Business
Half-year Report
Half-year Report.
About this update from Quantum Helium Limited
[{"type":"text","content":"\n \n \n \n \n \n 30 March 2023\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Mosman Oil and Gas Limited\n \n \n \n \n (\"Mosman\" or the \"Company\")\n \n \n \n \n \n \n Half Year Results\n \n \n Mosman Oil and Gas Limited (AIM: MSMN)\n the oil exploration, development and production company, announces its Half Year results to 31 December 2022 (H123), a period in which it continued to build significant traction\n in oil and gas production across its US projects.\n \n \n \n Summary\n \n \n \n \n \n \n ·\n Revenue increased 26% to $936,187 (H122 $\n 745,790)\n \n \n ·\n Gross Profit increased\n 50% to $283,003\n (H122 $\n 188,487)\n \n \n ·\n Net loss was $665,096 (H122 $498,940), as a result of investment in further development work, from which the production falls into the next period.\n \n \n ·\n Net Production to Mosman of 13,170BOE (excludes Cinnabar which falls into current quarter)\n \n \n ·\n Significant progress at Cinnabar in East Texas, with a development drilling programme leading to initial production in December 2022.\n \n \n \n All amounts are in Australian Dollars\n \n \n \n \n \n 1\n \n \n \n BOE/boe - barrels of oil equivalent\n \n \n \n \n \n 2\n \n \n \n Gross Project Production -the production of BOE at a total project level (100% basis) before royalties (where Mosman is the Operator) and where Mosman is not the operator the total gross production for the project\n \n \n \n \n \n 3\n \n \n \n Net Production - Net to Mosman's Working interest before royalties\n \n \n \n \n \n \n \n \n \n \n Post Period end\n \n \n \n \n \n \n ·\n Cinnabar-1 well was completed and perforated, and subsequently the pipeline was completed and regular oil production and sales commenced.\n \n \n ·\n Sacred Site Clearance Certificate received for EP 145, situated in the Amadeus Basin, from the Central Land Council (CLC).\n \n \n ·\n Oil reserves for the Cinnabar project had increased by approximately 78%, which was determined from an updated independent Reserve Report.\n \n \n ·\n The Board has announced a review of the corporate structure with the objective of maximising the Company's assets.\n \n \n \n \n \n \n John W Barr, Chairman of Mosman commented:\n \n \n \"The Group made solid progress in H123, with a focus on development at...