Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, announces its Half Year results to 31 December 2020. Summary · With a clear focus on the higher margin operations, Mosman took the decision to sell the Welch project and shares in Norseman. · Proceeds applied to drilling, completing, and installing production facilities at Falcon and workovers at Stanley and Greater Stanley. · COVID-19 constraints and some production challenges resulted in lower production, which was also impacted by a volatile oil price further affecting revenue · Revenue of AUD380,000 and Gross Profit AUD56,828 · Net loss of AUD0.7m impacted by production challenges and the volatile oil price in 2020
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Results of Operations The consolidated loss for the half year ended 31 December 2020 amounted to $2,317,327 (2019: $1,591,389 loss). Review of Operations F or the reporting period the Company continued to manage the advancement of the Cinovec Lithium/Tin Project in Czech Republic. The macro conditions relative to the Project have been very strong for the period. Global lithium prices steadily increased, with more dramatic increases seen immediately post the period. In addition to the global conditions, support within the European Union (the Company s region of operations) for battery metals project development has increased substantially. Some significant highlights of the project development and EMH level initiatives for the period are as follows.