Mosman Oil and Gas reported a production increase of two-thirds in the year to 30 June 2022, with an even higher percentage increase in the final quarter.
Net production over the year totalled 37,915 oil barrels equivalent (boe) while production for the June quarter was 24,495 boe gross and 8,815 boe net or a 73% rise compared to a year earlier.
Production has risen again since the year-end said Mosman said, due to ongoing workovers at the Stanley project with previous gas producer Stanley-4 now also pumping oil,at up to as much as 64 barrels a day, added the statement.
Mosman added it has also brought in a new strategic partner at the Cinnabar Well, where it has a 75% working interest.
A drilling contract has been signed and well casing secured with the spud date now scheduled to be late August, it said.
Production estimates remain at 120 boepd gross with pre-drill costs at US$0.2mln and drill costs an estimated US$1mln.
John W Barr, chairman, said: "Mosman is pleased to report a significant uplift in annual net production, delivering on the strategic plan to increase production.
“Whilst commodity prices are strong, workforce staff shortages due to Covid19 are affecting all operations and there is limited availability of drilling and workover rigs.
" The Cinnabar well is planned and funded and is currently scheduled to spud in late August.”