Mosman Oil And Gas Ltd (LON:MSMN) will look for new opportunities outside its traditional business as it tries to bounce back from last year’s “disappointments”.
“Mosman continues to seek to rebuild after a series of extremely challenging events, both operationally and through the market conditions impacted by the oil price.”
“The Board is determined and invested in moving the business forward in 2016.”
A failed takeover of MEO Australia Ltd, poor oil flow from its Petroleum Creek permit and a sell-off from some investors led to the share price dropping from 20.5p in December 2014.
The firm has said it will look to opportunities “in the broader resources arena” while oil and gas prices remain relatively depressed.
Mosman acquired a 20% stake in diamond company GEM International earlier in the week.
Shares were down 0.03p, or 4.3%, to 0.69p.