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Would be a good time to update on s3 rates and s4 drill plans
Little flurry of buys after nothing all morning...
Gem share price is currently up 40% to 0.07. Something going on?
Could do with some good news sooner rather than later...
Latest tweet...
The Board is now also focussed on becoming cashflow positive on a Company level. This is an increasingly achievable objective given the recent results from Stanley 1, 2 and 3; combined with further drilling which is currently being planned.
Mosman reports sharply reduced losses
The relisting of GEM International Resources increases the likelihood of the company repaying the money Mosman lent it.
The Stanley project's gross production currently exceeds 250 barrels of oil per day
Not quite sure shares "surged" but this makes for positive reading nonetheless...
Mosman Oil and Gas Limited (LON:MSMN) shares surged in early deals as the company dangled the prospect of becoming cash-flow positive.
In the year to the end of June, the company saw revenue rise to US$1.11mln from US$740,853 the previous year but this only tells half the story as two of its wells (Stanley 1 & 2) only commenced production this year while Stanley-3 has come on stream in the current financial year – i.e. since June.
As a result, the board believes becoming cash flow positive on a company level is “an increasingly achievable objective”.
Loss before tax narrowed considerably to US$1.21mln from US$4.10mln the year before.
Cash and cash equivalents at the end of the financial year stood at US$823,959, compared to US$1.32mln a year earlier.
Net production attributable to Mosman during the year was 18,216 barrels of oil equivalent, compared to 10,367 in 2018, representing an increase of 76%.
“The board fully appreciates shareholder disappointment with the share price,” the chairman, John Barr, assured shareholders.
“Two of the company executive directors are heavily invested in Mosman and are also cognisant of the underperformance of the share price. Our aim is to continue to deliver growth through developing our current projects and further acquisitions, and we look forward to our achievements being more realistically reflected in the share price,” he added,
“Mosman's focus remains delivering on its strategic objective. 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,” Barr concluded.
Shares in Mosman were up 4.4% at 0.24p in early deals.
Mosman is awaiting Ministerial consent for the next licence year, but this has not stopped current activity which includes finalising the Seismic Survey plans, negotiating with the Traditional Owners for the access to complete the seismic work, and at the request of the Government, presenting the project to potential joint venture partners in China very recently.
Thanks 1digger. Any idea what AC and JB are up to at present?
It does seem a little odd - there have been plenty of updates about Gem in the past, in terms of getting the company resurrected, so why not now, when it has been?
Great news - we have an investment we may be able to recoup when required, and didn't we also give them a loan? Maybe we will get that back too
Wonder why Mosman is tweeting about it?
Mosman #MSMN
ConocoPhillips (COP.N) has agreed to sell its northern Australian business to partner Santos Ltd (STO.AX) for $1.39 billion
Santos to buy ConocoPhillips northern Australia business for $1.39...
Australian oil and gas producer Santos Ltd on Monday said it would acquire the northern Australia business of ConocoPhillips , the world's largest independent oil and gas producer, for $1.39 bill...
reuters.com
Mosman have tweeted this announcement from Central Petroleum this morning (and then the flyer for the Chinese conferences a few minutes later)
CY2020 Exploration Programme New growth phase
#MSMN
hotcopper.com.au/documentdownload?id=uOMxKKzFkiWRTLKhOROKAxjvTDYD5we9wRmZo%2BNpke92GA%3D%3D…
What is going on? Is Santos finally taking a stake?!
Sounds promising. Mosman are still busy tweeting about the Chinese investment conference and Stanley 3 & 4 today, I see.
It is.... and don't call me Shirley!
should get some more S3 data in the next few days
Tweet highlighting reference to S4
Recent interview: Andy Carroll speaks to Proactive London after announcing that the Stanley-3 well in Texas has been completed.
Carroll adds they'll be looking for further success at the next well to be evaluated - Stanley 4.
youtube.com/watch?time_continue=2&v=msjsjSMnkvQ
I assume this isn't another bed and isa? 2,756 sold at 8.19am for £7.79 and the same amount bought at 8.44 for £8.27. Last of the big spenders!
Sounds promising. We can expect some more production numbers from Stanley 3 in the next week or so, so hopefully further progress there.
Lol, a one share uncrossing trade to finish off with at 16.35 - for £0! What's that all about then?