Mosman Oil & Gas (LON:MSMN) says it will continue to look for acquisitions despite being thwarted in two deals over the past year.
It cancelled the first deal in January and in November lost out at Pine Mills in Texas to a last minute offer from rival AIM group Nostra Terra (LON:NTOG).
Mosman said its lawyers had looked at what happened at Pine Mills and it is unlikely it will take the matter any further.
In the meantime, Mosman said work will continue on its existing permits at Murchison in New Zealand and the Amadeus Basin in Australia.
In addition, Mosman has stakes in diamond miner Gem International and oil group Hemisphere Energy.
“Despite conditions, or even as a result of them, there are opportunities and we will continue to progress our existing portfolio as well as evaluate new projects, especially those with cash flow," said chairman John Barr.