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Mosman Oil And Gas looks forward with confidence at the remainder of the financial year and beyond

The company is working to deliver production growth at the Stanley field
oil and gas operations
Stanley-2 drilling will complete imminently

Mosman Oil And Gas Ltd (LON:MSMN) has told investors that it is looking forward with confidence at the remainder of the financial year and beyond.

The company, in its interim financial results statement, said that it is anticipating continued production growth in the next 12 months.

Earlier this week, Mosman revealed that drilling at the Stanley-2 well will be completed in the next ‘few days’.

READ: Mosman looks forward to completion of Stanley 2 drilling in coming days

Mosman noted at that time, that drilling began on 19 March and by 24 March, the well had reached a depth of 3,713 feet –  the target depth for the well is 5,100 feet. Mosman added that ‘meaningful results’ may be available in 10-12 days.

It followed a re-completion of the Stanley-1 well and investors will be looking forward to upcoming testing results which will indicate the field’s commercial merits.

“Overall, the expectation for 2019 is for higher revenues and lower costs from the existing producing asset base coupled with further potential production upside from the recompletion at Stanley-1, and the drilling of Stanley 2 and from the potential drilling of other well targets already identified in our US portfolio,” Mosman said.

Stanley is one of four assets that contribute to Mosman’s net production – the others are Welch and Strawn in Texas and Arkoma, in Oklahoma.

Financial results

Mosman confirmed that during the half year, it generated revenue on 6,476 barrels of oil equivalent, with sales totalling US$521,326. It reported US$482,849 cost of sales, giving a gross profit of US$38,477.

The company reported a US$730,767 loss from activities - including US$417,494 of corporate expenses, US$94,095 of admin costs, and US$100,020 spent on asset evaluation and due diligence. The total comprehensive loss for the year amounted to US$670,437.

It ended December with US$340,928 of cash and equivalents.

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