Mosman Oil and Gas Ltd (AIM:MSMN) highlighted a 95% increase in revenue and a 232% jump in gross profit for 2021, boosted by higher production and increased oil prices.
Net production from Mosman’s assets in Texas amounted to 17,344 barrels oil equivalent, up 43%. Revenue totalled A$745,790, up 95% on the prior year, whilst gross profit totalled A$188,487.
The company also reported a narrowed A$498,940 net loss, down from A$708,822 in 2020.
Operationally, the highlight was the acquisition of associate Nadsoilco which gave the company greater interest and control of the Stanley Project, Livingston and Winters leases. It also increased its interest in the Falcon and Cinnabar projects.
"Good progress was made across our development projects, increasing production,” said chairman John Barr. “Revenues have benefitted from the increasing oil and gas prices, which remain very strong.
“We have identified potential drilling locations to target further increases in production."
Barr added: “We remain focussed on delivering on our strategic objectives to build oil and gas production and development upside.”