26th Mar 2014 09:59
LONDON (Alliance News) - Mosman Oil and Gas Ltd, which started trading on AIM last week, Wednesday reported a wider loss for 2013 as corporate costs and exploration expenses rose.
The Australia and New Zealand-focused oil and gas explorer reported a loss of AUD439,465 for 2013 compared with the AUD332,124 loss it posted in 2012 when it had booked a large exploration write-off. The company isn't currently earning any revenues.
Its net assets stood at AUD1.4 million at the end of 2013, compared with AUD580,625 a year earlier.
Earlier this week, the company had said it had acquired key equipment and chosen the well locations for drilling at its Petroleum Creek Project in New Zealand.
Mosman shares were down 1.5% at 8 pence Thursday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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