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(Alliance News) - Mosman Oil & Gas Ltd on Friday said it narrowed its full-year loss and reported a sharp output rise.
In the year ended June 30, Mosman's pretax loss narrowed to AUD1.2 million, roughly GBP643,821, from AUD4.1 million last year.
Revenue rose by 49% year-on-year to AUD1.1 million from AUD740,853.
Mosman, which has assets in the US, said gross production more than doubled to 55,508 barrels of oil equivalent from 25,923 barrels of oil equivalent.
The company also owns the Amadeus basin in Australia, where exploration is ongoing.
Mosman said: "We have made considerable progress in acquiring projects and building production however this is only the start of this next phase of growth and we remain focussed on sustainable production and identifying projects that meet our strict criteria."
Shares in Mosman were 7.6% higher at 0.25 pence each in London on Friday morning.
By Eric Cunha; ericcunha@alliancenews.com
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