Mosman Oil & Gas Ltd - Sydney-based oil and gas company, with projects in Australia and the US - Says for the year ended June 30, net production fell by 18% to 31,067 barrels of oil equivalent from 37,915 barrels of oil equivalent a year prior, due to a halt in production at the Falcon-1 well in east Texas due to water ingress. Total gross project production grew by 6.2% to 86,933 barrels of oil equivalent from 81,876 barrels of oil equivalent the year before.
Chair John Barr says: "The company continues to develop and maintain its portfolio of projects, with a clear focus on its strategic plan to maximise the opportunity for further production growth and increasing cashflow. Whilst we are disappointed with the outcome at Falcon, the resolution of sand issues at Stanley and currently happening workovers at Cinnabar may deliver a more sustainable growth in production."
Current stock price: 0.027 pence, down 5.3% on Friday
12-month change: up 61%
By Sabrina Penty, Alliance News reporter
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Mosman Oil Gas (MSMN)