By Michael Susin
Mosman Oil & Gas shares fell after the group reported lower production figures for the first quarter of fiscal 2024.
Shares at 0814 GMT were down 19% at 0.02 pence.
The oil company said Monday that net production was 3,564 barrels of oil equivalent for the quarter ended Sept. 30, compared with 5,937 barrels in the prior quarter.
The company said the fall was mainly due to lower production at Cinnabar-1 and Stanley-5 given the pending installation of a jet pump.
“Whilst there are significant oil Reserves at Cinnabar, we need to do better with production rates and technical work continues to enable us to achieve this. We have successfully demonstrated the benefits of jet pumps at Stanley and are working to improve overall production for the December Quarter,” Chief Executive Andy Carroll said.
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