Business
Final Results for the Year ended 30 June 2017
Final Results for the Year ended 30 June 2017.
About this update from Quantum Helium Limited
[{"type":"text","content":"\n \nRNS Number : 4505X Mosman Oil and Gas Limited 24 November 2017 \n\n24 November 2017\n \nMosman Oil and Gas Limited\n(\"Mosman\" or the \"Company\")\n \nFinal Results for the Year ended 30 June 2017\n \nMosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces its final results for the year ended 30 June 2017.\n \nOverview of the financial year \n\nMosman's strategic objective remains to identify opportunities which will provide operating cash flow and have development upside, in conjunction with progressing exploration of existing exploration permits. Mosman operates with a small number of Employees and Consultants. This is designed to minimize unnecessary costs. Given the Company now operates in several countries and in four-time zones, it is most important that the Board recognises the efforts of all those people in 2017, a year which has seen a solid change to producer status.\n \nDuring the year the Company has been successful in slightly reducing operational and corporate costs as it looks to meet its strategic objective. This reduction comes after an even bigger reduction in 2016, and increases in activity in the United States.\n \nThe activity in the USA led to the evaluation of a number of producing oil projects and in the last quarter of the financial year to 30 June 2017 the objective of becoming a producer was achieved. This has expanded with Mosman now having interests in three producing projects.\n \nUnited States\n \nThroughout the year the Company evaluated a number of projects in the US. \n \nAs previously announced the Pine Mills acquisition from Cue Energy (ASX.CUE) which was initiated in October 2016 was subsequently abandoned in November 2016 due to a pre-emptive right being exercised by another party. \n \nSubsequent to this in partnering through strategic alliances with Blackstone Oil and Gas Inc and other local commercial partners the Company has established a local US network capable of sourcing and transacting on deals that provided opportunities to Mosman.\n \nThe Strawn acquisition announced in April 2017 was the first such acquisition and was important for Mosman for a number of reasons:\n \n1. Established the US presence and locally controlled Mosman operatorship;\n2...