REG - Mosman Oil & Gas - Final Results to 30 June 2023
08/11/2023 15:02
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RNS Number : 8287S Mosman Oil and Gas Limited 08 November 2023
8 November 2023
Mosman Oil and Gas Limited
("Mosman" or the "Company")
Final Results to 30 June 2023
Mosman Oil and Gas Limited (AIM: MSMN) the hydrocarbon, helium and hydrogen
exploration, development, and production company, announces its final results
for the year ended 30 June 2023.
Summary
· Gross Project Production 86,933 BOE(1 2)
· Net Production to Mosman 31,067 BOE(3)
· Revenue increased to AU$2.25m
· Gross Profit AU$0.67m
· Net loss for the year improved to AU$2.1m
(1. BOE/boe - barrels of oil equivalent based on calorific value as opposed to
dollar value)
(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 to Mosman's Working Interest; Net Production attributable to Mosman
means net to Mosman's Working Interest before royalties)
( )
Operational overview
USA
· Cinnabar project (75% WI) Cinnabar-1 well successfully drilled in
November 2022 and commenced production in December, initially producing 100
bopd. Technical work is currently underway following a drop in production
rates.
· Stanley project - Whilst overall production declined in the year,
the installation and operation of jet pumps has resolved this with production
now increasing.
Australia
EP145
· Published a new Prospective Resource estimate and license
extended by 12 months to August 2026.
· Signed a farmin agreement with a subsidiary of Greenvale Energy
Ltd to fund seismic and drilling.
The Company expects to publish its annual report today which will be posted
and made available on the Company's website at
www.mosmanoilandgas.com/financial-reports
(file:///C%3A/Users/JustineJames/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/XB2E8YEK/www.mosmanoilandgas.com/financial-reports)
.
Board update
· John W Barr and John Young stepped down from the Board in
September 2023.
· Andy Carroll, Technical Director appointed CEO in September, with
Nigel Harvey appointed as Non-Executive Chairman and Carl Dumbrell appointed
to the Board as Non-Executive Director
Andy Carroll, CEO of Mosman commented: "Whilst 2023 has been challenging, we
have also made considerable progress. Mosman remains resolute in identifying
opportunities which will provide operating cash flow and have development
upside, in conjunction with exploration of existing exploration permits,
whilst also being in a position to evaluate further acquisition targets.
"The team is building a strong foundation from which we plan to scale up the
business and grow by taking advantage of opportunities in the year ahead.
"We acknowledge it has been a turbulent period for shareholders and would like
to take this opportunity to thank them for their continued support whilst
reassuring them of our confidence of achieving growth in both production and
value for the business."
Mosman Oil & Gas Limited NOMAD and Joint Broker
Andy Carroll, Technical Director SP Angel Corporate Finance LLP
acarroll@mosmanoilandgas.com (mailto:acarroll@mosmanoilandgas.com) Stuart Gledhill / Richard Hail / Adam Cowl
+44 (0) 20 3470 0470
Alma Joint Broker
Justine James CMC Markets UK Plc
+44 (0) 20 3405 0205 Douglas Crippen
+44 (0) 7525 324431 +44 (0) 020 3003 8632
mosman@almastrategic.com (mailto:mosman@almastrategic.com)
Updates on the Company's activities are regularly posted on its website:
www.mosmanoilandgas.com (http://www.mosmanoilandgas.com)
Notes to editors
Mosman (AIM: MSMN) is an oil exploration, development, and production company
with projects in the US and Australia. Mosman's strategic objectives remain
consistent: to identify opportunities which will provide operating cash flow
and have development upside, in conjunction with progressing exploration of
existing exploration permits. The Company has several projects in the US, in
addition to exploration projects in the Amadeus Basin in Central Australia.
Chairman's Letter
I am pleased to provide my first report as Chair, following appointment in
October 2023. FY 23 and its subsequent events have certainly been a busy and
important period for Mosman Oil & Gas.
Both our board and our operations have materially evolved. They have done so
around our continuing strategic objective to identify opportunities with
significant upside and actual or potential operating cash flow. These
opportunities have so far been predominantly in hydrocarbons, hydrogen and
helium within our existing or expanding portfolio in Texas and central
Australia.
My first duty as your Chair must be on behalf of all us shareholders, to
acknowledge and thank both my former colleagues on the board. Our former
Executive Chair John W Barr and our former Non-Executive Director John Young
who both made invaluable and longstanding contributions since the Company's
foundation. I must also welcome to the Board our new Non-Executive Director
Mr Carl Dumbrell who brings great expertise to our table.
Executive Director Andy Carroll, formerly Technical Director, has now stepped
up to become our Chief Executive Officer. He will be driving the Company
forward supported by myself and Mr Dumbrell both as Non-Executives and our
team of consultants. These include in particular Mr Howard McLauqhlin running
our US operations, Dr Julie Daws our geologist focused on the central
Australia assets, Jarrod White and his team at Traverse (especially Nick
Marshall) providing financial and accounting support.
We plan to keep our team rightsized and our costs as low as practicable in
pursuit of our objective of sustainable positive cash flow.
You will read ahead of several significant evolutions to our operations during
the year as well.
In East Texas we drilled our first well at Cinnabar and expanded our lease
there somewhat, buoyed by a very promising independent reserve report.
Whilst subsequent production has been disappointing our team continues to work
on technical solutions to access those more significant reserves.
Our Stanley assets have been responding very well to workovers and in
particular installation of jet pumps. Our Falcon assets were disposed of and
with them any residual liability.
The equity market's excitement around hydrogen and helium saw us looking at
various potential paths for the significant prospective resources we have
worked up with our key central Australian assets. This included even
potentially a separate IPO. Ultimately, however, it was deemed more
effective to farmout, which is yielding us certainty and importantly, no call
on capital for these assets for quite some time. Mosman will be carried
through the first few years of seismic and technical development as well as
the cost of the first well (up to AUD5.5MM) and then retain a 25% interest in
its EP 145 block near Alice Springs. Its other application block is also
progressing slowly under an earlier farmout.
Nigel Harvey
Chair
Overview of the 2023 Financial Year
Mosman's strategic objective remains to identify opportunities which will
provide operating cash flow and have development upside, in conjunction with
exploration of existing exploration permits and acquiring high potential
projects.
The current medium term focus, through wholly owned subsidiary Mosman Oil USA
Inc, is on developing the existing production assets in the USA to deliver
production increases and cash flow.
Summary
The Company has several active projects in the US in addition to exploration
projects in the Amadeus Basin in Central Australia.
In the period there were several notable developments:
The Cinnabar project was acquired in 2021 at low cost when oil prices were
lower. Two wells have been producing since the 1980s, with natural decline. 3D
seismic was used to map the field and reservoir engineering modelling
indicated significant remaining oil reserves. The current production rates
need to be increased and technical work is underway to determine the best way
forward.
At Stanley, gas lift was successful in increasing rates, but there is limited
gas available. Jet pumps were installed, and after initial teething problems
with sand production, have successfully increased production rates at the
relevant wells. Technical work indicates additional recoverable oil at
Stanley.
After shutting production in the year, the Falcon lease was disposed of post
year end, and with it the liability for any potential future abandonment
costs.
In the period, sales increased by 24% to $2,252,029 ($1,812,119 in 2022).
Gross profit decreased by to $674,665 ($695,096 in 2022). The financial
results were supported by increased ownership of projects, stronger commodity
prices and the establishment of a broader production base, including the
Cinnabar wells.
In Australia's Northern Territory, Mosman recently published a new Prospective
Resource estimate over the EP 145 lease, saw the license extended to August
2024, and post period end, signed a farmin agreement with a subsidiary of
Greenvale Energy Ltd to fund seismic and drilling. Upon completion, Mosman
will retain a 25% working interest in EP 145
As shareholders and stakeholders expect, Mosman continues to take its Health
and Safety requirements very seriously and to date there have been no health,
safety or wellbeing issues reported in our small team.
Given the operational progress both during the year and after the reporting
period, the Board looks forward with great optimism given these achievements
and the growth opportunities available to it.
USA
Net Production attributable to Mosman in the year to 30 June 2023 was 31,067
boe, compared to 37,915 boe in 2022.
Gross Project Production(2) Net Production to Mosman(3)
BOE(1) BOE(1)
Stanley 44,915 16,844
Cinnabar 8,465 6,349
Livingston 2,654 531
Winters 22,733 5,304
Arkoma 8,166 2,039
Total Production 86,933 31,067
(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; Net Production
attributable to Mosman means net to Mosman's Working Interest before royalties
The decrease in net production was primarily due to production halting at
Falcon, which was somewhat offset by increased production at Stanley and new
production at Cinnabar.
Cinnabar (75% working interest)
A well was drilled in November 2022, with Mosman farming out 25% WI, and a
"turnkey" drilling contract was used to reduce cost exposure. The well was
successfully drilled to target depth. Electric logs and a third party report
indicated multiple oil reservoirs had been penetrated. There was a delay
waiting for the third party cement crew and equipment, during which time there
was "lost circulation" whereby fluid was pumped in to the well to keep it
full, but not all of that fluid returned to surface. This may have damaged the
reservoirs and contributed to subsequent production problems.
The well was put on production in late December, and initially produced over
100 bopd of oil and emulsion. Over time, the oil production declined and the
water rate increased to the point where the well did not flow. Production logs
were run and indicated the water was coming from one zone, and oil from
another. A workover was performed to seal off that zone and flow another zone.
Despite the production log, after the workover that zone will only flow
intermittently (ie the well is shut in, pressure builds, the well is flowed,
pressure drops and flow ceases).
The older wells have been worked-over and now flow at higher rates, albeit
intermittently. This result suggests the reservoir pressure is not sufficient
to maintain flow, and artificial lift is required (as is common in wells
onshore USA). Technical work is underway to determine the best type of
artificial lift for this field.
Cinnabar Gross Reserves (BOE):
Proved Proved Proved Total Total Total
Developed Developed Undeveloped Proved Probable Proved
Producing Behind Pipe Plus Probable
302,000 147,000 1,132,000 1,581,000 65,000 1,646,000
Stanley (34.85% to 38.5% Working Interests)
Overall production at Stanley declined in the year but is now increasing
primarily due to the installation and operation of jet pumps.
Livingston (20% Working Interest) and Greater Stanley (40% Working Interest)
These projects are of strategic importance and form part of the longer-term
planning.
Arkoma (27% Working Interest)
Production has increased in FY2023, since the recovery from a significant
lightning strike in March 2022. This asset has value when gas prices are high,
due to the gas compression and transport costs.
Winters-2 (23% Working Interest)
Winters-2 continues to produce at rates exhibiting natural decline.
Falcon
The Falcon-1 well stopped producing in the June 2022 quarter and the
subsequent attempted workovers were not successful. As a result, the well was
shut-in for the full 2023 financial year. Subsequent to year-end, given the
lower gas prices, Mosman determined not to invest additional resources in this
project and reached an agreement to transfer the Falcon lease to 84 Energy
Corp in exchange for the equipment on the lease. This means Mosman is not
liable for potential future abandonment costs which were estimated to be up to
US$200,000.
In addition, the adjacent undeveloped Galaxie exploration lease has not been
renewed and has expired with no liabilities.
AUSTRALIA
Mosman has continued to conduct technical work on its Central Australian
exploration projects, focused on the 100% owned EP 145, in the Amadeus Basin,
Northern Territory.
An airborne gravity and gradiometry survey was completed in 2022 and provided
a wealth of new information that is critical to ongoing work. That survey is a
significant step in the exploration programme for EP 145 and is the first time
that such data has been acquired for the whole 818 sq/km of the permit area.
This led to a new Prospective Resource estimate by Mosman as detailed below.
Based on a report by the Geognostics Australia Pty Ltd dated October 2022, and
data from other wells in the Amadeus basin, Mosman has estimated gross
Prospective Resource volumes for hydrocarbons, helium, and hydrogen associated
with the Walker Creek Anticline as a lead within the boundaries of the EP 145
permit using a deterministic approach and applying the SPE PRMS standard.
Prospective Resources (Bcf) Low Estimate Best Estimate High Estimate
Total gas 12 440 2,290
Helium 0.3 26.4 229
Hydrogen 0.24 26.4 275
Source: Mosman Oil and Gas Ltd, October 2022
The ongoing exploration work programme on EP 145 is to acquire seismic prior
to drilling an exploration well. Mosman has applied for the required
regulatory and CLC approvals. The CLC has conducted a site survey and has
approved land access approval for seismic acquisition.
Once all approvals are obtained, the next step is the acquisition and
interpretation of 2D seismic in the current permit year (expiring August
2024), prior to identifying a drilling location and drilling an exploration
well.
Mosman successfully applied for a grant to undertake a soil gas sampling
program targeting hydrogen and helium. The grant was awarded by the Northern
Territories Government as part of the Geophysics and Collaborations program.
Soil gas sampling is a non-invasive, rapid and relatively inexpensive
technology to identify the presence of natural hydrogen and helium and
provides a preliminary test to determine if these gases are present in the
permit. Soil gas sampling for hydrogen is a relatively new technique and only
a small number of companies globally have the equipment to undertake these
studies. After evaluation, CSIRO are the preferred supplier offering reliable
equipment and a relatively quick project turn around and Mosman is currently
discussing timing for a survey. Given the remote location and extreme weather
in the Northern Territory, collection of data is also restricted to the cooler
months (April-October) for safety reasons. Mosman anticipates that it will
be able to conduct a survey once all access approvals are met and equipment is
available.
Subsequent to the end of the Financial Year, Mosman announced the funding of
seismic and drilling by farmout to ASX listed Greenvale Mining Ltd. Subject to
completion including government approvals, Mosman will retain 25% and
Greenvale will earn 75% of the permit.
Mosman's other central Australian project is EPA-155. This permit is subject
to a farmout with the next step being completion of Native Title negotiations.
Glossary:
boe Barrels of oil equivalent based on calorific value as opposed to dollar value
boepd Barrels of oil per day of oil equivalent based on calorific value as opposed
to dollar value
bopd Barrels of oil per day
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
Mcf Thousand cubic feet
Bcf Billion cubic feet
Mcfpd Thousand cubic feet per day
MBtu One thousand British Thermal Units
MBtupd One thousand British Thermal Units per day
MMBtu One million British Thermal Units
MMBtupd One million British Thermal Units per day
Net Production Net to Mosman's Working Interest; Net Production attributable to Mosman means
net to Mosman's Working Interest before royalties
SPE Society of Petroleum Engineers
SPE PRMS A standard for the definition, classification, and estimation of hydrocarbon
resources developed by the Oil and Gas Reserves Committee of the Society of
Petroleum Engineers and named the Petroleum Resource Management System
CORPORATE
Financial Report
Overall, in the year to 30 June 2023, the Company made a loss of $2,127,198
(2022: $2,446,276) after impairments of $474,586 (2022: $1,606,816).
Revenue increased to $2,252,029 (2022: $1,812,119) as higher value oil
production replaced lower value gas production.
Gross Profit decreased to $674,665 (2022: $695,096), primarily due to lower
gas prices.
Of significance, some $2,567,643 (2022: $1,588,036) was spent on investing
activities on assets in the portfolio during the year in support of the
Group's growth strategy.
Asset value increase to $8,669,676 (2022: $8,602,400).
The net proceeds of fundraising activities during the year were $1,931,908
(2022: $2,043,051).
The Board continues to focus on achieving a cash flow positive position at a
Company level. Given the current financial position, the results of recent
drilling and the ongoing focus to control costs, this is now becoming an
increasingly achievable objective.
Overhead costs continue to be tightly controlled. Mosman continues to operate
with a very small number of Employees and Consultants. The Company operates in
three countries and in four-time zones, and the role played by the Employees
and Consultants is vital in achieving Mosman's strategic objective.
Accordingly, I again express my profound gratitude for everyone's efforts in
the year.
Outlook
Whilst 2023 has been challenging, we have also made considerable progress.
Mosman remains resolute in identifying opportunities which will provide
operating cash flow and have development upside, in conjunction with
exploration of existing exploration permits, whilst also being in a position
to evaluate further acquisition targets.
The team is building a strong foundation from which we plan to scale up the
business and grow by taking advantage of organic production opportunities in
the year ahead.
We acknowledge it has been a turbulent period for shareholders and would like
to take this opportunity to thank them for their continued support whilst
reassuring them of our confidence of achieving growth in both production and
value for the business.
Andrew R Carroll
Executive Director and CEO
8 November 2023
Consolidated Statement of Financial Performance
Year Ended 30 June 2023
All amounts are in Australian Dollars
Notes Consolidated Consolidated
2023 2022
$ $
Revenue 21 2,252,029 1,812,119
Cost of sales 2 (1,577,364) (1,117,023)
Gross profit 674,665 695,096
Interest income 483 -
Administrative expenses (587,084) (326,098)
Corporate expenses 3 (964,014) (741,080)
Directors fees (137,667) (120,000)
Exploration expenses incurred, not capitalised (9,300) (14,775)
Employee benefits expense (57,065) (70,024)
Finance costs (5,636) (3,324)
Amortisation expense 11 (436,028) (237,194)
Depreciation expense (2,064) (11,974)
Bad debts expense (121,847) -
Impairment expense 11 (474,586) (1,606,816)
Loss on foreign exchange (7,055) (10,085)
Loss on settlement of Director liabilities - -
Loss from ordinary activities before income tax expense (2,127,198) (2,446,274)
Income tax expense 5 - -
Net loss for the year (2,127,198) (2,446,274)
Other comprehensive profit
Items that may be reclassified to profit or loss:
- Foreign currency gain/(loss) 4 184,479 360,408
Total comprehensive income attributable to members of the entity (1,942,719) (2,085,866)
Basic loss per share (cents per share) 22 (0.03) cents (0.06) cents
Diluted loss per share (cents per share) 22 (0.03) cents (0.06) cents
The accompanying notes form part of these financial statements.
Consolidated Statement of Financial Position
As at 30 June 2023
All amounts are in Australian Dollars
Notes Consolidated Consolidated
30 June 2023 30 June 2022
$ $
Current Assets
Cash and cash equivalents 7 520,613 2,354,689
Trade and other receivables 8 863,639 787,040
Other assets 9 78,086 69,514
Total Current Assets 1,462,338 3,211,243
Non-Current Assets
Property, plant & equipment 10 6,220 5,128
Oil and gas assets 11 5,780,587 4,145,488
Capitalised oil and gas exploration 12 1,420,531 1,240,541
Total Non-Current Assets 7,207,338 5,391,157
Total Assets 8,669,676 8,602,400
Current Liabilities
Trade and other payables 13 1,185,450 1,111,338
Provisions 14 15,500 25,654
Total Current Liabilities 1,200,950 1,136,992
Non-Current Liabilities
Provisions 14 180,587 38,617
Other payables 13 - 145,159
Total Non-Current Liabilities 180,587 183,776
Total Liabilities 1,381,537 1,320,768
Net Assets 7,288,139 7,281,632
Shareholders' Equity
Contributed equity 15 40,675,340 38,743,432
Reserves 16 908,094 706,297
Accumulated losses 17 (34,295,295) (32,168,097)
Total Shareholders' Equity 7,288,139 7,281,632
The accompanying notes form part of these financial statements.
Consolidated Statement of Changes in Equity
Year Ended 30 June 2023
All amounts are in Australian Dollars
Accumulated Contributed Equity Reserves Total
Losses
$ $ $ $
Balance at 1 July 2022 (32,168,097) 38,743,432 706,297 7,281,632
Comprehensive income
Loss for the period (2,127,198) - - (2,127,198)
Other comprehensive income for the period - - - -
- - 184,479 184,479
Total comprehensive loss for the period (2,127,198) - 184,479 (1,942,719)
Transactions with owners, in their capacity as owners, and other transfers:
New shares issued - 2,016,286 - 2,016,286
Cost of raising equity - (84,378) - (84,378)
Options issued - - 17,318 17,318
Total transactions with owners and other transfers - 1,931,908 17,318 1,949,226
Balance at 30 June 2023 (34,295,295) 40,675,340 908,094 7,288,139
Balance at 1 July 2021 (29,812,181) 36,700,381 436,247 7,324,447
Comprehensive income
Loss for the period (2,446,274) - - (2,446,274)
Other comprehensive income for the period - - 360,408 360,408
Total comprehensive loss for the period (2,446,274) - 360,408 (2,085,866)
Transactions with owners, in their capacity as owners, and other transfers:
New shares issued - 2,159,819 - 2,159,819
Cost of raising equity - (116,768) - (116,768)
Options expired 90,358 - (90,358) -
Total transactions with owners and other transfers 90,358 2,043,051 (90,358) 2,043,051
Balance at 30 June 2022 (32,168,097) 38,743,432 706,297 7,281,632
These accompanying notes form part of these financial statements
Consolidated Statement of Cash Flows
Year Ended 30 June 2023
All amounts are in Australian Dollars
Notes Consolidated 2023 Consolidated 2022
$ $
Cash flows from operating activities
Receipts from customers 2,067,563 1,598,554
Interest received & other income - 38,626
Payments to suppliers and employees (3,270,744) (2,129,149)
Interest paid (5,636) (3,324)
Net cash outflow from operating activities 23 (1,208,817) (495,293)
Cash flows from investing activities
Payments for property, plant and equipment (3,156) -
Payments for oil and gas assets (2,182,687) (815,243)
Payments for exploration and evaluation (179,990) (533,839)
Payments for Company acquisition (145,158) -
Acquisition of oil and gas production projects (56,652) (238,954)
Net cash outflow from investing activities (2,567,643) (1,588,036)
Cash flows from financing activities
Proceeds from shares issued 2,016,286 2,159,819
Payments for costs of capital (84,378) (116,768)
Net cash inflow from financial activities 1,931,908 2,043,051
Net (decrease)/increase in cash and cash equivalents (1,844,552) (40,278)
Effects of exchange rate changes on cash and cash equivalents 10,478 105,293
Cash and cash equivalents at the beginning of the financial year 2,354,689 2,289,674
Cash and cash equivalents at the end of the financial year 520,615 2,354,689
7
The accompanying notes from part of these financial statements
Notes to the Financial Statements
Year Ended 30 June 2023
All amounts are Australian Dollars
1 Statement of Accounting Policies
The principal accounting policies adopted in preparing the financial report of
Mosman Oil and Gas Limited (or "the Company'') and Controlled Entities
("Consolidated entity" or "Group"), are stated to assist in a general
understanding of the financial report. These policies have been consistently
applied to all the years presented, unless otherwise indicated.
Mosman Oil and Gas Limited is a Company limited by shares incorporated and
domiciled in Australia.
(a) Basis of Preparation
This general purpose financial report has been prepared in accordance with
Australian Accounting Standards (including Australian Interpretations) adopted
by the Australian Accounting Standards Board and the Corporations Act 2001.
Compliance with Australian Accounting Standards ensures that the financial
statements also comply with International Financial Reporting Standards.
The financial report has been prepared on the basis of historical costs and
does not take into account changing money values or, except where stated,
current valuations of non-current assets.
Going Concern
The financial statements have been prepared on the going concern basis. As at
30 June 2023, the consolidated entity incurred a net loss of $2,127,198 during
the year ended 30 June 2023 and, as of that date, the group had a cash balance
of $520,613.
The financial report has been prepared on the going concern basis, which
contemplates the continuity of normal business activity and the realization of
assets and settlement of liabilities in the normal course of business.
In arriving at this position, the Directors have had regard to the fact that
the Group has, or in the directors' opinion will have access to, sufficient
cash to fund administrative and other committed expenditure for a period of
not less than 12 months from the date of this report.
In forming this view the directors have taken into consideration the
following:
• The ability of the Group to obtain funding through
various sources, including equity raised which are currently being
investigated by management;
• The Group has the capacity, if necessary, to
reduce its operating cost structure in order to minimize its working capital
requirements; and
• The Directors have reasonable expectations that
they will be able to raise additional funding needed for the Group to continue
to execute against its milestones in the medium term.
Should the company or the group not able to achieve matters set out above,
there is a significant uncertainty related to events or conditions that may
cast significant doubt on the company and the Group's ability to continue as a
going concern, and, therefore, that it may be unable to realise its assets and
discharge its liabilities in the normal course of business.
The financial report was authorised for issue by the Directors on 8 November
2023.
(b) Principles of Consolidation and Equity Accounting
The consolidated financial statements incorporate the assets, liabilities and
results of entities controlled by Mosman Oil and Gas Limited at the end of the
reporting period. A controlled entity is any entity over which Mosman Oil
and Gas Limited has the ability and right to govern the financial and
operating policies so as to obtain benefits from the entity's activities.
Where controlled entities have entered or left the Group during the year, the
financial performance of those entities is included only for the period of the
year that they were controlled. Details of Controlled and Associated
entities are contained in Note 27 to the financial statements.
In preparing the consolidated financial statements, all inter-group balances
and transactions between entities in the consolidated group have been
eliminated in full on consolidation.
Under AASB 11 Joint Arrangements, investments in joint arrangements are
classified as either joint operations or joint ventures. The classification
depends on the contractual rights and obligations of each investor, rather
than the legal structure of the joint arrangement. Mosman Oil and Gas Limited
has a working interest in various joint operations.
Joint ventures
Joint operations represent arrangements whereby joint operators maintain
direct interests in each asset and exposure to each liability of the
arrangement. The Group's interests in the assets, liabilities, revenue and
expenses of joint operations are included in the respective line items of the
financial statements.
Interests in joint ventures are accounted for using the equity method (see
below), after initially being recognised at cost in the consolidated balance
sheet.
Equity method
Under the equity method of accounting, the investments are initially
recognised at cost and adjusted thereafter to recognise the group's share of
the post-acquisition profits or losses of the investee in profit or loss, and
the group's share of movements in other comprehensive income of the investee
in other comprehensive income. Dividends received or receivable from
associates and joint ventures are recognised as a reduction in the carrying
amount of the investment.
When the group's share of losses in an equity-accounted investment equals or
exceeds its interest in the entity, including any other unsecured long-term
receivables, the group does not recognise further losses, unless it has
incurred obligations or made payments on behalf of the other entity.
Unrealised gains on transactions between the group and its associates and
joint ventures are eliminated to the extent of the group's interest in these
entities. Unrealised losses are also eliminated unless the transaction
provides evidence of an impairment of the asset transferred. Accounting
policies of equity accounted investees have been changed where necessary to
ensure consistency with the policies adopted by the group.
The carrying amount of equity-accounted investments is tested for impairment
in accordance with the policy described in note 1(q).
(c) Use of Estimates and Judgements
The preparation of financial statements requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and reported amounts of assets and liabilities, income and
expenses. Actual results may differ from these estimates. Estimates and
underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognised in the period in which the estimate is
revised and in any future periods affected.
Critical Accounting Estimates and Judgements
Impairment of Exploration and Evaluation Assets
The ultimate recoupment of the value of exploration and evaluation assets, is
dependent on the successful development and commercial exploitation, or
alternatively, sale, of the exploration and evaluation assets.
Impairment tests are carried out when there are indicators of impairment in
order to identify whether the asset carrying values exceed their recoverable
amounts. There is significant estimation and judgement in determining the
inputs and assumptions used in determining the recoverable amounts.
The key areas of judgement and estimation include:
· Recent exploration and evaluation results and resource estimates;
· Environmental issues that may impact on the underlying tenements;
· Fundamental economic factors that have an impact on the
operations and carrying values of assets and liabilities.
Taxation
Balances disclosed in the financial statements and the notes related to
taxation, are based on the best estimates of directors and take into account
the financial performance and position of the Group as they pertain to current
income tax legislation, and the directors understanding thereof. No
adjustment has been made for pending or future taxation legislation. The
current tax position represents the best estimate, pending assessment by the
tax authorities.
Exploration and Evaluation Assets
The accounting policy for exploration and evaluation expenditure results in
expenditure being capitalised for an area of interest where it is considered
likely to be recoverable by future exploitation or sale or where the
activities have not reached a stage which permits a reasonable assessment of
the existence of reserves.
This policy requires management to make certain estimates as to future events
and circumstances. Any such estimates and assumptions may change as new
information becomes available. If, after having capitalised the expenditure
under the policy, a judgement is made that the recovery of the expenditure is
unlikely, the relevant capitalised amount will be written off to profit and
loss.
(d) Income Tax
Current tax assets and liabilities for the current and prior periods are
measured at the amount expected to be recovered from or paid to the taxation
authorities. The tax rates and tax laws used to compute the amounts are
those that are enacted or substantively enacted at the balance sheet date.
Deferred income tax is provided on all temporary differences at the balance
sheet date between the tax bases of assets and liabilities and their carrying
amounts for financial reporting purposes.
Deferred income tax liabilities are recognised for all taxable temporary
differences.
Deferred income tax assets are recognised for all deductible temporary
differences, carry-forward of unused tax assets and unused tax losses, to the
extent that it is probable that taxable profit will be available against which
the deductible temporary differences and the carry-forward of unused tax
credits and unused tax losses can be utilised;
The carrying amount of deferred income tax assets is reviewed at each balance
sheet date reduced to the extent that it is no longer probable that sufficient
taxable profit will be available to allow all or part of the deferred income
tax asset to be utilised.
Unrecognised deferred income tax assets are reassessed at each balance sheet
date and are recognised to the extent that it has become probable that future
taxable profit will allow the deferred tax asset to be recovered.
Deferred income tax assets and liabilities are measured at the tax rates that
are expected to apply to the period when the asset is realised or the
liability is settled, based on tax rates (and tax laws) that have been enacted
or substantively enacted at the balance sheet date.
Income taxes relating to items recognised directly in equity are recognised in
equity and not in the income statement.
Deferred tax assets and deferred tax liabilities are offset only if a legally
enforceable right exists to set off current tax liabilities and the deferred
tax assets and liabilities relate to the same taxable entity and the same
taxation authority.
(e) Goods and Services Tax
Revenues, expenses and assets are recognised net of the amount of GST except:
(i) Where the GST incurred on a purchase of goods and services is not
recoverable from the taxation authority, in which case the GST is recognised
as part of the cost of acquisition of the asset, or as part of the expense
item as applicable;
(ii) Receivables and payables are stated with the amount of GST included;
(iii) The net amount of GST recoverable from, or payable to, the taxation
authority is included as part of receivables or payables in the Statement of
Financial Position;
(iv) Cash flows are included in the Statement of Cash Flows on a gross basis
and the GST component of cash flows arising from investing and financing
activities, which is recoverable from, or payable to, the taxation authority,
are classified as operating cash flows; and
(v) Commitments and contingencies are disclosed net of the amount of GST
recoverable from, or payable to, the taxation authority.
(f) Property, Plant and Equipment
Plant and equipment are measured on the cost basis and therefore carried at
cost less accumulated depreciation and any accumulated impairment. In the
event the carrying amount of plant and equipment is greater than the estimated
recoverable amount, the carrying amount is written down immediately to the
estimated recoverable amount and impairment losses are recognised either in
profit or loss, or as a revaluation decrease if the impairment losses relate
to a revalued asset. A formal assessment of recoverable amount is made when
impairment indicators are present (refer to Note 1(q) for details of
impairment).
The carrying amount of plant and equipment is reviewed annually by directors
to ensure it is not in excess of the recoverable amount from these assets. The
recoverable amount is assessed on the basis of the expected net cash flows
that will be received from the asset's employment and subsequent disposal. The
expected net cash flows have been discounted to their present values in
determining recoverable amounts.
(g) Depreciation
The depreciable amount of all fixed assets is depreciated on a straight-line
basis over the asset's useful life to the consolidated group commencing from
the time the asset is held ready for use. Leasehold improvements are
depreciated over the shorter of either the unexpired period of the lease or
the estimated useful lives of the improvements.
(h) Exploration and Evaluation Assets
Mineral exploration and evaluation expenditure incurred is accumulated in
respect of each identifiable area of interest and is subject to impairment
testing. These costs are carried forward only if they relate to an area of
interest for which rights of tenure are current and in respect of which:
· Such costs are expected to be recouped through the successful
development and exploitation of the area of interest, or alternatively by its
sale; or
· Exploration and/or evaluation activities in the area have not
reached a stage which permits a reasonable assessment of the existence, or
otherwise, of economically recoverable reserves and active or significant
operations in, or in relation to, the area of interest is continuing.
In the event that an area of interest is abandoned accumulated costs carried
forward are written off in the year in which that assessment is made. A
regular review is undertaken of each area of interest to determine the
appropriateness of continuing to carry forward costs in relation to that area
of interest.
Where a resource has been identified and where it is expected that future
expenditures will be recovered by future exploitation or sale, the impairment
of the exploration and evaluation is written back and transferred to
development costs. Once production commences, the accumulated costs for the
relevant
area of interest are amortised over the life of the area according to the rate
of depletion of the economically recoverable reserves.
Costs of site restoration and rehabilitation are recognised when the Company
has a present obligation, the future sacrifice of economic benefits is
probable, and the amount of the provision can be reliably estimated.
The amount recognised as a provision is the best estimate of the consideration
required to settle the present obligation at the reporting date, taking into
account the risks and uncertainties surrounding the obligation. Where a
provision is measured using the cash flows estimated to settle the present
obligation, its carrying amount is the present value of those cash flows.
Exploration and evaluation assets are assessed for impairment if facts and
circumstances suggest that the carrying amount exceeds the recoverable amount.
For the purpose of impairment testing, exploration and evaluation assets are
allocated to cash-generating units to which the exploration activity relates.
The cash generating unit shall not be larger than the area of interest.
(i) Accounts Payable
These amounts represent liabilities for goods and services provided to the
Group prior to the end of the financial year and which are unpaid. The
amounts are unsecured and are usually paid within 30 days of recognition.
(j) Contributed Equity
Issued Capital
Incremental costs directly attributable to issue of ordinary shares and share
options are recognised as a deduction from equity, net of any related income
tax benefit.
(k) Earnings Per Share
Basic earnings per share ("EPS") are calculated based upon the net loss
divided by the weighted average number of shares. Diluted EPS are calculated
as the net loss divided by the weighted average number of shares and dilutive
potential shares.
(l) Share-Based Payment Transactions
The Group provides benefits to Directors, KMP and consultants of the Group in
the form of share-based payment transactions, whereby employees and
consultants render services in exchange for shares or rights over shares
("equity settled") transactions.
The value of equity settled securities is recognised, together with a
corresponding increase in equity.
Where the Group acquires some form of interest in an exploration tenement or
an exploration area of interest and the consideration comprises share-based
payment transactions, the fair value of the assets acquired are measured at
grant date. The value is recognised within capitalised mineral exploration
and evaluation expenditure, together with a corresponding increase in equity.
(m) Comparative Figures
When required by Accounting Standards, comparative figures have been adjusted
to conform to changes in presentation for the current financial year.
(n) Financial Risk Management
The Board of Directors has overall responsibility for the establishment and
oversight of the risk management framework, to identify and analyse the risks
faced by the Group. These risks include credit risk, liquidity risk and
market risk from the use of financial instruments. The Group has only
limited use of financial instruments through its cash holdings being invested
in short term interest bearing securities. The Group has no debt, and
working capital is maintained at its highest level possible and regularly
reviewed by the full board.
(o) Financial Instruments
Recognition, initial measurement and derecognition
Financial assets and financial liabilities are recognised when the Company
becomes a party to the contractual provisions of the financial instrument and
are measured initially at fair value adjusted by transactions costs, except
for those carried at fair value through profit or loss, which are measured
initially at fair value. Subsequent measurement of financial assets and
financial liabilities are described below.
Financial assets are derecognised when the contractual rights to the cash
flows from the financial asset expire, or when the financial asset and
substantially all the risks and rewards are transferred. A financial liability
is derecognised when it is extinguished, discharged, cancelled or expires.
Classification and subsequent measurement of financial assets
Except for those trade receivables that do not contain a significant financing
component and are measured at the transaction price in accordance with AASB 9,
all financial assets are initially measured at fair value adjusted for
transaction costs (where applicable).
Hybrid contracts
If a hybrid contract contains a host that is a financial asset, the policies
applicable to financial assets are applied consistently to the entire
contract.
Subsequent measurement of financial assets
For the purpose of subsequent measurement, financial assets, other than those
designated and effective as hedging instruments, are classified into the
following categories upon initial recognition:
· financial assets at amortised cost
· financial assets at fair value through profit or loss (FVPL)
· debt instruments at fair value through other comprehensive income
(FVOCI)
· equity instruments at fair value through other comprehensive
income (FVOCI)
Classifications are determined by both:
· the entity's business model for managing the financial asset
· the contractual cash flow characteristics of the financial assets
All income and expenses relating to financial assets that are recognised in
profit or loss are presented within finance costs, finance income or other
financial items, except for impairment of trade receivables which is presented
within other expenses.
Financial assets at amortised cost
Financial assets are measured at amortised cost if the assets meet the
following conditions (and are not designated as FVPL):
· they are held within a business model whose objective is to hold
the financial assets and collect its contractual cash flows
· the contractual terms of the financial assets give rise to cash
flows that are solely payments of principal and interest on the principal
amount outstanding
After initial recognition, these are measured at amortised cost using the
effective interest method. Discounting is omitted where the effect of
discounting is immaterial. The Company's cash and cash equivalents, trade and
most other receivables fall into this category of financial.
Financial assets at fair value through profit or loss (FVPL)
Financial assets that are held within a business model other than 'hold to
collect' or 'hold to collect and sell' are categorised at fair value through
profit and loss. Further, irrespective of business model, financial assets
whose contractual cash flows are not solely payments of principal and interest
are accounted for at FVPL. All derivative financial instruments fall into this
category, except for those designated and effective as hedging instruments,
for which the hedge accounting requirements apply.
Debt instruments at fair value through other comprehensive income (Debt FVOCI)
Financial assets with contractual cash flows representing solely payments of
principal and interest and held within a business model of collecting the
contractual cash flows and selling the assets are accounted for at FVOCI. Any
gains or losses recognised in OCI will be recycled upon derecognition of the
asset.
Equity instruments at fair value through other comprehensive income (Equity
FVOCI)
Investments in equity instruments that are not held for trading are eligible
for an irrevocable election at inception to be measured at FVOCI. Under this
category, subsequent movements in fair value are recognised in other
comprehensive income and are never reclassified to profit or loss. Dividend
income is taken to profit or loss unless the dividend clearly represents
return of capital.
Impairment of Financial assets
The Group recognises a loss allowance for expected credit losses on financial
assets which are either measured at amortised cost or fair value through other
comprehensive income. The measurement of the loss allowance depends upon the
Group's assessment at the end of each reporting period as to whether the
financial instrument's credit risk has increased significantly since initial
recognition, based on reasonable and supportable information that is
available, without undue cost or effort to obtain.
Where there has not been a significant increase in exposure to credit risk
since initial recognition, a 12-month expected credit loss allowance is
estimated. This represents a portion of the asset's lifetime expected credit
losses that is attributable to a default event that is possible within the
next 12 months. Where a financial asset has become credit impaired or where it
is determined that credit risk has increased significantly, the loss allowance
is based on the asset's lifetime expected credit losses. The amount of
expected credit loss recognised is measured on the basis of the probability
weighted present value of anticipated cash shortfalls over the life of the
instrument discounted at the original effective interest rate.
For financial assets mandatorily measured at fair value through other
comprehensive income, the loss allowance is recognised in other comprehensive
income with a corresponding expense through profit or loss. In all other
cases, the loss allowance reduces the asset's carrying value with a
corresponding expense through profit or loss.
(p) Oil and gas assets
The cost of oil and gas producing assets and capitalised expenditure on oil
and gas assets under development are accounted for separately and are stated
at cost less accumulated amortisation and impairment losses. Costs include
expenditure that is directly attributable to the acquisition or construction
of the item as well as past exploration and evaluation costs.
When an oil and gas asset commences production, costs carried forward are
amortised on a units of production basis over the life of the economically
recoverable reserves. Changes in factors such as estimates of economically
recoverable reserves that affect amortisation calculations do not give rise to
prior financial period adjustments and are dealt with on a prospective basis.
(q) Impairment of Assets
At each reporting date, the Group reviews the carrying values of its tangible
assets to determine whether there is any indication that those assets have
been impaired. If such an indication exists, the recoverable amount of the
asset, being the higher of the asset's fair value less costs to sell and value
in use, is
compared to the asset's carrying value. Any excess of the asset's carrying
value over its recoverable amount is expensed to the income statement.
Impairment testing is performed annually for goodwill and intangible assets
with indefinite lives.
Where it is not possible to estimate the recoverable amount of an individual
asset, the Group estimates the recoverable amount of the cash-generating until
to which the asset belongs.
(r) Employee Entitlements
Liabilities for wages and salaries, annual leave and other current employee
entitlements expected to be settled within 12 months of the reporting date are
recognised in other payables in respect of employees' services up to the
reporting date and are measured at the amounts expected to be paid when the
liabilities are settled. Liabilities for non-accumulating sick leave are
recognised when the leave is taken and measured at the rates paid or payable.
Contributions to employee superannuation plans are charged as an expense as
the contributions are paid or become payable.
(r) Provisions
Provisions are recognised when the Group has a legal or constructive
obligation, as a result of past events, for which it is probable that an
outflow of economic benefits will be the result and that outlay can be
reliably measured.
(s) Cash and Cash Equivalents
Cash and cash equivalents include cash on hand, deposits held at call with
banks, other short-term highly liquid investments with original maturities of
3 months or less, and bank overdrafts. Bank overdrafts are shown within
short-term borrowings in current liabilities on the balance sheet.
(t) Revenue and Other Income
Revenue is measured at the fair value of the consideration received or
receivable. Amounts disclosed as revenue are net of returns, trade allowances,
rebates and amounts collected on behalf of third parties.
The group recognises revenue when the amount of revenue can be reliably
measured, it is probable that future economic benefits will flow to the entity
and specific criteria have been met for each of the Group's activities as
described below. The group bases its estimates on historical results, taking
into consideration the type of customer, the type of transaction and the
specifics of each arrangement.
Revenue from Joint Operations is recognised based on its share of the sale by
joint operation.
Interest revenue is recognised using the effective interest rate method,
which, for floating rate financial assets, is the rate inherent in the
instrument.
(u) Business combinations
The acquisition method of accounting is used to account for business
combinations regardless of whether equity instruments or other assets are
acquired.
The consideration transferred is the sum of the acquisition-date fair values
of the assets transferred, equity instruments issued or liabilities incurred
by the acquirer to former owners of the acquiree and the amount of any
non-controlling interest in the acquiree. For each business combination, the
non-controlling interest in the acquiree is measured at either fair value or
at the proportionate share of the acquiree's identifiable net assets. All
acquisition costs are expensed as incurred to profit or loss.
On the acquisition of a business, the consolidated entity assesses the
financial assets acquired and liabilities assumed for appropriate
classification and designation in accordance with the contractual terms,
economic conditions, the consolidated entity's operating or accounting
policies and other pertinent conditions in existence at the acquisition-date.
Where the business combination is achieved in stages, the consolidated entity
remeasures its previously held equity interest in the acquiree at the
acquisition-date fair value and the difference between the fair value and the
previous carrying amount is recognised in profit or loss.
Contingent consideration to be transferred by the acquirer is recognised at
the acquisition-date fair value. Subsequent changes in the fair value of the
contingent consideration classified as an asset or liability is recognised in
profit or loss. Contingent consideration classified as equity is not
remeasured and its subsequent settlement is accounted for within equity.
The difference between the acquisition-date fair value of assets acquired,
liabilities assumed and any non-controlling interest in the acquiree and the
fair value of the consideration transferred and the fair value of any
pre-existing investment in the acquiree is recognised as goodwill. If the
consideration transferred and the pre-existing fair value is less than the
fair value of the identifiable net assets acquired, being a bargain purchase
to the acquirer, the difference is recognised as a gain directly in profit or
loss by the acquirer on the acquisition-date, but only after a reassessment of
the identification and measurement of the net assets acquired, the
non-controlling interest in the acquiree, if any, the consideration
transferred and the acquirer's previously held equity interest in the
acquirer.
Business combinations are initially accounted for on a provisional basis. The
acquirer retrospectively adjusts the provisional amounts recognised and also
recognises additional assets or liabilities during the measurement period,
based on new information obtained about the facts and circumstances that
existed at the acquisition-date. The measurement period ends on either the
earlier of (i) 12 months from the
date of the acquisition or (ii) when the acquirer receives all the information
possible to determine fair value.
(v) Acquisition of Subsidiary Not Deemed a Business Combination
When an acquisition of assets does not constitute a business combination, the
assets and liabilities are assigned a carrying amount based on their relative
fair values in an asset purchase transaction and no deferred tax will arise in
relation to the acquired assets and assumed liabilities as the initial
exemption for deferred tax under AASB 12 applies. No goodwill will arise on
the acquisition and transaction costs of the acquisition will be included in
the capitalised cost of the asset.
(w) Foreign Currency Translation
Functional currency
Items included in the financial statements of the Group's operations are
measured using the currency of the primary economic environment in which it
operates ('the functional currency').
The functional currency of the Company and controlled entities registered in
Australia is Australian dollars (AU$).
The functional currency of the controlled entities registered in the US is
United States dollars (US$).
Foreign currency transactions are translated into the functional currency
using the exchange rates ruling at the date of the transaction. Monetary
assets and liabilities denominated in foreign currencies are retranslated at
the rate of exchange ruling at the end of the reporting period. Foreign
exchange gains and losses resulting from settling foreign currency
transactions, as well as from restating foreign currency denominated monetary
assets and liabilities, are recognised in profit or loss, except when they are
deferred in other comprehensive income as qualifying cash flow hedges or where
they relate to differences on foreign currency borrowings that provide a hedge
against a net investment in a foreign entity.
Non-monetary items measured at fair value in a foreign currency are translated
using the exchange rates at the date when fair value was determined.
Presentation currency
The financial statements are presented in Australian dollars, which is the
Group's presentation currency.
Functional currency balances are translated into the presentation currency
using the exchange rates at the balance sheet date. Value differences arising
from movements in the exchange rate is recognised in the statement of
comprehensive income.
(x) Joint operations
A joint arrangement in which the Group has direct rights to underlying assets
and obligations for underlying liabilities is classified as a joint operation.
Interests in joint operations are accounted for by recognising the Group's
assets (including its share of any assets held jointly), its liabilities
(including its share of any liabilities incurred jointly), its revenue from
the sale of its share of the output arising from the joint operation, its
share of the revenue from the sale of the output by the joint operation and
its expenses (including its share of any expenses incurred jointly).
(y) New standards and interpretations
Account Standard and Interpretation
The Group has adopted all of the new or amended Accounting Standards and
Interpretations issued by the Australian Accounting Standards Board ('AASB')
that are mandatory for the current reporting period.
Consolidated Consolidated
2023 2022
$ $
2 Cost of sales
Cost of sales 109,373 99,358
Lease operating expenses 1,467,991 1,017,665
1,577,364 1,117,023
3 Corporate Costs
Accounting, Company Secretary and Audit fees 273,162 178,839
Consulting fees - board 309,273 291,610
Consulting fees - other 118,730 86,379
NOMAD and broker expenses 172,140 112,141
Legal and compliance fees 90,709 72,111
964,014 741,080
4 Other comprehensive profit
Foreign currency gain/(loss) 184,479 360,408
184,479 360,408
5 Income Tax
No income tax is payable by the Group as it has incurred losses for income tax
purposes for the year, therefore current tax, deferred tax and tax expense is
$NIL (2022 - $NIL).
(a) Numerical reconciliation of income tax expense to prima facie tax payable
Consolidated Consolidated
2023 2022
$ $
1. Loss before tax 2. (2,127,198) 3. (2,446,274)
4. Income tax calculated at 25% (2022: 25%) 5. (531,800) 6. (611,569)
7. Tax effect of amounts which are deductible/non-deductible 9. 10.
8. In calculating taxable income:
11. Impairment expense 12. 71,188 13. 241,022
14. Upfront exploration expenditure claimed 15. (44,998) 16. (130,613)
17. Other 18. (13,565) 19. (22,738)
Effects of unused tax losses and tax offsets not recognised as deferred tax 20. 519,175 21. 523,898
assets
Income tax expense attributable to operating 22. NIL 23. NIL
profit
24.
25. (b) Tax Losses
26.
27. As at 30 June 2023 the Company had Australian tax losses of
$15,994,372 (2022: $14,107,506). The benefit of deferred tax assets not
brought to account will only be realised if:
· Future assessable income is derived of a nature and of an amount
sufficient to enable the benefit to be realised; and
· The conditions for deductibility imposed by tax legislation continue
to be complied with and no changes in tax legislation adversely affect the
Company in realising the benefit.
5 Income Tax (continued)
(c) Unbooked Deferred Tax Assets and Liabilities
Consolidated Consolidated
2023 2022
$ $
Unbooked deferred tax assets comprise:
Capital Raising Costs 18,080 30,227
Provisions/Accruals/Other 88,998 172,017
Tax losses available for offset against future taxable income 3,998,593 3,642,324
4,105,670 3,844,568
6 Auditors Remuneration
Audit - Elderton Audit Pty Ltd
Audit of the financial statements 32,300 32,000
32,300 32,000
7 Cash and Cash Equivalents
Cash at Bank 520,613 2,354,689
520,613 2,354,689
8 Trade and Other Receivables
Joint interest billing receivables(1) 644,904 393,166
Less: allowance for expected credit losses (123,762) -
Deposits 55,358 54,875
GST receivable 24,353 19,250
Accrued revenue 253,044 318,399
Other receivables 9,742 1,350
863,639 787,040
1. When appropriate, unpaid joint interest billing receivables are
recovered from the interest holders share of production income.
9 Other Assets
Prepayments 75,547 69,514
Incorporation costs 2,539 -
78,086 69,514
10 Property, Plant and Equipment
Office Equipment and Furniture Total
$ $
Cost
Balance at 1 July 2022 175,665 175,665
Additions 3,156 3,156
Disposals - -
Effective movement in exchange rates - -
Balance at 30 June 2023 178,821 178,821
Accumulated Depreciation
Balance at 1 July 2022 (170,537) (170,537)
Depreciation for the year (2,064) (2,064)
Disposals - -
Effective movement in exchange rates - -
Balance at 30 June 2023 (172,601) (172,601)
Carrying amounts
Balance at 30 June 2022 5,128 5,128
Balance at 30 June 2023 6,220 6,220
Consolidated Consolidated
2023 2022
$ $
11 Oil and Gas Assets
Cost brought forward 4,145,488 3,328,029
Acquisition of oil and gas assets during the year 54,113 1,622,681
Disposal of oil and gas assets on sale during the year - -
Capitalised equipment workovers during the year 2,362,772 697,070
Amortisation for the year (436,028) (237,194)
Impairment of oil and gas assets(1) (474,586) (1,606,816)
Impact of Foreign Exchange on opening balances 128,828 341,718
Carrying value at end of year 5,780,587 4,145,488
1. The Falcon-1 well stopped producing in the June 2022 quarter and
the following workovers were not successful. As a result, an impairment of
$1,412,233 was put through against the asset in FY2022 (as well a further
impairment of $194,583 in relation to Greater Stanley assets), and a further
$474,586 in FY2023.
12 Capitalised Oil and Gas
Expenditure
Cost brought forward 1,240,541 706,702
Exploration costs incurred during the year 179,990 533,839
Impairment of oil and gas expenditure - -
Carrying value at end of year 1,420,531 1,240,541
13 Trade and Other Payables
Consolidated Consolidated
2023 2022
$ $
CURRENT
Trade creditors(1) 1,000,619 900,748
Amounts owing for acquisition of Nadsoilco LLC 150,830 145,159
Other creditors and accruals 34,001 65,431
1,185,450 1,111,338
NON-CURRENT
Amounts owing for acquisition of Nadsoilco LLC - 145,159
- 145,159
1. The balance includes amounts payable on behalf of other royalty
holders for which there are also receivables owing for their share of the
workover costs (refer Note 8).
14 Provisions
CURRENT
Employee provisions 15,500 25,654
15,500 25,654
NON-CURRENT
Provision for abandonment 180,587 38,617
180,587 38,617
15 Contributed Equity
Ordinary Shares:
Value of Ordinary Shares fully paid
Movement in Contributed Equity Number of shares Contributed Equity $
Balance as at 1 July 2021: 3,767,763,052 36,700,381
08/07/2021 Shares issued (ii) $0.00276 77,375,000 213,701
17/05/2022 Shares issued (i) $0.00142 1,375,000,000 1,946,117
Capital raising costs (116,767)
Balance as at 1 July 2022: 5,220,138,052 38,743,432
02/11/2022 Shares issued (i) $0.00123 1,142,857,142 1,406,312
04/04/2023 Shares issued (iii) $0.00101 45,454,545 45,829
26/04/2023 Shares issued (i) $0.00103 545,454,545 564,145
Capital raising costs (84,378)
Balance at end of year 6,953,904,284 40,675,340
(i) Placements via capital raising as announced
(ii) Shares issued upon conversion of warrants
(iii) Shares issued to suppliers
16 Reserves
Consolidated Consolidated
2023 2022
$ $
Foreign currency translation reserve 890,776 706,297
Options reserve 17,318 -
908,094 706,297
16 Reserves (continued)
Options Reserve
Nature and purpose of the Option reserve
The options reserve represents the fair value of equity instruments issued to
employees as compensation and issued to external parties for the receipt of
goods and services. This reserve will be reversed against issued capital
when the underlying shares are converted and reversed against retained
earnings when they are allowed to lapse.
Consolidated Consolidated
2023 2022
Movement in Options Reserve $ $
Options Reserve at the beginning of the year - 90,358
Options issued 17,318 -
Options expired - (90,358)
Options Reserve at the end of the year 17,318 -
Foreign Currency Translation Reserve
Nature and purpose of the Foreign Currency Translation Reserve
Functional currency balances are translated into the presentation currency
using the exchange rates at the balance sheet date. Value differences arising
from movements in the exchange rate is recognised in the Foreign Currency
Translation Reserve.
Movement in Foreign Currency Translation Reserve
Foreign Currency Translation Reserve at the beginning of the year 706,297 345,889
Current year movement 184,479 360,408
Foreign Currency Translation Reserve at the end of the year 890,776 706,297
17 Accumulated Losses
Accumulated losses at the beginning of the year 32,168,097 29,812,181
Net loss attributable to members 2,127,198 2,446,274
Options expired - (90,358)
Accumulated losses at the end of the year 34,295,295 32,168,097
18 Related Party Transactions
Consolidated Consolidated
2023 2022
$ $
Key Management Personnel Remuneration
Cash Payments to Directors and Management (i) 512,940 471,000
Total 512,940 471,000
i. During the year to 30 June 2023:
a. Directors fees of $17,667 were paid or are payable to Mr Nigel Harvey;
b. Director fees of $30,000 and consulting fees of $120,000 were paid or
are payable to Australasian Energy Pty Ltd;
c. Directors fees of $60,000 and consulting fees of $189,273 were paid or
are payable to Kensington Advisory Services Pty Ltd;
d. Directors fees of $30,000 were paid or are payable to J A Young;
e. CFO, Company Secretary and Consulting Fees totalling $66,000 were paid
or are payable to J T White's accounting firm, Traverse Accountants Pty Ltd.
Movement in Shares and Options
The aggregate numbers of shares and options of the Company held directly,
indirectly or beneficially by Key Management Personnel of the Company or their
personally-related entities are fully detailed in the Directors' Report.
Amounts owing to the Company from subsidiaries:
Trident Energy Pty Ltd
At 30 June 2023 the Company's 100% owned subsidiary, Trident Energy Pty Ltd,
owed Mosman Oil and Gas Limited $4,060,949 (2022: $3,943,847).
OilCo Pty Ltd
At 30 June 2023 the Company's 100% owned subsidiary, OilCo Pty Ltd (OilCo),
owed Mosman Oil and Gas Limited $763,034 (2022: $762,468).
Mosman Oil USA, Inc
At 30 June 2023 the Company's 100% owned subsidiary, Mosman Oil USA, Inc, owed
Mosman Oil and Gas Limited $9,528,917 (2022: $7,611,451).
Adagio Resources Limited
At 30 June 2023 the Company's 100% owned subsidiary, Adagio Resources Limited,
owed Mosman Oil and Gas Limited $2,539 (2022: nil).
19 Expenditure Commitments
(a) Exploration
The Company has certain obligations to perform minimum
exploration work on Oil and Gas tenements held. These obligations may vary
over time, depending on the Company's exploration programs and priorities. At
30 June 2023, total exploration expenditure commitments for the next 12 months
are as follows:
Entity Tenement 2023 2022
$ $
Trident Energy Pty Ltd EP145(1) - -
Oilco Pty Ltd EPA155 - -
- -
1. EP145 is currently under extension until 21 August 2024, therefore
there are no committed expenditures as of the date of this report.
19 Expenditure Commitments (continued)
(b) Capital Commitments
The Company had no other capital commitments at 30 June 2023 (2022: $NIL).
20 Segment Information
The Group has identified its operating segments based on the internal reports
that are reviewed and used by the board to make decisions about resources to
be allocated to the segments and assess their performance.
Operating segments are identified by the board based on the Oil and Gas
projects in Australia and the USA (and previously New Zealand until 2019).
Discrete financial information about each project is reported to the board on
a regular basis.
The reportable segments are based on aggregated operating segments determined
by the similarity of the economic characteristics, the nature of the
activities and the regulatory environment in which those segments operate.
The Group has two reportable segments based on the geographical areas of the
mineral resource and exploration activities in Australia and the USA.
Unallocated results, assets and liabilities represent corporate amounts that
are not core to the reportable segments.
(i) Segment performance
United States Australia Total
$ $ $
Year ended 30 June 2023
Revenue
Revenue 2,252,029 - 2,252,029
Interest income 483 483
Segment revenue 2,252,029 483 2,252,512
Segment Result
Allocated
- Corporate costs (67,343) (896,671) (964,014)
- Administrative costs (293,071) (294,013) (587,084)
- Lease operating expenses (1,467,991) - (1,467,991)
- Cost of sales (109,373) - (109,373)
Segment net profit (loss) before tax 314,251 (1,190,201) (875,950)
Reconciliation of segment result to net loss before tax
Amounts not included in segment result but reviewed by the Board
- Exploration expenses incurred not (9,300)
capitalised
- Amortisation (436,028)
- Impairment (474,586)
- Bad debts expense (121,847)
Unallocated items
- Employee benefits expense (194,732)
- Loss on foreign exchange (7,055)
- Depreciation (2,064)
- Finance costs (5,636)
Net Loss before tax from continuing operations (2,127,198)
20 Segment Information (continued)
(i) Segment performance
United States Australia Total
$ $ $
Year ended 30 June 2022
Revenue
Revenue 1,812,119 - 1,812,119
Interest income
Gain on sale of oil and gas assets
Other income
Segment revenue 1,812,119 - 1,812,119
Segment Result
Allocated
- Corporate costs (41,949) (699,131) (741,080)
- Administrative costs (160,880) (165,218) (326,098)
- Lease operating expenses (1,017,665) - (1,017,665)
- Cost of sales (99,358) - (99,358)
Segment net profit (loss) before tax 492,267 (864,349) (372,082)
Reconciliation of segment result to net loss before tax
Amounts not included in segment result but reviewed by the Board
- Exploration expenses incurred not - (14,775) (14,775)
capitalised
- Amortisation (237,194) - (237,194)
- Impairment (1,606,816) - (1,606,816)
Unallocated items
- Employee benefits expense - - (190,024)
- Loss on foreign exchange - - (10,085)
- Depreciation - - (11,974)
- Finance costs - - (3,324)
Net Loss before tax from continuing operations (2,446,274)
Australia Total
United States $ $
$
Total assets as at 1 July 2022 5,618,867 2,983,533 8,602,400
Segment asset balances at end of year
- Exploration and evaluation 8,601,449 8,601,449
- Capitalised Oil and Gas Assets 10,490,641 10,490,641
- Less: Amortisation (909,850) (909,850)
- Less: Impairment (3,800,204) (7,180,918) (10,981,122)
5,780,587 1,420,531 7,201,118
Reconciliation of segment assets to total assets:
Other assets 1,236,820 231,738 1,468,558
Total assets from continuing operations 7,017,407 1,652,269 8,669,676
As at 30 June 2023
Total assets as at 1 July 2021 4,925,917 2,798,680 7,724,597
Segment asset balances at end of year
- Exploration and evaluation - 8,421,459 8,421,459
- Capitalised Oil and Gas Assets 7,788,307 - 7,788,307
- Less: Amortisation (449,411) - (449,411)
- Less: Impairment (3,193,408) (7,180,918) (10,374,326)
4,145,488 1,240,541 5,386,029
Reconciliation of segment assets to total assets:
Other assets 1,473,379 1,742,992 3,216,371
Total assets from continuing operations 5,618,867 2,983,533 8,602,400
As at 30 June 2022
(iii) Segment liabilities
Australia Total
United States $ $
$
Segment liabilities as at 1 July 2022 1,137,363 183,405 1,320,768
Segment liability increases (decreases) for the year 14,805 45,964 60,769
1,152,168 229,369 1,381,537
Reconciliation of segment liabilities to total liabilities:
Other liabilities - - -
Total liabilities from continuing operations 1,152,168 229,369 1,381,537
As at 30 June 2023
Segment liabilities as at 1 July 2021 29,380 370,770 400,150
Segment liability increases (decreases) for the year 1,107,983 (187,365) 920,618
1,137,363 183,405 1,320,768
Reconciliation of segment liabilities to total liabilities:
Other liabilities - - -
Total liabilities from continuing operations 1,137,363 183,405 1,320,768
As at 30 June 2022
21 Producing assets
The Group currently has 5 producing assets, which the Board monitors as
separate items to the geographical and operating
segments.
Project performance is monitored by the line items below.
Stanley Cinnabar Winters Livingston Arkoma Other Projects Total
$ $ $ $ $ $ $
Year Ended 30 June 2023
Revenue
Oil and gas project related revenue 1,352,924 517,185 210,944 39,222 54,989 76,765 2,252,029
Producing assets revenue 1,352,924 517,185 210,944 39,222 54,989 76,765 2,252,029
Project-related expenses
- Cost of sales (65,817) (23,834) (13,956) (1,807) (3,959) - (109,373)
- Lease operating expenses (842,878) (186,735) (165,788) (93,968) (21,103) (157,519) (1,467,991)
Project cost of sales (908,695) (210,569) (179,744) (95,775) (25,062) (157,519) (1,577,364)
Project gross profit
Gross profit 444,229 306,616 31,200 (56,553) 29,927 -80,754 674,665
21 Producing assets (continued)
Stanley Falcon Winters Livingston Arkoma Other Projects Total
$ $ $ $ $ $ $
Year Ended 30 June 2022
Revenue
Oil and gas project related revenue 816,044 636,387 189,479 20,670 69,545 79,994 1,812,119
Producing assets revenue 816,044 636,387 189,479 20,670 69,545 79,994 1,812,119
Project-related expenses
- Cost of sales (37,535) (43,977) (11,871) (952) (5,023) - (99,358)
- Lease operating expenses (408,172) (305,882) (96,392) (26,676) (33,996) (146,547) (1,017,665)
Project cost of sales (445,707) (349,859) (108,263) (27,628) (39,019) (146,547) (1,117,023)
Project gross profit
Gross profit 370,337 286,528 81,216 (6,958) 30,526 (66,553) 695,096
22 Earnings/ (Loss) per shares
Consolidated 2023 Consolidated
$ 2022
$
The following reflects the loss and share data used in the calculations of
basic and diluted earnings/ (loss) per share:
Earnings/ (loss) used in calculating basic and diluted (2,127,198) (2,446,274)
earnings/ (loss) per share
Number of shares Number of shares
2023 2022
Weighted average number of ordinary shares used in 6,079,575,874 4,009,195,586
calculating basic earnings/(loss) per share:
Basic loss per share (cents per share) 0.03 0.06
Diluted loss per share (cents per share) 0.03 0.06
23 Notes to the statement of cash flows
Reconciliation of loss from ordinary activities after income tax to net cash Consolidated Consolidated
outflow from operating activities:
2023 2022
$ $
Loss from ordinary activities after related income tax (2,127,198) (2,446,274)
Depreciation and amortisation 438,092 249,167
Impairment 474,586 1,606,816
Increase in trade and other receivables (85,171) (660,636)
Increase/(decrease) in trade and other payables 74,112 606,666
Unrealised FX 16,762 148,968
Net cash outflow from operating activities (1,208,817) (495,293)
24 Financial Instruments
The Company's activities expose it to a variety of financial and market
risks. The Company's overall risk management program focuses on the
unpredictability of financial markets and seeks to minimize potential adverse
effects on the financial performance of the Company.
(i) Interest Rate Risk
The Company's exposure to interest rate risk, which is the risk that a
financial instrument's value will fluctuate as a result of changes in market,
interest rates and the effective weighted average interest rates on those
financial assets, is as follows:
Consolidated Note Weighted Average Effective Interest Funds Available at a Floating Interest Rate Fixed Interest Rate Assets/ (Liabilities) Non Total
2023 % $ Interest Bearing
$
$
$
Financial Assets
Cash and Cash Equivalents 7 3.80% 520,613 - - 520,613
Trade and other Receivables 8 - - 863,639 863,639
Other assets 9 - - 78,086 78,086
Total Financial Assets 520,613 - 941,725 1,462,338
Financial Liabilities - -
Trade and other Payables 13 1,185,450 1,185,450
Provisions 14 196,087 196,087
Total Financial Liabilities 1,381,537 1,381,537
Net Financial Assets/(Liabilities) 520,613 (439,812) 80,801
Consolidated Note Weighted Average Effective Interest Funds Available at a Floating Interest Rate Fixed Interest Rate Assets/ (Liabilities) Non Total
2022 % $ Interest Bearing
$
$
$
Financial Assets
Cash and Cash Equivalents 7 3.80% 2,354,689 - - 2,354,689
Trade and other Receivables 8 - - 787,040 787,040
Other assets 9 - - 69,514 69,514
Total Financial Assets 2,354,689 - 856,554 3,211,243
Financial Liabilities
Trade and other Payables 13 - - 1,256,497 1,256,497
Provisions 14 - - 64,271 64,271
Total Financial Liabilities - - 1,320,768 1,320,768
Net Financial Assets 2,354,689 - (464,214) 1,890,475
(ii) Credit Risk
The maximum exposure to credit risk, excluding the value of any collateral or
other security, at balance date, is the carrying amount, net of any provisions
for doubtful debts, as disclosed in the balance sheet and in the notes to the
financial statements. The Company does not have any material credit risk
exposure to any single debtor or group of debtors, under financial instruments
entered into by it.
(iii) Commodity Price Risk and Liquidity Risk
At the present state of the Company's operations it has minimal commodity
price risk and limited liquidity risk due to the level of payables and cash
reserves held. The Company's objective is to maintain a balance between
continuity of exploration funding and flexibility through the use of available
cash reserves.
(iv) Net Fair Values
For assets and other liabilities, the net fair value approximates their
carrying value. No financial assets and financial liabilities are readily
traded on organised markets in standardised form. The Company has no
financial assets where the carrying amount exceeds net fair values at balance
date.
The aggregate net fair values and carrying amounts of financial assets and
financial liabilities are disclosed in the balance sheet and in the notes to
the financial statements.
25 Contingent Liabilities
There were no material contingent liabilities not
provided for in the financial statements of the Company as at 30 June 2023.
26 Mosman Oil and Gas Limited - Parent Entity Disclosures
2023 2022
$ $
Financial position
Assets
Current assets 161,866 1,671,987
Non-current assets 12,832,707 10,793,941
Total assets 12,994,573 12,465,928
Liabilities
Current liabilities 171,199 183,129
Total liabilities 171,199 183,129
Net assets 12,823,374 12,282,799
Equity
Contributed equity 40,674,671 38,742,763
Reserves 17,318 -
Accumulated losses (27,868,615) (26,459,964)
Total Equity 12,823,374 12,282,799
Financial Performance
Loss for the year (1,408,651) (1,083,787)
Other comprehensive income - -
Total comprehensive loss (1,408,651) (1,083,787)
27 Controlled Entities
Investments in group entities comprise:
Name Incorporation Beneficial percentage held by economic entity
Principal activities
2023 2022
% %
Mosman Oil and Gas Limited Parent entity Australia
Wholly owned and controlled entities:
OilCo Pty Limited Oil & Gas exploration Australia 100 100
Trident Energy Pty Ltd Oil & Gas exploration Australia 100 100
Adagio Resources Limited Oil & Gas exploration Australia 100 -
Mosman Oil USA, INC. Oil & Gas operations U.S.A. 100 100
Mosman Texas, LLC Oil & Gas operations U.S.A. 100 100
Mosman Operating, LLC Oil & Gas operations U.S.A. 100 100
NADSOILCO, LLC Oil & Gas operations U.S.A. 100 100
Mosman Oil and Gas Limited is the Parent Company of the Group, which includes
all of the controlled entities. See also Note 29 Subsequent Events for
additional corporate activity in progress subsequent to the 30 June 2022 year
end.
28 Share Based Payments
Consolidated Consolidated
2023 2022
Cents Cents
Basic loss per share (cents per share) 0.03 0.06
A summary of the movements of all company warrant issues to 30 June 2023 is as
follows:
Company Warrants 2023 2022 2023 2022
Number of Options Number of Options Weighted Average Exercise Price Weighted Average Exercise Price
Outstanding at the beginning of the year 1,584,250,000 1,143,702,084 $0.0038 $0.0042
Expired (896,750,000) (169,577,084) $0.0045 $0.0031
Exercised - (77,375,000) - $0.0027
Granted 601,428,571 687,500,000 $0.0026 $0.0028
Outstanding at the end of the year 1,288,928,571 1,584,250,000 $0.0027 $0.0038
Exercisable at the end of the year 1,288,928,571 1,584,250,000 $0.0027 $0.0038
29 Events Subsequent to the End of the Financial Year
Subsequent to the end of the reporting period the Company announced the following material matters occurred:
· On 13 July 2023, the Company announced it had raised £300,000,
by way of a placing of 857,142,857 new ordinary shares of no-par value in the
capital of the Company, at a placing price of 0.035p per share, with one
warrant for every two Placing Shares exercisable at a price of 0.07p with a
term of 24 months.
· On 31 August 2023, the Company announced that a frac was
completed at the G-2 production well in the Cinnabar project.
· On 4 September 2023, the Company announced that Executive
Chairman, John W Barr had given his notice of resignation as Director,
effective 30 September 2023.
· On 4 September 2023, it was also announced the Mr John Young had
resigned as Non-Executive Director, effective immediately.
· On 6 September 2023, the Company announced that the year three
report on EP 145 had been lodged with the Northern Territory Government.
· On 7 September 2023, it was announced that the Company had
reached an agreement to transfer the Falcon lease to 84 Energy Corp in
exchange for equipment on the lease, noting the Company is not liable for
potential future abandonment costs.
· In addition, the Galaxie exploration lease was not renewed and
expired with no liabilities.
· On 29 September 2023, the Company announced the appointment of Mr
Carl Dumbrell as an independent Non-Executive Director, with immediate effect.
Subsequent to Mr John Barr's resignation, Mr Nigel Harvey would replace Mr
John Barr as Chairman, and Mr Andrew Carroll would lead the business as CEO,
both effective 1 October 2023.
· On 16 October 2023, the Company announced that it had entered
into a farmin agreement with Greenvale Gold Pty Ltd, a wholly owned subsidiary
of Greenvale Energy Ltd (ASX:GRV) to fund seismic and drilling on its EP 145
project in the Northern Territory of Australia. Upon Completion, Mosman would
retain a 25% working interest in EP 145 and Greenvale would earn a 75% working
interest in EP 145 by:
o Committing to pay AUD160,000 in cash within 5 days of Completion, which is
subject to government approval of the transfer of interest and Operatorship:
o Paying for the EP 145 Permit Year 3 Work Program, including seismic,
effective from Completion Date;
o Funding the Permit Year 4 Work Program, including drilling one well with a
well cost cap of AUD5.5 million;
o The Year 3 Work Program is to be completed by August 2024 and the cost of
the seismic acquisition is estimated to be circa AUD2 million;
o The Year 4 Work Program is to be completed by August 2025. The cost of
drilling a well depends on many factors including the depth of a well and cost
of drilling rigs at the time of drilling.
· On 26 October 2023, the Company announced the Central Land
Council ("CLC") had agreed to extend the negotiating period in respect of the
Company's EPA 155 permit application until October 2024.
There were no other material matters that occurred subsequent to 30 June 2023.
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