Mosman Oil and Gas Ltd (AIM:MSMN) described a year of transformation, in which it focused on helium and reshaped the portfolio, as it reported results for the twelve months ended 30 June.
During the year, Mosman acquired an 82.5% interest in Sagebrush and a 20% stake in the Vecta project, though the latter was curtailed and impaired after an unsuccessful drilling campaign.
"We repositioned the business squarely towards helium - a critical and high-value global resource. With Sagebrush validated by independent resource auditing and on track for seismic acquisition and flow testing in FY26, we are entering a period of significant value-driving activity," said executive chair Carl Dumbrell.
"The divestment of non-core oil interests has sharpened our focus and positioned us to move decisively in this new phase. I am confident that Mosman now has the assets, team and strategy in place to unlock substantial shareholder value."
Cash at financial year-end stood at A$3.94 million, with A$2.60 million retained by 25 September.
In terms of results, the junior company reported a net loss of A$10.32 million, including asset impairments, and noted that revenue from continuing operations increased to A$504,000 from A$186,000, driven by production at Sagebrush in Colorado.
The company reshaped its board as well as its portfolio, with former chief executive Andy Carroll exiting in July, and Howard McLaughlin stepping up from his role as head of US operations to interim chief executive. At that time, Mosman also launched a comprehensive corporate review to strengthen its management team.
"I am confident that Mosman now has the assets, team and strategy in place to unlock substantial shareholder value. On behalf of the Board, I thank shareholders for their continued support as we deliver on the exciting opportunities ahead," Carl Dumbrell today said.