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Mosman Oil & Gas - Half Year Results

Quantum Helium

28/03/2025 08:32

RNS Number : 6763C

Mosman Oil and Gas Limited

28 March 2025

 

28 March 2025

 

Mosman Oil and Gas Limited

("Mosman" or the "Company")

 

Half Year Results for the Six Months to 31 December 2024



 

Mosman Oil and Gas Limited (AIM: MSMN) the helium, hydrogen and hydrocarbon exploration, development and production company, announces its Half Year results for the six months to 31 December 2024.

 

Summary

 

The Company's principal focus in this period was on identifying and acquiring additional helium exploration projects in USA and the sale of Nadsoilco LLC (which holds the Stanley assets) for up to US$1.75m, with initial US$500,000 payment received. This resulted in (compared to same half year period in the 2024 Financial Year, "H124"):

 

· Revenue: $64,542 (H124 $82,684)
· Gross Profit: $18,955(H124$(10,118))
· Net loss:$2,537,131(H124$984,851)

 

The loss for the period includes impairments of $1,066,176 relating to Australian exploration assets and loss from discontinued operations of $477,047 relating to the disposal of Nadsoilco LLC.

 

The Company's cash and cash equivalents as at 31 December 2024 was $3,481,147. Note this does not include $700,000 contributions expected on completion of the sale of EP 145 ($400,000) and EP(A) 155 ($50,000 received, $300,000 subject to grant of the permit) in Australia (see below).

 

All amounts are in Australian Dollars

 

Operational Overview

 

· Reaching agreement with the Ute Mountain Ute Tribe to lease and explore the Coyote Wash area in Colorado, USA where 3D seismic has been used to map large sub-salt helium prospects
· Acquisition of a further 10% working interest ("WI") in the Vecta Helium Project in Las Animas County, Colorado, USA from Vecta Oil and Gas Ltd, increasing Mosman's total WI in the project to 20%
· Acquisition of 75% interest in EP-145 from Greenvale Energy Ltd, resulting in Mosman holding a 100% interest and operational control of EP-145
· Continued oil production at the legacy Cinnabar project

 

Post-Period End

 

· Converting the interest held in EP-145 from a capital intensive working interest to a royalty by reaching agreement with Echelon Resources Limited for it to acquire 100% of EP-145 for $400,000, with Mosman retaining a 5% helium and hydrogen royalty
· Agreement signed with Westmarket Oil & Gas Pty Ltd (a wholly-owned subsidiary of Georgina Energy PLC), selling Mosman's EP(A) 155 rights for AU$350,000 with Mosman retaining a 2.5% royalty
· Acquisition of 82.5% working interest in the Sagebrush Project in Colorado

 

Board Update

 

· Post-period end, Carl Dumbrell appointed as Chairman of the Board, with Nigel Harvey continuing as a Non-Executive Director

 

Andy Carroll, CEO of Mosman commented: "We are pleased to report on an encouraging transition period for Mosman, during which we acquired and developed Mosman's expanding helium portfolio in the USA.

 

"We streamlined our portfolio to focus on helium with the sale of Nadsoil which held the Stanley oil field interests.

 

"We retain our interest in the Amadeus Basin and managed the high capital costs of operating in Australia by converting to royalty interests. The review of the portfolio led to the conclusion that the focus of capital allocation should be on the helium projects in USA that are lower cost, and closer to infrastructure and markets. This was implemented by selling the working interest in EP 145, whilst retaining a 5% royalty on helium and hydrogen revenue which I believe has significant upside potential without any of the capital requirements of a working interest. These accounts do not include any value for the royalties on the Balance Sheet under the current accounting treatment. The cash component of the sale of EP-145 and EP(A) 155 will strengthen the working capital position on completion of those transactions."  

 

Enquiries:

Mosman Oil & Gas Limited
Andy Carroll
CEO
acarroll@mosmanoilandgas.com NOMAD and Joint Broker
SP Angel Corporate Finance LLP
Stuart Gledhill / Richard Hail / Adam Cowl
+44 (0) 20 3470 0470
Alma
Justine James / Will Merison
+44 (0) 20 3405 0205
mosman@almastrategic.com Joint Broker
CMC Markets UK Plc
Douglas Crippen
+44 (0) 020 3003 8632

 

Updates on the Company's activities are regularly posted on its website: www.mosmanoilandgas.com

 

Notes to editors

Mosman (AIM: MSMN) is a helium, hydrogen and hydrocarbon 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. The Company has several projects in the US, in addition to interests in exploration projects in the Amadeus Basin in Central Australia.

 

 

Operations Review

 

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 focus is on high potential helium assets in the USA to deliver growth by identifying commercial helium resources that can be commercialised and deliver reserves, production and cash flow.

 

During the period key developments included:

 

On 23 July 2024, the Group announced that it had acquired a further 10% working interest ("WI") in the Vecta Helium Project in Colorado, USA from Vecta Oil and Gas Ltd, increasing Mosman's total WI in the project to 20%. Vecta continues to own the remaining 80% WI and operate the project.

 

The Vecta Helium Project includes c 51,000 leased acres in Colorado, in five areas each with identified helium prospects. The exploration strategy is to drill an exploration well on each of the five areas in 2025. Following a successful exploration programme, the next step would be to acquire seismic and drill helium production wells. A rig has been contracted by Vecta to drill five wells.

 

On 2 October 2024, the Company completed the sale of Nadsoilco LLC (which held the Stanley oil production assets) for consideration of up to US$1.75 million. Final sale terms were:

 

· US$500,000 initial payment (which was received);
· Two conditional cash payments of US$250,000 each to be paid within 10 days of the end of June 2025 and June 2026 respectively if the gross production rate average for each intervening period is greater than 150 bbls of oil per day ("bopd");
· Three additional US$250,000 payments upon achieving gross aggregate production milestones of 100,000 bbls, 200,000 bbls and 300,000 bbls of oil from the effective date of 1 July 2024.
· The Directors have performed a weighted probability of each tranche of the production milestones and assessed that the expected receivable at period end is US$750k. It is not expected that the US$250,000 milestone payment relating to production for the year ended 30 June 2025 will be achieved.

 

On 15 October 2024, Mosman reached an agreement to acquire the 75% interest in EP-145 from Greenvale Energy Ltd, resulting in Mosman holding a 100% interest and operational control of EP-145. Subsequent to period end, the Group announced that it had signed an agreement with Echelon Resources Limited with binding terms to sell 100% EP 145 for $400,000, and retain a 5% helium and hydrogen royalty. The disposal is subject to normal conditions, including government approvals which are anticipated to take a few months.

 

Results

 

The loss for the Group for the six months to 31 December 2024 amounted to $2,537,131 (31 December 2023: 984,851). The loss for the period includes impairments of $1,066,176 relating to Australia exploration assets, and loss from discontinued operations of $477,047 relating to the disposal of Nadsoilco LLC.

 

On 16 September 2024, the Company announced it had raised £1.5 million (before expenses) by way of a fundraising undertaken by SP Angel through the issue of 4,285,714,287 new ordinary shares at a price of 0.035 pence per share.

 

The Company's cash and cash equivalent as at 31 December 2024 was $3,481,147.  Note this does not include $700,000 contributions expected on completion of the sale of EP 145 ($400,000) and EP(A) 155 ($50,000 received, $300,000 subject to grant of the permit) in Australia (see below).

 

Projects in the USA

 

A summary of the current oil and gas projects as at 28 March 2025:

 

US PROJECTS
Asset/ Project Mosman Interest1 Location Status
Cinnabar 75% Texas Producing
Cinnabar Extended 78% Texas Exploration
Vecta Helium Project 20% Colorado Exploration
Coyote Wash Project2 100% Colorado Exploration
Sagebrush Project3 82.5% Colorado Producing
Arkoma 27% Oklahoma Producing

 

1. Mosman's ownership is working interest before royalties. The interest shown is approximate, as there are small variations on individual wells
2. Tribal Council approval received and announced on 19 December 2024. Subject to Bureau of Indian Affairs approval.
3. Acquisition completed on 3 February 2025, with the effective date of acquisition 1 January 2025.

 

Matters subsequent to the reporting period

 

Subsequent to the end of the reporting period the Company announced the following material matters occurred:

 

· On 14 January 2025, the Group announced that it had signed an agreement with Echelon Resources Limited with binding terms to sell 100% of EP 145 for $400,000, and retain a 5% helium and hydrogen royalty. The disposal is subject to normal conditions, including government approvals which are anticipated to take a few months.
· On 22 January 2025, the Group announced that it had signed an agreement with Westmarket Oil & Gas Pty Ltd (a wholly owned subsidiary of Georgina Energy PLC), selling its EP(A) 155 rights for AU$350,000 (with AU$50,000 payable within 10 days and $300,000 upon grant of license by the Northern Territory Government) and a 2.5% royalty. It was further announced on 20 February that the parties had entered into a formal share sale and purchase agreement with completion subject to government approvals.
· On 29 January 2025, the Group announced that a six month suspension and extension of EP-145 Permit Year Three through 21 August 2025 has been granted by the Northern Territory Minister for Mining and Energy.
· On 3 February 2025, the Group announced the completion of the acquisition of 82.5% working interest in the Sagebrush Project in Colorado, announced on 30 December 2024. This 82.5% interest will be held by Mosman Helium LLC (a wholly owned subsidiary). The effective date of this transaction was 1 January 2025.
· On 26 February 2025, it was announced that Mr Carl Dumbrell would replace Mr Nigel Harvey as Chairman of the Board, effective immediately, with Mr Harvey remaining on the Board as a Non-Executive Director.

 

There were no other material matters that occurred subsequent to 31 December 2024.

 

 

 

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

For The Half Year Ended 31 December 2024

 

Notes Consolidated
6 months to
31 December 2024 Consolidated
6 months to
31 December 2023
(restated)
$ $
Revenue 64,542 82,684
Cost of sales 2 (45,587) (92,802)
Gross profit 18,955 (10,118)
Interestincome 58 348
Other income 10,000 -
Administrativeexpenses (161,762) (121,521)
Corporateexpenses 3 (584,411) (467,567)
Directors fees (90,000) (57,880)
Exploration expenses incurred, not capitalised (112,104) (7,425)
Employeebenefits expense - (48,268)
Finance costs (5,066) (5,642)
Share based payments expense 11 (81,486) -
Amortisation expense 7 (110,297) (105,815)
Depreciationexpense - (6,220)
Impairment expense 8 (1,066,176) -
Gain/(loss) on foreign exchange 122,205 (5,414)
Loss before income tax expense from continuing operations (2,060,084) (835,522)
Income tax expense - -
Loss after income tax expense from continuing operations (2,060,084) (835,522)
Loss after income tax expense from discontinued operations 4 (477,047) (149,329)
Net loss after income tax expense for the year (2,537,131) (984,851)
Othercomprehensiveprofit 
Items that may be reclassified to profit or loss 
- Foreign currency gain/(loss) 11 278,774 (148,877)
Total comprehensive income attributable to members of the entity (2,258,357) (1,133,728)


 

The accompanying notes form part of these consolidated financial statements

All amounts are in Australian Dollars

 

 

 

Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income

For The Half Year Ended 31 December 2024

 

Total comprehensive income for the year attributable to: Notes Consolidated
6 months to
31 December 2024 Consolidated
6 months to
31 December 2023 (restated)
Continuing operations (1,781,310) (984,399)
Discontinued operations (477,047) (149,329)
(2,258,357) (1,133,728)
Basic and diluted loss per share from continuing operations (cents per share) (0.012) cents (0.010) cents
Basic and diluted loss per share from discontinued operations (cents per share) (0.003) cents (0.002) cents
Basic and diluted loss per share (cents per share) (0.015) cents (0.012) cents

 

The accompanying notes form part of these consolidated financial statements

All amounts are in Australian Dollars

 

 

 

Consolidated Statement of Financial Position

As at 31 December 2024

 

Notes Consolidated
31 December 2024 Consolidated
30 June 2024
$ $
Current Assets 
Cash and cash equivalents 3,481,147 873,365
Trade and other receivables 5 90,014 140,241
Other assets 6 86,667 20,186
3,657,828 1,033,792
Assets classified as held for sale 4 - 3,227,483
Total Current Assets 3,657,828 4,261,275
Non-Current Assets 
Oil and gas assets 7 4,616,694 3,685,367
Capitalisedoil andgas exploration 8 550,000 1,503,925
Trade and other receivables 5 1,206,370 -
Total Non-Current Assets 6,373,064 5,189,292
Total Assets 10,030,892 9,450,567
Current Liabilities 
Trade and other payables 9 862,239 1,438,420
862,239 1,438,420
Liabilities classified as held for sale - 887,507
Total Current Liabilities 862,239 2,325,927
Non-Current Liabilities 
Provisions 93,725 87,966
Total Non-Current Liabilities 93,725 87,966
Total Liabilities 955,964 2,413,893
Net Assets 9,074,928 7,036,674
Shareholders' Equity 
Contributed equity 10 46,662,015 42,404,962
Other contributed equity - 145,029
Reserves 11 1,368,093 904,732
Accumulated losses (38,955,180) (36,418,049)
Total Shareholders' Equity 9,074,928 7,036,674


 

The accompanying notes form part of these consolidated financial statements

All amounts are in Australian Dollars

 

 

Consolidated Statement of Changes in Equity

For the Half Year Ended 31 December 2024

 

Accumulated
Losses Contributed Equity Other Contributed Equity Reserves Total
$ $ $ $ $
Balance at 1 July 2023 (34,295,295) 40,675,340 - 908,094 7,288,139
Comprehensive income 
Loss for the period (984,851) - - - (984,851)
Other comprehensive income for the period - - - (148,877) (148,877)
Total comprehensive loss for the period (984,851) - - (148,877) (1,133,728)
Transactions with owners, in their capacity as owners, and other transfers:
New shares issued - 1,047,856 - - 1,047,856
Cost of raising equity - (67,017) - 4,145 (62,872)
Total transactions with owners and other transfers - 980,839 - 4,145 984,984
Balance at 31 December 2023 (35,280,146) 41,656,179 - 763,362 7,139,395
Balance at 1 July 2024 (36,418,049) 42,404,962 145,029 904,732 7,036,674
Comprehensive income 
Loss for the period (2,537,131) - - - (2,537,131)
Other comprehensive income for the period - - - 278,774 278,774
Total comprehensive loss for the period (2,537,131) - - 278,774 (2,258,357)
Transactions with owners, in their capacity as owners, and other transfers:
New shares issued - 4,389,733 - - 4,389,733
Cost of raising equity - (277,709) - - (277,709)
Transfer other contributed equity into contributed equity - 145,029 (145,029) - -
Warrants/options issued - - - 184,587 184,587
Total transactions with owners and other transfers - 4,257,053 (145,029) 184,587 4,296,611
Balance at 31 December 2024 (38,955,180) 46,662,015 - 1,368,093 9,074,928


 

The accompanying notes form part of these consolidated financial statements. All amounts are in Australian Dollars

 

 

Consolidated Statement of Cash Flows

For the Half Year Ended 31 December 2024

 

Consolidated
6 months to
31 December 2024 Consolidated
6 months to 31 December 2023
$ $
Cash flows from operating activities 
Receipts from customers 74,854 633,460
Other income 10,000 -
Payments to suppliers and employees (1,148,990) (875,426)
Interest paid (5,065) (5,642)
Net cash outflow from operating activities (1,069,201) (247,608)
Cash flows from investing activities 
Proceeds from disposal of subsidiaries 755,385 -
Payments for oil and gas assets (457,084) (408,786)
Payments for acquisition of new subsidiaries - (153,230)
Payments for exploration and evaluation (112,251) (71,194)
Net cash inflow/(outflow) from investing activities 186,050 (633,210)
Cash flows from financing activities 
Proceeds from shares issued 3,623,524 1,047,856
Payments for costs of capital (174,606) (62,872)
Net cash inflow from financial activities 3,448,918 984,984
Net increase in cash and cash equivalents 2,565,767 104,166
Effects of exchange rate changes on cash and cash equivalents 42,015 (10,474)
Cash and cash equivalents at the beginning of the period 873,365 520,613
Cash and cash equivalents at the end of the period 3,481,147 614,305


 

The accompanying notes form part of these consolidated financial statements

All amounts are in Australian Dollars

 

 

 

Condensed Notes to the Financial Statements

For the Half-Year Ended 31 December 2024

All amounts are Australian Dollars

 

1.   Summary of Significant Accounting Policies

 

Statement of Compliance

The half-year financial report is a general purpose financial report prepared in accordance with the Corporations Act 2001 and AASB 134 Interim Financial Reporting. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS34 Interim Financial Reporting. The half-year report does not include notes of the type normally included in an annual financial report and should be read in conjunction with the most recent annual financial report.

 

Basis of preparation

The condensed consolidated financial statements have been prepared on the basis of historical cost, except for the revaluation of certain non-current assets and financial instruments. Cost is based on the fair values of the consideration given in exchange for assets. All amounts presented in Australian dollars, unless otherwise noted.

 

The accounting policies and methods of computation adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the Group's 2024 annual financial report for the financial year ended 30 June 2023, except for the impact of the Standards and Interpretations described below. These accounting policies are consistent with Australian Accounting Standards and with International Financial Reporting Standards (IFRS).

 

Going Concern

The condensed consolidated financial statements have been prepared on the going concern basis, which contemplates continuity of normal business activities and the realisation of assets and the discharge of liabilities in the normal course of business.

 

The directors have considered the funding and operational status of the business in arriving at their assessment of going concern and believe that the going concern basis of preparation is appropriate, based upon the following:

 

· The ability to further vary cash flow depending upon the achievement of certain milestones within the business plan and;
· The ability of the Company to obtain funding through various sources, including debt and equity.

 

However, should the Group be unable to raise further required financing from equity markets or other sources, there is uncertainty which may cast doubt as to whether or not the Group will be able to continue as a going concern and whether it will realise its assets and extinguish its liabilities in the normal course of business and at the amounts stated in the financial statements.

 

The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts nor to the amounts and classification of liabilities that might be necessary should the Group not continue as a going concern.

 

Exploration and Evaluation Costs

Exploration and evaluation expenditure incurred is accumulated in respect of each identifiable area of interest. These costs are carried forward in respect of an area for which the rights to tenure are current and that has not at reporting date reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active and significant operations in, or relating to, the area of interest are continuing.

 

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. 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.

 

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; and
· Fundamental economic factors that have an impact on the operations and carrying values of assets and liabilities.

 

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 the Group's share of the sale by the 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.

 

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 over the expected 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.

 

Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing performance.

 

New standards and interpretations

The consolidated entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Standards Board ('AASB') that are mandatory for the current reporting period.

 

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

 

Consolidated
6 months to 31 December 2024 Consolidated
6 months to 31 December 2023
(restated)
$ $
2 Cost of Sales 
Cost of sales 2,984 3,810
Lease operating expenses 42,603 88,992
45,587 92,802

 

 

               

Consolidated
6 months to 31 December 2024 Consolidated
6 months to 31 December 2023
$ $
3 Corporate Costs 
Accounting, Company Secretary and Audit fees 117,303 88,075
Consulting fees - board 172,000 210,000
Consulting fees - other 37,030 33,098
NOMAD and broker expenses 72,756 90,956
Legal and compliance fees 185,322 45,438
584,411 467,567


                               

 

Consolidated
6 months to 31 December 2024 Consolidated
6 months to 31 December 20231
$ $
4 Discontinued Operations 
Revenue - 451,110
Cost of sales - (406,933)
Gross profit 
Administrative expenses - (83,985)
Amortisation expense - (109,521)
Loss on sale of Nadsoilco, LLC2 (477,047) 
Loss before income tax expense (477,047) (149,329)
Income tax expense - -
Loss after income tax expense from discontinued operations (477,047) (149,329)

 

1. The comparative Consolidated Statement of Profit or Loss and Other Comprehensive Income has been restated to distinguish discontinued operations from ordinary operations due to the disposal of Nadsoilco, LLC in the current period. This includes the removal of all revenue, cost of sales, administration expense, and amortisiation expense relating to the Stanley, Winters and Livingston assets from ordinary operations.
2. The sale of Nadsoilco LLC was completed in October 2024 for a total consideration of US$1.75m, of which US$500k was received during the period, and US$1.25m in consideration is receivable subject to production milestones. The Directors have performed a weighted probability of each tranche of the production milestones and assessed that the expected receivable at period end is US$750k.

 

 

Consolidated
Balance as at 31 December 2024 Consolidated
Balance as at 30 June 2024
$ $
5 Trade and Other Receivables 
Current 
Joint interest billing receivables (1,289) 9,023
Deposits 56,113 56,056
GST receivable 30,266 (13,161)
Accrued revenue - 83,794
Other receivables 4,924 4,529
90,014 140,241
Non-current 
Receivable from sale of Nadsoilco, LLC (Note 4) 1,206,370 -
1,206,370 -

 

 

6 Other Assets 
Prepayments 84,128 17,647
Incorporation costs 2,539 2,539
86,667 20,186

 

 

7 Oil and Gas Assets
Cost brought forward 3,685,367 5,780,587
Acquisition of oil and gas assets during the period 807,495 754,831
Capitalised equipment workovers during the period - 785,767
Amortisation for the period (110,297) (439,912)
Transfer to assets held for sale - (2,622,912)
Impairment of oil and gas assets - (588,217)
Impact of Foreign Exchange on opening balances 234,129 15,223
Carrying value at the end of the period 4,616,694 3,685,367

 

In July 2024, the Group announced that it had acquired a further 10% working interest ("WI") in the Vecta Helium Project in Las Animas County, Colorado, USA from Vecta Oil and Gas Ltd, increasing Mosman's total WI in the project to 20%. Vecta will continue to own the remaining 80% WI and operate the project. The consideration for the additional 10% WI was $500,000 and was paid via the issue of 650,000,000 shares.

 

The Board has carried out an impairment assessment of the Oil and Gas Assets and have concluded that no impairment is required.

 

 

Consolidated
Balance as at 31 December 2024 Consolidated
Balance as at 30 June 2024
8 Capitalised Oil and Gas Expenditure 
Cost brought forward 1,503,925 1,420,531
Exploration costs incurred during the period 112,251 83,394
Impairment of oil and gas expenditure (1,066,176) -
Carrying value at end of the period 550,000 1,503,925

 

 

$ $
9 Trade and Other Payables 
Trade creditors 243,806 457,389
Amounts owing for Vecta Helium project 241,274 679,348
Deposits received 160,000 160,000
Other creditors and accruals 217,160 141,683
862,239 1,438,420

 

 

10 Contributed Equity 
Ordinary Shares: 
Value of Ordinary Shares fully paid 
Movement in Contributed Equity Numberof shares Contributed Equity $
Balance as at 1 July 2023: 6,953,904,284 40,675,340
20/07/2023
05/12/2023
08/02/2023
13/02/2024
07/06/2024
21/06/2024
24/06/2024 Shares issued (i)
Shares issued (i)
Shares issued (i)
Shares issued (iv)
Shares issued (ii)
Shares issued (ii)
Shares issued (ii) $0.00067
$0.00024
$0.00024
$0.00024
$0.00024
$0.00049
$0.00048 857,142,857
2,000,000,000
2,400,000,000
126,315,789
264,000,000
160,000,000
60,000,000 571,739
476,117
580,912
30,000
63,038
76,809
28,733
Transfer from warrants reserve upon exercise of warrants - 15,577
Capital raising costs - (113,303)
Balance as at 1 July 2024: 12,821,362,930 42,404,962
01/07/2024
02/07/2024
05/07/2024
05/07/2024
16/07/2024
22/07/2024
26/07/2024
29/07/2024
01/08/2024
16/09/2024
19/09/2024
05/12/2024 Shares issued (ii)
Shares issued (ii)
Shares issued (ii)
Shares issued (ii)
Shares issued (ii)
Shares issued (ii)
Shares issued (ii)
Shares issued (iii)
Shares issued (ii)
Shares issued (ii)
Shares issued (i)
Shares issued (iv) $0.00048
$0.00048
$0.00048
$0.00048
$0.00048
$0.00048
$0.00049
$0.00118
$0.00049
$0.00049
$0.00068
$0.00069 224,000,000
80,000,000
220,000,000
600,000,000
80,000,000
340,000,000
120,000,000
650,000,000
16,000,000
100,000,000
4,242,857,144
42,857,144 106,834
38,195
104,550
285,136
38,000
163,673
58,294
766,208
7,881
49,171
2,887,420
29,400
Capital raising costs - (277,709)
Balance at the end of period 19,537,077,218 46,662,015

 

(i) Placements via capital raising as announced
(ii) Shares issued upon conversion of warrants
(iii) Shares issued in lieu of cash for acquisition of oil and gas assets
(iv) Shares issued to Directors as part of placement

 

 

 

 

 

 

 

Consolidated
Balance as at 31 December 2024 Consolidated
Balance as at 30 June 2024
$ $
11 Reserves 
Foreign currency translation reserve 1,183,506 904,732
Options reserve 184,587 -
1,368,093 904,732

 

 

Foreign Currency Translation Reserve 
Foreign Currency Translation Reserve atthe beginning of the period 904,732 890,776
Current movement in the period 278,774 13,956
Foreign Currency Translation Reserve atthe end of the period 1,183,506 904,732

 

Options Reserve 
Options Reserve atthe beginning of the period - 17,318
Warrants/options issued 184,587 15,577
Transfer from options reserve upon exercise of warrants/options - (15,577)
Warrants/options expired - (17,318)
Options Reserve atthe end of the period 184,587 -

 

During the period 254,571,428 warrants were issued to brokers as part of their fee for facilitating a placement of shares in the period. The warrants were fair valued at AU$0.0004 per warrant, and an amount of $103,101 was recognised as a capital raising cost. The warrants are valued using the Binomial Method with the following inputs:

 

Share price at issue date 0.0348 British Pence
Exercise price 0.0350 British Pence
Risk-Free Interest Rate 3.68%
Volatility 117%

  

Subsequent to shareholder approval at the Group's 2024 AGM held on 29 November 2024, Mr Andrew Carroll was granted 194,942,200 options. The options were fair valued at AU$0.0004 per option, and an amount of $81,486 was recognised as a share based payment expense. The options are valued using the Binomial Method with the following inputs:

 

Share price at issue date 0.0358 British Pence
Exercise price 0.0770 British Pence
Risk-Free Interest Rate 4.04%
Volatility 117%

 

 

 

 

12 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 the United States. 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, the United States. Unallocated results, assets and liabilities represent corporate amounts that are not core to the reportable segments. 
(i) Segment performance 
United States
$ Australia
$ Total
$
Period ended 31 December 2024 
Revenue 
Revenue 64,542 - 64,542
Other income - 10,058 10,058
Segment revenue 64,542 10,058 74,600


 

Segment Result 
Allocated 
- Corporate costs (120,473) (463,938) (584,411)
- Administrative costs (105,263) (56,499) (161,762)
- Lease operating expenses (42,603) - (42,603)
- Cost of sales (2,984) - (2,984)
Segment net profit/(loss) before tax (206,781) (510,379) (717,160)
Reconciliation of segment result to net loss before tax 
Amounts not included in segment result but reviewed by the Board 
-Evaluation expenses incurred not capitalised (93,804) (18,300) (112,104)
-Amortisation (110,297) - (110,297)
-Impairment (1,066,176) - (1,066,176)
Unallocated items 
- Employee benefits expense (171,486)
- Finance costs (5,066)
- Gain on foreign exchange 122,205
Net Loss before tax from continuing operations (2,060,084)

 

(i) Segment performance 
United States
$ Australia
$ Total
$
Period ended 31 December 2023
(restated) 
Revenue 
Revenue 82,684 - 82,684
Other income - 348 348
Segment revenue 82,684 348 83,032
Segment Result 
Loss 
Allocated 
- Corporate costs - (467,567) (467,567)
- Administrative costs (62,305) (59,216) (121,521)
- Lease operating expenses (88,992) - (88,992)
- Cost of sales (3,810) - (3,810)
Segment net profit/(loss) before tax (72,422) (526,435) (598,858)
Reconciliation of segment result to net loss before tax 
Amounts not included in segment result but reviewed by the Board 
-Evaluation expenses incurred not capitalised - (7,425) (7,425)
-Amortisation (105,815) - (105,815)
-Impairment - - -
Unallocated items 
- Employee benefits expense (106,148)
- Finance costs (5,642)
- Depreciation (6,220)
- Loss on foreign exchange (5,414)
Net Loss before tax from continuing operations (835,522)


 

(ii) Segment assets 
United States
$ Australia
$ Total
$
As at 31 December 2024 
Segment assets as at 1 July 2024 7,118,936 2,331,631 9,450,567
Segment asset balances at end of
period 
- Exploration and evaluation - 8,797,094 8,797,094
- Capitalised Oil and Gas 9,429,400 - 9,429,400
- Less: Amortisation (760,049) - (760,049)
- Less: Impairment (4,052,656) (8,247,094) (12,299,750)
4,616,695 550,000 5,166,695
Reconciliation of segment assets to total assets: 
Other assets 2,021,206 2,842,991 4,864,197
Total assets from continuing operations 6,637,901 3,392,991 10,030,892

 

United States
$ Australia
$ Total
$
As at 30 June 2024 
Segment assets as at 1 July 2023 7,017,407 1,652,269 8,669,676
Segment asset balances at end of
period 
- Assets held for sale 3,227,483 - 3,227,483
- Exploration and evaluation - 8,684,843 8,684,843
- Capitalised oil and gas assets 8,685,937 - 8,685,937
- Less: Amortisation (603,134) - (603,134)
- Less: Impairment (4,397,436) (7,180,918) (11,578,354)
6,912,850 1,503,925 8,416,775
Reconciliation of segment assets to total assets: 
Other assets 206,086 827,706 1,033,792
Total assets from continuing operations 7,118,936 2,331,631 9,450,567

 

(iii) Segment liabilities 
United States
$ Australia
$ Total
$
As at 31 December 2024 
Segment liabilities as at 1 July 2024 1,091,441 434,945 1,526,386
Segment liability increase/(decrease) for the period (671,842) 101,421 (570,421)
419,599 536,366 955,965
Reconciliation of segment liabilities to total liabilities: 
Other liabilities - - -
Total liabilities from continuing operations 419,599 536,366 955,965

 

As at 30 June 2024 
Segment liabilities as at 1 July 2023 1,152,168 229,369 1,381,537
Segment liability increase/(decrease) for the period (60,727) 205,576 144,849
1,091,441 434,945 1,526,386
Reconciliation of segment liabilities to total liabilities: 
Other liabilities - - -
Total liabilities from continuing operations 1,091,441 434,945 1,526,386

 

 

13 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 31 December 2024, total exploration expenditure commitments for the next 12 months are as follows:

 

Entity Tenement 31 December 2024
$ 31 December 2023
$
Trident Energy Pty Ltd EP1451 - -
Oilco Pty Ltd EPA155 - -
- -

 

1.     EP145 is currently under extension until 21 August 2025. End date is 21st February 2027

 

(b) Capital Commitments
The Company had no capital commitments at 31 December 2024 (2023 - $Nil).

 

 

14 Warrants/Options
A summary of the movements of all company warrant/option issues to 31 December 2024 is as follows:
Company Warrants/Options 31 December 2024
Number of Warrants/Options 30 June 2024
Number of Warrants/Options
Outstanding at the beginning of the period 3,043,157,894 1,288,928,571
Expired (571,428,571) (717,500,000)
Exercised (1,780,000,000) (484,000,000)
Granted 449,513,628 2,955,729,323
Outstanding at the end of the period 1,141,242,951 3,043,157,894
Exercisable at the end of the period 1,141,242,951 3,043,157,894

 

 

15 Subsequent Events
Subsequent to the end of the reporting period the Company announced the following material matters occurred:
· On 14 January 2025, the Group announced that it had signed an agreement with Echelon Resources Limited with binding terms to sell 100% of EP 145 for $400,000, and retain a 5% helium and hydrogen royalty. The disposal is subject to normal conditions, including government approvals which are anticipated to take a few months.
· On 22 January 2025, the Group announced that it had signed an agreement with Westmarket Oil & Gas Pty Ltd (a wholly owned subsidiary of Georgina Energy PLC), selling its EP(A) 155 rights for AU$350,000 (with AU$50,000 payable within 10 days and $300,000 upon grant of license by the Northern Territory Government) and a 2.5% royalty. It was further announced on 20 February that the parties had entered into a formal share sale and purchase agreement with completion subject to government approvals.
· On 29 January 2025, the Group announced that a six month suspension and extension of EP-145 Permit Year Three through 21 August 2025 has been granted by the Northern Territory Minister for Mining and Energy.
· On 3 February 2025, the Group announced the completion of the acquisition of 82.5% working interest in the Sagebrush Project in Colorado, announced on 30 December 2024. This 82.5% interest will be held by Mosman Helium LLC (a wholly owned subsidiary). The effective date of this transaction was 1 January 2025.
· On 26 February 2025, it was announced that Mr Carl Dumbrell would replace Mr Nigel Harvey as Chairman of the Board, effective immediately, with Mr Harvey remaining on the Board as a Non-Executive Director.
There were no other material matters that occurred subsequent to 31 December 2024.
16 Dividends
No dividends have been paid or proposed during the half year ended 31 December 2024.

 

 

Directors' Declaration

 

The Directors of the Consolidated Group declare that:

 

1. The financial statements and notes, as set out on pages 6-23, are in accordance with the Australian Corporations Act 2001:
(a) comply with Accounting Standards, which, as stated in Note 1 - Statement of Accounting Policies to the consolidated financial statements, constitutes compliance with International Financial Reporting Standards (IFRS); and
(b) give a true and fair view of the consolidated financial position as at 31 December 2024and ofthe performance for the period ended on that date of theGroup.
2. This declaration is made in accordance with a resolution of the Board of Directors and is signed by authority for and on behalf of the Directors by:

 

Carl Dumbrell

Chairman

28 March 2025

 

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IR SELSAAEISEED

QHE — Quantum Helium News Story

Mosman Oil & Gas - Half Year Results

Recent news on Quantum Helium

A Year of Transformation and Outlook Ahead of EGM

Publication of OAK Securities Research Report

Successful EPT confirms Helium plus Commercial Oil

Brief: Quantum Helium Is Considering Share Consolidation To Support Potential OTC Listing

Q1 2026 Oil Production & Corporate Update

·	Revenue: $64,542 (H124 $82,684)
·	Gross Profit: $18,955(H124$(10,118))
·	Net loss:$2,537,131(H124$984,851)

·	Reaching agreement with the Ute Mountain Ute Tribe to lease and explore the Coyote Wash area in Colorado, USA where 3D seismic has been used to map large sub-salt helium prospects
·	Acquisition of a further 10% working interest ("WI") in the Vecta Helium Project in Las Animas County, Colorado, USA from Vecta Oil and Gas Ltd, increasing Mosman's total WI in the project to 20%
·	Acquisition of 75% interest in EP-145 from Greenvale Energy Ltd, resulting in Mosman holding a 100% interest and operational control of EP-145
·	Continued oil production at the legacy Cinnabar project

·	Converting the interest held in EP-145 from a capital intensive working interest to a royalty by reaching agreement with Echelon Resources Limited for it to acquire 100% of EP-145 for $400,000, with Mosman retaining a 5% helium and hydrogen royalty
·	Agreement signed with Westmarket Oil & Gas Pty Ltd (a wholly-owned subsidiary of Georgina Energy PLC), selling Mosman's EP(A) 155 rights for AU$350,000 with Mosman retaining a 2.5% royalty
·	Acquisition of 82.5% working interest in the Sagebrush Project in Colorado

Mosman Oil & Gas Limited Andy Carroll CEO acarroll@mosmanoilandgas.com	NOMAD and Joint Broker SP Angel Corporate Finance LLP Stuart Gledhill / Richard Hail / Adam Cowl +44 (0) 20 3470 0470
Alma Justine James / Will Merison +44 (0) 20 3405 0205 mosman@almastrategic.com	Joint Broker CMC Markets UK Plc Douglas Crippen +44 (0) 020 3003 8632

·	US$500,000 initial payment (which was received);
·	Two conditional cash payments of US$250,000 each to be paid within 10 days of the end of June 2025 and June 2026 respectively if the gross production rate average for each intervening period is greater than 150 bbls of oil per day ("bopd");
·	Three additional US$250,000 payments upon achieving gross aggregate production milestones of 100,000 bbls, 200,000 bbls and 300,000 bbls of oil from the effective date of 1 July 2024.
·	The Directors have performed a weighted probability of each tranche of the production milestones and assessed that the expected receivable at period end is US$750k. It is not expected that the US$250,000 milestone payment relating to production for the year ended 30 June 2025 will be achieved.

US PROJECTS
Asset/ Project	Mosman Interest1	Location	Status
Cinnabar	75%	Texas	Producing
Cinnabar Extended	78%	Texas	Exploration
Vecta Helium Project	20%	Colorado	Exploration
Coyote Wash Project2	100%	Colorado	Exploration
Sagebrush Project3	82.5%	Colorado	Producing
Arkoma	27%	Oklahoma	Producing

1.	Mosman's ownership is working interest before royalties. The interest shown is approximate, as there are small variations on individual wells
2.	Tribal Council approval received and announced on 19 December 2024. Subject to Bureau of Indian Affairs approval.
3.	Acquisition completed on 3 February 2025, with the effective date of acquisition 1 January 2025.

·	On 14 January 2025, the Group announced that it had signed an agreement with Echelon Resources Limited with binding terms to sell 100% of EP 145 for $400,000, and retain a 5% helium and hydrogen royalty. The disposal is subject to normal conditions, including government approvals which are anticipated to take a few months.
·	On 22 January 2025, the Group announced that it had signed an agreement with Westmarket Oil & Gas Pty Ltd (a wholly owned subsidiary of Georgina Energy PLC), selling its EP(A) 155 rights for AU$350,000 (with AU$50,000 payable within 10 days and $300,000 upon grant of license by the Northern Territory Government) and a 2.5% royalty. It was further announced on 20 February that the parties had entered into a formal share sale and purchase agreement with completion subject to government approvals.
·	On 29 January 2025, the Group announced that a six month suspension and extension of EP-145 Permit Year Three through 21 August 2025 has been granted by the Northern Territory Minister for Mining and Energy.
·	On 3 February 2025, the Group announced the completion of the acquisition of 82.5% working interest in the Sagebrush Project in Colorado, announced on 30 December 2024. This 82.5% interest will be held by Mosman Helium LLC (a wholly owned subsidiary). The effective date of this transaction was 1 January 2025.
·	On 26 February 2025, it was announced that Mr Carl Dumbrell would replace Mr Nigel Harvey as Chairman of the Board, effective immediately, with Mr Harvey remaining on the Board as a Non-Executive Director.

		Notes	Consolidated 6 months to 31 December 2024	Consolidated 6 months to 31 December 2023 (restated)
			$	$

Revenue			64,542	82,684
Cost of sales		2	(45,587)	(92,802)
Gross profit			18,955	(10,118)

Interestincome			58	348
Other income			10,000	-
Administrativeexpenses			(161,762)	(121,521)
Corporateexpenses		3	(584,411)	(467,567)
Directors fees			(90,000)	(57,880)
Exploration expenses incurred, not capitalised			(112,104)	(7,425)
Employeebenefits expense			-	(48,268)
Finance costs			(5,066)	(5,642)
Share based payments expense		11	(81,486)	-
Amortisation expense		7	(110,297)	(105,815)
Depreciationexpense			-	(6,220)
Impairment expense		8	(1,066,176)	-
Gain/(loss) on foreign exchange			122,205	(5,414)
Loss before income tax expense from continuing operations			(2,060,084)	(835,522)

Income tax expense			-	-

Loss after income tax expense from continuing operations			(2,060,084)	(835,522)

Loss after income tax expense from discontinued operations		4	(477,047)	(149,329)

Net loss after income tax expense for the year			(2,537,131)	(984,851)

Othercomprehensiveprofit
Items that may be reclassified to profit or loss
-	Foreign currency gain/(loss)	11	278,774	(148,877)
Total comprehensive income attributable to members of the entity			(2,258,357)	(1,133,728)

Total comprehensive income for the year attributable to:	Notes	Consolidated 6 months to 31 December 2024	Consolidated 6 months to 31 December 2023 (restated)
Continuing operations		(1,781,310)	(984,399)
Discontinued operations		(477,047)	(149,329)
		(2,258,357)	(1,133,728)

Basic and diluted loss per share from continuing operations (cents per share)		(0.012) cents	(0.010) cents
Basic and diluted loss per share from discontinued operations (cents per share)		(0.003) cents	(0.002) cents
Basic and diluted loss per share (cents per share)		(0.015) cents	(0.012) cents

	Notes	Consolidated 31 December 2024	Consolidated 30 June 2024
		$	$

Current Assets
Cash and cash equivalents		3,481,147	873,365
Trade and other receivables	5	90,014	140,241
Other assets	6	86,667	20,186
		3,657,828	1,033,792
Assets classified as held for sale	4	-	3,227,483
Total Current Assets		3,657,828	4,261,275

Non-Current Assets
Oil and gas assets	7	4,616,694	3,685,367
Capitalisedoil andgas exploration	8	550,000	1,503,925
Trade and other receivables	5	1,206,370	-
Total Non-Current Assets		6,373,064	5,189,292

Total Assets		10,030,892	9,450,567

Current Liabilities
Trade and other payables	9	862,239	1,438,420
		862,239	1,438,420
Liabilities classified as held for sale		-	887,507
Total Current Liabilities		862,239	2,325,927

Non-Current Liabilities
Provisions		93,725	87,966
Total Non-Current Liabilities		93,725	87,966

Total Liabilities		955,964	2,413,893

Net Assets		9,074,928	7,036,674

Shareholders' Equity
Contributed equity	10	46,662,015	42,404,962
Other contributed equity		-	145,029
Reserves	11	1,368,093	904,732
Accumulated losses		(38,955,180)	(36,418,049)

Total Shareholders' Equity		9,074,928	7,036,674

	Accumulated Losses	Contributed Equity	Other Contributed Equity	Reserves	Total
	$	$	$	$	$

Balance at 1 July 2023	(34,295,295)	40,675,340	-	908,094	7,288,139

Comprehensive income
Loss for the period	(984,851)	-	-	-	(984,851)
Other comprehensive income for the period	-	-	-	(148,877)	(148,877)
Total comprehensive loss for the period	(984,851)	-	-	(148,877)	(1,133,728)

Transactions with owners, in their capacity as owners, and other transfers:
New shares issued	-	1,047,856	-	-	1,047,856
Cost of raising equity	-	(67,017)	-	4,145	(62,872)
Total transactions with owners and other transfers	-	980,839	-	4,145	984,984
Balance at 31 December 2023	(35,280,146)	41,656,179	-	763,362	7,139,395

Balance at 1 July 2024	(36,418,049)	42,404,962	145,029	904,732	7,036,674

Comprehensive income
Loss for the period	(2,537,131)	-	-	-	(2,537,131)
Other comprehensive income for the period	-	-	-	278,774	278,774
Total comprehensive loss for the period	(2,537,131)	-	-	278,774	(2,258,357)

Transactions with owners, in their capacity as owners, and other transfers:
New shares issued	-	4,389,733	-	-	4,389,733
Cost of raising equity	-	(277,709)	-	-	(277,709)
Transfer other contributed equity into contributed equity	-	145,029	(145,029)	-	-
Warrants/options issued	-	-	-	184,587	184,587
Total transactions with owners and other transfers	-	4,257,053	(145,029)	184,587	4,296,611
Balance at 31 December 2024	(38,955,180)	46,662,015	-	1,368,093	9,074,928

	Consolidated 6 months to 31 December 2024	Consolidated 6 months to 31 December 2023
	$	$

Cash flows from operating activities
Receipts from customers	74,854	633,460
Other income	10,000	-
Payments to suppliers and employees	(1,148,990)	(875,426)
Interest paid	(5,065)	(5,642)
Net cash outflow from operating activities	(1,069,201)	(247,608)

Cash flows from investing activities
Proceeds from disposal of subsidiaries	755,385	-
Payments for oil and gas assets	(457,084)	(408,786)
Payments for acquisition of new subsidiaries	-	(153,230)
Payments for exploration and evaluation	(112,251)	(71,194)
Net cash inflow/(outflow) from investing activities	186,050	(633,210)
Cash flows from financing activities
Proceeds from shares issued	3,623,524	1,047,856
Payments for costs of capital	(174,606)	(62,872)
Net cash inflow from financial activities	3,448,918	984,984

Net increase in cash and cash equivalents	2,565,767	104,166
Effects of exchange rate changes on cash and cash equivalents	42,015	(10,474)
Cash and cash equivalents at the beginning of the period	873,365	520,613
Cash and cash equivalents at the end of the period	3,481,147	614,305

·	The ability to further vary cash flow depending upon the achievement of certain milestones within the business plan and;
·	The ability of the Company to obtain funding through various sources, including debt and equity.

·	Recent exploration and evaluation results and resource estimates;
·	Environmental issues that may impact on the underlying tenements; and
·	Fundamental economic factors that have an impact on the operations and carrying values of assets and liabilities.

	Consolidated 6 months to 31 December 2024	Consolidated 6 months to 31 December 2023 (restated)
	$	$
2 Cost of Sales
Cost of sales	2,984	3,810
Lease operating expenses	42,603	88,992
	45,587	92,802

	Consolidated 6 months to 31 December 2024	Consolidated 6 months to 31 December 2023
	$	$
3 Corporate Costs
Accounting, Company Secretary and Audit fees	117,303	88,075
Consulting fees - board	172,000	210,000
Consulting fees - other	37,030	33,098
NOMAD and broker expenses	72,756	90,956
Legal and compliance fees	185,322	45,438
	584,411	467,567

	Consolidated 6 months to 31 December 2024	Consolidated 6 months to 31 December 20231
	$	$
4 Discontinued Operations
Revenue	-	451,110
Cost of sales	-	(406,933)
Gross profit
Administrative expenses	-	(83,985)
Amortisation expense	-	(109,521)
Loss on sale of Nadsoilco, LLC2	(477,047)
Loss before income tax expense	(477,047)	(149,329)
Income tax expense	-	-
Loss after income tax expense from discontinued operations	(477,047)	(149,329)

	Consolidated Balance as at 31 December 2024	Consolidated Balance as at 30 June 2024
	$	$
5 Trade and Other Receivables
Current
Joint interest billing receivables	(1,289)	9,023
Deposits	56,113	56,056
GST receivable	30,266	(13,161)
Accrued revenue	-	83,794
Other receivables	4,924	4,529
	90,014	140,241
Non-current
Receivable from sale of Nadsoilco, LLC (Note 4)	1,206,370	-
	1,206,370	-

6 Other Assets
Prepayments	84,128	17,647
Incorporation costs	2,539	2,539
	86,667	20,186

7 Oil and Gas Assets
Cost brought forward	3,685,367	5,780,587
Acquisition of oil and gas assets during the period	807,495	754,831
Capitalised equipment workovers during the period	-	785,767
Amortisation for the period	(110,297)	(439,912)
Transfer to assets held for sale	-	(2,622,912)
Impairment of oil and gas assets	-	(588,217)
Impact of Foreign Exchange on opening balances	234,129	15,223
Carrying value at the end of the period	4,616,694	3,685,367

	Consolidated Balance as at 31 December 2024	Consolidated Balance as at 30 June 2024
8 Capitalised Oil and Gas Expenditure
Cost brought forward	1,503,925	1,420,531
Exploration costs incurred during the period	112,251	83,394
Impairment of oil and gas expenditure	(1,066,176)	-
Carrying value at end of the period	550,000	1,503,925

	$	$
9 Trade and Other Payables
Trade creditors	243,806	457,389
Amounts owing for Vecta Helium project	241,274	679,348
Deposits received	160,000	160,000
Other creditors and accruals	217,160	141,683
	862,239	1,438,420

10 Contributed Equity

Ordinary Shares:
Value of Ordinary Shares fully paid
Movement in Contributed Equity				Numberof shares	Contributed Equity $
Balance as at 1 July 2023:				6,953,904,284	40,675,340
	20/07/2023 05/12/2023 08/02/2023 13/02/2024 07/06/2024 21/06/2024 24/06/2024	Shares issued (i) Shares issued (i) Shares issued (i) Shares issued (iv) Shares issued (ii) Shares issued (ii) Shares issued (ii)	$0.00067 $0.00024 $0.00024 $0.00024 $0.00024 $0.00049 $0.00048	857,142,857 2,000,000,000 2,400,000,000 126,315,789 264,000,000 160,000,000 60,000,000	571,739 476,117 580,912 30,000 63,038 76,809 28,733
Transfer from warrants reserve upon exercise of warrants				-	15,577
Capital raising costs				-	(113,303)
Balance as at 1 July 2024:				12,821,362,930	42,404,962
	01/07/2024 02/07/2024 05/07/2024 05/07/2024 16/07/2024 22/07/2024 26/07/2024 29/07/2024 01/08/2024 16/09/2024 19/09/2024 05/12/2024	Shares issued (ii) Shares issued (ii) Shares issued (ii) Shares issued (ii) Shares issued (ii) Shares issued (ii) Shares issued (ii) Shares issued (iii) Shares issued (ii) Shares issued (ii) Shares issued (i) Shares issued (iv)	$0.00048 $0.00048 $0.00048 $0.00048 $0.00048 $0.00048 $0.00049 $0.00118 $0.00049 $0.00049 $0.00068 $0.00069	224,000,000 80,000,000 220,000,000 600,000,000 80,000,000 340,000,000 120,000,000 650,000,000 16,000,000 100,000,000 4,242,857,144 42,857,144	106,834 38,195 104,550 285,136 38,000 163,673 58,294 766,208 7,881 49,171 2,887,420 29,400
Capital raising costs				-	(277,709)
Balance at the end of period				19,537,077,218	46,662,015

	Consolidated Balance as at 31 December 2024	Consolidated Balance as at 30 June 2024
	$	$
11 Reserves
Foreign currency translation reserve	1,183,506	904,732
Options reserve	184,587	-
	1,368,093	904,732

Foreign Currency Translation Reserve
Foreign Currency Translation Reserve atthe beginning of the period	904,732	890,776
Current movement in the period	278,774	13,956
Foreign Currency Translation Reserve atthe end of the period	1,183,506	904,732

Options Reserve
Options Reserve atthe beginning of the period	-	17,318
Warrants/options issued	184,587	15,577
Transfer from options reserve upon exercise of warrants/options	-	(15,577)
Warrants/options expired	-	(17,318)
Options Reserve atthe end of the period	184,587	-

Share price at issue date	0.0348 British Pence
Exercise price	0.0350 British Pence
Risk-Free Interest Rate	3.68%
Volatility	117%

Share price at issue date	0.0358 British Pence
Exercise price	0.0770 British Pence
Risk-Free Interest Rate	4.04%
Volatility	117%

12 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 the United States. 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, the United States. Unallocated results, assets and liabilities represent corporate amounts that are not core to the reportable segments.
(i) Segment performance
	United States $	Australia $	Total $
Period ended 31 December 2024
Revenue
Revenue	64,542	-	64,542
Other income	-	10,058	10,058
Segment revenue	64,542	10,058	74,600