Falcon-1 Completed, Tested and Ready to Produce
John W Barr, Chairman of Mosman commented: “I am very pleased to be able to report the flow test at Falcon-1. Once Falcon is onstream.
· Revenue increased c35% to $1.49m
· Gross Profit increased 86% to £0.71m
· Net loss for the year of $4.8m, primarily attributed to a $4.1m Impairment on the carrying value of assets following the demise of the oil price in 2020
· Gross Project Production increased 50% to 92,170 BOE 1
· Net Production to Mosman increased 24% to 23,117 BOE 1
1 BOE/boe – barrels of oil equivalent
2 Gross Project Production – means 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
3 Net Production – Net to Mosman’s Working interest after royalties
Post period US highlights
· Stanley-4 drilled and placed on production in September 2020.
· Increasing to five producing projects with the Falcon-1 well at Champion completed in November, which is expected to significantly increase production.
The Company expects to publish its annual report later this week which will be posted and made available on the Company’s website at www.mosmanoilandgas.com/financial-reports .
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