remains resolute in delivering on its strategic objectives to build our production base with a clear focus on increasing production and cashflow whilst also being in a position to evaluate further acquisition targets.
"The small team is nimble and working with our partners and we are building stronger foundations from which we plan to build more robust scale in the year ahead.
"We acknowledge it has been a turbulent year for shareholders and would like to take this opportunity to thank them for their continued support whilst reassuring them of our confidence to achieve growth in both production and value for the business."