Mosman Oil & Gas Ltd (LON:MSMN) told investors it has “cautious optimism” looking ahead, as it reported financial results for the twelve months ended June 30 2017.
The company, which is moving on a number of new projects in North America, reported a US$9.18mln loss including a US$7.42mln non-cash write off, though it said that it has been successful in reducing its operating and corporate costs.
It had US$16,037 of revenue in the period, in which it began its US strategy, and it ended June with US$1.66mln of cash and equivalents. Current assets had a reported worth of US$2.38mln.
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Giving its outlook, Mosman said: “The future is not yet radiant and life for junior oil and gas companies is still challenging; but we again look forward with cautious optimism and the further expansion of production increasing initiatives in the company's production assets.
“The ongoing work on the Australian permits will continue.”