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Mosman Oil and Gas reports first half results

“The second half of the year started well with the USA assets all generating cash flow due to production improvements, lower costs and higher oil prices,” Mosman said in the statement
oil and gas operations
Mosman generated US$321,348 of revenue in the six months

Mosman Oil And Gas Limited (LON:MSMN) is pleased with its opportunistic acquisition strategy, which appears to be paying off.

As it continues to re-engineer and enhance its oil field assets in North America, the company reported US$321,348 of revenue for the six months ended December 31, and it made a US$156,522 gross profit though it had a US$731,046 loss before tax, reduced from US$848,398 in the comparative period of 2016.

READ: Mosman Oil And Gas reports “good progress” with Australia exploration assets

It ended the period with US$830,000 of cash and equivalent.

Meanwhile, for the three months to March 31 2018, it anticipates some US$215,000 of revenue. Mosman said its share of oil sales amounted to around 2,550 barrels for the most recent quarter.

To advance its operations, the company spent US$284,043 in the six month period.

“The second half of the year started well with the USA assets all generating cash flow due to production improvements, lower costs and higher oil prices,” Mosman said in the statement.

“The strategy of acquiring oil production assets when oil prices were low is proving to be sound given recent increases in both oil production and the oil price and we look forward to building on the platform we have now established for the business.”

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