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Mosman Oil & Gas Ltd on Friday reported a wider loss in financial 2025, as it progressed an exit from its legacy oil business. The Sydney-based mining company targets helium, hydrogen and hydrocarbons in the US and Australia said its pretax loss for the year that ended June 30 widened to A$7.3 million from A$1.5 million. Revenue on continuing operations more than doubled to A$503,573, or £246,115, from A$186,232 a year earlier. However, Mosman noted: ‘On a consolidated basis, revenue decreased materially compared with the prior year due to the absence of revenue from discontinued operations following the divestment of oil assets.’ Business which was discontinued in financial 2025 had contributed $1.1 million to revenue in financial 2024. Though residual production continued at legacy assets, Mosman said this was no longer material. The firm booked impairment expenses of A$4.7 million in financial 2025, compared to none the year prior. It noted that drilling at its 20%-owned Vecta project was ‘unsuccessful’ that it has impaired the full balance of the project. Its cash balance was A$3.9 million at the end of June, improved from A$873,365 on-year. ‘The company remains in an early-stage development phase, with losses consistent with its investment in exploration and project advancement,’ Mosman said on Friday. It plans to focus on drill tests at its Sagebrush helium project as it eyes possible helium targets. This follows an announcement on Monday that it has approval from the Ute Mountain Ute Tribal Council for a $150,000 bond required to become a mine on tribal land in Colorado. The bond covers activities across the Sagebrush and Coyote Wash projects, making it a ‘pivotal’ achievement, according to Interim Chief Executive Howard McLaughlin. Mosman has an 82.5% stake in Sagebrush, where it is targeting drilling in financial 2026. Mosman shares were down 6.4% at 0.031p on Friday afternoon in London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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