Mosman Oil & Gas Interim Loss Narrows As US Assets Produce Revenue

LONDON (Alliance News) - Mosman Oil & Gas Ltd said Thursday its interim loss narrowed after it generated revenue in the period, as its US assets all started generating cash flow.

For the six months ended December 31, pretax loss narrowed to USD731,046 from USD848,398 the year prior. This was after Mosman generated USD156,522 in revenue from nothing the year prior.

"The second half of the year started well with the USA assets all generating cash flow due to production improvements, lower costs and higher oil prices," Mosman said in a statement. "The strategy of acquiring oil production assets when oil prices were low is proving to be sound given recent increases in both oil production and the oil price, and we look forward to building on the platform we have now established for the business."

Shares in Mosman were 2.5% lower at 0.78 pence on Thursday.