Mosman Oil and Gas Ltd (AIM:MSMN) reported production for the three months to the end of September 2023, with net output totalling 3,564 barrels oil equivalent.
It marks a reduction from 5,937 barrels in the prior quarter amidst operations to install a pump at the Stanley-5 and lower rates from the Cinnabar-1 well.
The company noted that it saw an average sales price of US$81.47 per barrel for oil and US$2.22 per MMBtu for gas.
"Whilst there are significant oil reserves at Cinnabar, we need to do better with production rates and technical work continues to enable us to achieve this,” said chief executive Andy Carroll.
“We have successfully demonstrated the benefits of jet pumps at Stanley and are working to improve overall production for the December quarter."
He added: “The company continues to maintain its portfolio of development and exploration projects, with a clear focus on its strategic plan to maximise the opportunity for further production growth and increasing cashflow.
“In addition to its USA projects, Mosman has two exploration areas in Australia which are well positioned to take advantage of the increasing demand for Helium and Hydrogen, in addition to oil and gas.”