Mosman Oil and Gas Ltd (AIM:MSMN) announced a solid production performance in the first half of 2021.
At 12,143 barrels aggregate production was up 21% on the preceding six-month period.
The company noted improved sales prices and told investors that its future production is now more robust, with the recent acquisition of Nadsoilco. It said it is looking forward to a significantly improved production profile.
"Mosman views this as a solid result, entering the next period more confidently with an increased working interest across our projects,” said chairman John Barr. "Going forward we have taken the next step of delivering on our strategy of production growth, achieved with the acquisition of Nadsoilco and an additional 25% working interest in the Falcon-1 well.”
Barr noted that such developments have yet to be fully reflected in the production statistics.
"The next step is to increase production with drilling imminent with wells planned at Winters-2 and Stanley-5," he said.
Separately, in a note, stockbroker SP Angel commented: “On a project economics basis, development of the Polk County area is the priority with its low well costs, low operating costs and low risk, coupled with existing infrastructure.”