Mosaic Oil NL (MOS)

Shares / Stock Code

MOS

Stock Exchange / Sharemarket

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Mosaic Oil NL (MOS) is a junior oil and gas exploration and production Company, with operations in Australia, New Zealand and Papua New Guinea. MOS floated on the Australian Stock Exchange on 23rd February, 1989. MOS is also listed on the New Zealand and Port Moresby Exchanges. During the fiscal year ended June 30, 2008, the oil production of Mosaic was 409,156 barrels of oil equivalent (BOE). The Company holds substantial producing assets in the highly rich Surat and Bowen basins of south east Queensland. MOS is the third largest landholder in Surat basin and it is undertaking exploration activities there. The Company is also focused on the evaluation of its wide exploration and production acreage in Queensland, with continued development of new commercial petroleum plays and discoveries having similar traits as the basin-centred hydrocarbon plays in the Canadian Deep Basin of Alberta and American Rocky Mountain area of Wyoming. Mosaic aims to make the most use of its wide-ranging production infrastructure. MOS was also the first Australian company to drill a reservoir zone with pure nitrogen, a widely used technique in America. In PNG, Mosaic and Oil Search jointly owns the Kimu gas reserve, which has an estimated resource of more than 1 trillion cubic feet (TCF) of recoverable gas. The Company aims to seek new ventures providing early development and delivering near term cash flow, together with seeking for new opportunities having the potential to support longer term growth of the Company.

Mosaic Oil NL History

MOS was created for undertaking production activities in the Surat basin, to produce a small cash flow to fund an extensive exploration program. Mosaic became floated on the Australian Stock Exchange (ASX) in 1989. The Company announced the takeover of Petroz's Surat basin assets valued at $5M in January 2000. It ceased the operations of Timor Sea in May 2001.