28th Mar 2019 13:45
LONDON (Alliance News) - Mosman Oil & Gas Ltd on Thursday reported a flat interim loss compared to the prior year as it looks ahead with confidence.
Shares in the development and production firm with assets across the US were trading 7.1% higher at 0.30 pence.
For the six months to the end of 2018, Mosman posted a pretax loss of USD730,767, broadly unchanged from USD731,046 a year before.
Revenue increased 62% to USD521,326 from USD321,348 a year prior. The revenue was generated from the production attributable to Mosman of 6,476 barrels of oil equivalent.
Administrative costs rose to USD94,095 from USD67,195, but exploration expenses reduced significantly to USD7,987 from USD52,163.
Looking ahead, the company said it looks forward to the remainder of the financial year to the end of June, and beyond, with confidence, as it guided for production to continue growing during the year.
"Overall, the expectation for 2019 is for higher revenues and lower costs from the existing producing asset base coupled with further potential production upside from the recompletion at Stanley-1, and the drilling of Stanley-2 and from the potential drilling of other well targets already identified in our US portfolio," the firm concluded.
Stanley-1 and 2 are located in the US state of Texas.
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