28th Nov 2018 14:16
LONDON (Alliance News) - Mosman Oil & Gas Ltd on Wednesday reported a significantly narrowed annual loss as it expensed fewer costs that had been previously capitalised.
For the financial year ended June 30, the oil producer posted a narrowed pretax loss of AUD4.1 million, about GBP2.3 million, from AUD9.2 million the year before.
Exploration expenditure previously capitalised that was expensed during the period reduced to AUD2.8 million from AUD7.4 million.
Mosman's revenue also multiplied to AUD740,853 from AUD16,037 the year before, having moved into oil production at the end of the previous financial year.
The company's administrative expenses decreased 34% to AUD166,518 from AUD253,313 and its corporate expenses decreased 21% to AUD793,546 from AUD1.0 million.
Mosman did not pay or declare a dividend in the period.
Mosman said: "The outlook for junior oil and gas companies is still very challenging, especially in the light of recent oil price movements; but Mosman looks forward to 2019 and 2020 with greater optimism now that a firm production base has been established and plans for increasing production are in place.
"The potential of projects within the Baja Strategic Alliance are significant and immediate focus will be on those assets."
Mosman's gross production for the year was 25,923 barrels of oil.
Shares in Mosman Oil & Gas were flat Wednesday at 0.26 pence each.
Related Shares:
Mosman Oil & Gas