🕐19.04.10 - 02:24 Uhr

Mosaic Oil [ASX: MOS] - Mosaic farms-in to large Cooper-Eromanga Basin exploration permit



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Mosaic Oil [ASX: MOS] - Mosaic farms-in to large Cooper-Eromanga Basin exploration permit

Australian oil and gas producer, Mosaic Oil NL (ASX: MOS) has entered into a farm-in agreement with Discovery Geo Corporation, Tamark Pty Ltd and CG Operating, Inc (Farmors) to earn a 40% interest in ATP 1056P, located on the prospective southeast Cooper oil fairway in southwest Queensland.

Highlights
* A 40% interest in ATP 1056P for consideration of approx A$16 million
* Work program will include the acquisition of 600 square kilometres of 3D seismic and the drilling of up to ten exploration wells
* Block covers more than 3,800 square kilometres in a proven oil fairway

Under the terms of this farm-in agreement, Mosaic will be assuming the Operatorship from the original permit applicant, US-based, Discovery Geo Corporation and will fund 50% of the cost of 600 square kilometres of 3D seismic and 50% of the drilling of ten exploration wells.

Find more details in the attached announcement.

For further information, please contact:

Investor Relations:
Sally Highducheck, Mosaic Oil
+61 2 9247 9324


Media: Bill Kemmery, Fortbridge
+61 400 122 449


Steve Rotherham, Fortbridge
+61 421 488 320



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