Mosaic Oil
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Address
3rd Floor,
6-8 Underwood Street
Sydney NSW 2000
Australia
Tel (612) 9247 9324
Fax (612) 9241 1655
Web http://www.mosaicoil.com
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Capex
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.Production
Production for the half-year to December 2007 was 211,000 BOE (barrels of oil equivalent) compared to 215,000 BOE and 198,000 BOE for the previous half-years to December 2006 and to June 2007 respectively.
During the December 2007 half, the net production to Mosaic on BOE basis from the Silver Springs/Waggamba area has surpassed the Churchie area, which had lowered due to natural production decline. The production contribution was increased by 61% from the Downlands area and 3% from the Silver Springs/Waggamba area over the previous corresponding half-year to December 2006.
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Offices
Australia
Head Office
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