Quantum Helium Limited
Quantum Helium Limited (AIM: QHE), formerly Mosman Oil & Gas Limited (renamed November 2025), is an AIM-listed oil, gas and helium exploration, development and production company. Its principal focus is the Sagebrush (90% working interest) and Coyote Wash (100%) helium and oil projects in Colorado, USA, operated through wholly owned US subsidiaries, with existing oil production and a growing helium resource base. The Group also holds Australian exploration permits (Amadeus Basin, Northern Territory) and royalty interests in other US and Australian acreage.
9 annual reports read, FY2018 to FY2026
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Company website (9)
FY2027Next report expected 6 Nov 2027
- Open the reportJSONComing soonSixty seconds on the FY2026 report
Quantum Helium Limited, formerly Mosman Oil & Gas, explores for and produces helium and oil, mainly in Colorado, USA. In the year to 30 June 2026 its revenue rose 44.0% to AUD 725k, from AUD 504k. Its loss shrank to AUD 3.4m, from AUD 10.3m the year before. Sales grew because of oil production at its Sagebrush project and stronger oil prices. But the cost of running a production test at Sagebrush, and of taking over as the project's operator, meant the company lost money even before overheads. The loss narrowed mainly because the previous year included large one-off write-downs in the value of older oil and gas assets. There were none this year. The company has no borrowings. It raised AUD 13.6m from shareholders, leaving cash of AUD 10.5m at the year end, up from AUD 3.9m. There is no dividend. Management says the company enters the new year in a stronger position and plans a larger test programme at Sagebrush. The auditor gave a clean opinion. However, the report says the company depends on raising more money from shareholders to pay for spending beyond the next twelve months.
From the reportevery line sits on the page it namesWhat drove revenueOil production at Sagebrush, Colorado
Revenue from continuing operations increased during the year, reflecting oil production at Sagebrush and the positive pricing environment
page 5AndRealised oil pricing environment
Second-quarter gross revenue increased to US$207,975 compared with US$108,288 in the first quarter, reflecting continued production, oil recovered during Sagebrush-1 testing and stronger realised oil prices
page 6What moved the marginheadwindCost of sales increased sharply (to $1,783,916 from $222,089) due to Sagebrush-1 EPT and operatorship assumption, driving a negative gross profit
Cost of sales $2 note: cost of sales $1,238,290 (2025: $4,863) plus lease operating expenses $545,626 (2025: $217,226); gross loss $(1,058,708) vs gross profit $281,484 in 2025
page 54AndtailwindNo impairment expense in FY26 versus $4,718,502 in FY25
Impairment expense line nil in FY26 vs $(4,718,502) in FY25, materially reducing net loss
page 40One-offs in the yearA$4.8m charge: Impairment of oil and gas assets (Cinnabar, Arkoma, Vecta)
page 56What management saidQuantum enters FY27 from a materially stronger position than twelve months earlier, with 1.104 Bcf of independently assessed 2U gross helium resources, a proven helium discovery at Sagebrush, existing oil production, a newly identified commercial Leadville oil opportunity, and a substantially expanded inventory of future drilling opportunities.
page 8After the year endOn 1 July 2026 shareholders approved a 100-for-1 share consolidation; consolidated shares commenced trading on AIM on 3 July 2026, reducing shares on issue from 49,985,396,722 to 499,853,967 (subject to fractional entitlement treatment)
page 58The dividendNo amounts were paid by way of dividends since the end of the previous financial period, and the Directors do not recommend a payment of a dividend
page 12Going concern and the auditFinancial statements prepared on a going concern basis; Directors note cash balance of $10,542,583 at 30 June 2026 and reasonable expectation of raising further funding if needed, with capacity to reduce the operating cost structure. Auditor Elderton Audit Pty Ltd issued an unqualified (unmodified) opinion dated 10 September 2026, with two Key Audit Matters: (1) oil and gas assets & exploration/evaluation expenditure recoverability and classification judgement, and (2) non-cash share-based payments valuation/accounting treatment.
page 36The risks it names first- Going concern / funding risk — reliance on ability to raise additional equity funding to meet committed expenditure beyond 12 monthsp.45
- Regulatory/indigenous land risk — Sagebrush and Coyote Wash development dependent on continued approvals and relationships with the Ute Mountain Ute Tribe and the US Bureau of Indian Affairsp.5
- Commodity price risk — pricing, fuel prices and reserve recovery identified as material risks in the Company's risk profilep.28
- Exploration and development risk — recoverability of oil and gas assets and exploration/evaluation expenditure is judgemental, dependent on successful development or sale (flagged as a Key Audit Matter)p.37
Read from C001062-AR-2026-website.
- FY2023Year to 30 Jun 2023 Opens with a free accountThe report, its reading and its figures
- FY2022Year to 30 Jun 2022 Opens with a free accountThe report, its reading and its figures
- FY2021Year to 30 Jun 2021 Opens with a free accountThe report, its reading and its figures
- FY2020Year to 30 Jun 2020 Opens with a free accountThe report, its reading and its figures
- FY2019Year to 30 Jun 2019 Opens with a free accountThe report, its reading and its figures
- FY2018Year to 30 Jun 2018 Opens with a free accountThe report, its reading and its figures