Mosman Oil and Gas Ltd (AIM:MSMN) has reported net production of 6,287 barrels of oil equivalent (boe) in the quarter to the end of June, marking an improvement from 3,764 boe in the previous quarter.
Net production totalled 16,340 boe for the twelve months to 30 June, down from 31,067 boe in the prior year. The reduction was largely due to natural declines and other production issues.
Additionally, Mosman is currently moving forward with the sale of its Stanley area assets, including Livingston and Winters, with completion expected by 3 September.
Mosman ended June with AUD$1.07 million in cash, which the company noted has subsequently increased due to the exercise of warrants.
"We are pleased to see production increasing this quarter as a result of successful workovers at Stanley. With the oil price around US$80 per barrel this asset provides strong cash flow,” chief executive Andy Carroll said in a statement.
"The NT election may result in a modest delay in the seismic acquisition in EP 145, but that work should still happen in 2024," he added.
EP145 is one asset in the group’s new diversified strategy which includes a focus on helium and hydrogen gasses, alongside its hydrocarbons interests in North America.