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Future Plans
The recent tightening of the gas market in Eastern Australia has provided significant gas price uplift opportunities for sales on a spot basis and also for short to medium term contracts. Sustained higher oil prices are expected to improve the LPG price for the 2008 financial year. These factors should provide the Company with continued strong operating revenue and profit outlook for the year.
A comprehensive technical and economic review of the Company's remaining exploration and development drilling opportunities in its existing Surat-Bowen Basin permits has been completed. A substantial number of drilling targets were identified as a precursor to a planned multi-well drilling and seismic program to run initially for a three year period.
This program is designed to accelerate the appraisal and development activities of the Company's oil and largely uncommitted gas reserves and resources in the Surat-Bowen Basin in a high oil and gas price environment.
Mosaic also continues to actively evaluate new venture opportunities as part of the Company's strategy to develop new project areas, including international opportunities.