(Alliance News) - Mosman Oil & Gas Ltd on Wednesday said its loss narrowed and revenue ticked up, despite a "challenging" year..
Mosman is a Sydney-based, Australia and US-focused oil and gas company. Its shares were up 2.4% to 0.021 pence each in London on Wednesday afternoon.
In the year to June 30, revenue increased to USD2.3 million from USD1.8 million a year earlier.
Mosman explained that increased revenue was a result of higher value oil production replaced lower value gas production.
In the period, pretax loss narrowed to GBP2.1 million from GBP2.4 million.
The company's impairment expenses fell to USD474,586 from USD1.6 million.
Chief Executive Andy Carroll said: "Whilst 2023 has been challenging, we have also made considerable progress. Mosman remains resolute in identifying opportunities which will provide operating cash flow and have development upside, in conjunction with exploration of existing exploration permits, whilst also being in a position to evaluate further acquisition targets.
"The team is building a strong foundation from which we plan to scale up the business and grow by taking advantage of opportunities in the year ahead."
By Sophie Rose, Alliance News senior reporter
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Mosman Oil Gas (MSMN)