Mosman Oil and Gas Limited the helium, hydrogen and hydrocarbon exploration, development and production company, announces 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 BOE3
· Revenue: AU$186,232
· Gross Profit: AU$76,362
· Net loss for the year: AU$2.1m
Operational overview
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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.
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Cinnabar project (75% WI) in Texas, USA leases are held by production and has significant Reserves. Technical work is underway to resolve production challenges.
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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
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Completed sale of Stanley project in USA.
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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.
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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."
The Company expects to publish its annual report today which will be posted and made available on the Company's website at www.mosmanoilandgas.com/reports-results-presentations
1. BOE/boe - barrels of oil equivalent based on calorific value as opposed to dollar value
2. Gross 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
3. Net to Mosman's Working Interest; Net Production attributable to Mosman means net to Mosman's Working Interest before royalties
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this information is now considered to be in the public domain.
