Mosman Oil and Gas Limited (AIM: MSMN) has disclosed its production data for the quarter ending September 2023, with a net output reaching 3,564 barrels of oil equivalent.
This figure signifies a decline from the 5,937 barrels recorded in the previous quarter, influenced by the installation of a pump at the Stanley-5 well and diminished production rates at the Cinnabar-1 well.
The firm reported an average sales price of US$81.47 for each barrel of oil and US$2.22 per MMBtu for natural gas during the period.
Chief Executive Andy Carroll acknowledged the substantial oil reserves at Cinnabar but emphasized the necessity for improved production rates. He stated that technical efforts are ongoing to address this issue. Carroll highlighted the successful implementation of jet pumps at the Stanley site and expressed optimism for enhanced production levels in the upcoming December quarter.
September Quarter Production Summary
|
3 Months to 30 September 2023 |
3 Months to 30 June 2023 |
|||
|
boe |
boe |
|||
|
Gross Project Production |
Net Production to Mosman |
Gross Project Production |
Net Production to Mosman |
|
|
Gross boe |
Net boe |
Gross boe |
Net boe |
|
|
Cinnabar |
541 |
405 |
1,775 |
1,332 |
|
Stanley |
6,038 |
2,170 |
9,949 |
3,744 |
|
Winters |
2,085 |
487 |
1,334 |
311 |
|
Livingston |
511 |
102 |
350 |
70 |
|
Arkoma |
1,599 |
400 |
1,924 |
480 |
|
Total boe |
10,774 |
3,564 |
15,332 |
5,937 |
Carroll further remarked on the company’s ongoing commitment to its portfolio of developmental and exploratory projects, underlining a strategic plan geared towards boosting production and cash flow. He also mentioned Mosman’s exploration projects in Australia, which are strategically positioned to leverage the growing demand for Helium and Hydrogen, alongside traditional oil and gas.
