🕐02.11.09 - 00:25 Uhr

Mosaic Oil [ASX: MOS] - Quarterly Report September 2009



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Mosaic Oil [ASX: MOS] - Quarterly Report September 2009

Mosaic Oil (ASX: MOS) announces that the September quarter has seen the start of a new chapter for Mosaic, with a new CEO appointed, new wells on stream and an SPP in progress.

CORPORATE HIGHLIGHTS
* Alexander Parks appointed as CEO in August.
* Dr John Armstrong appointed to the Mosaic board.
* Successfully raised $10.9 million by way of a placement of 94.74 million shares at 11.5 cents.
* Mosaic also announced a Share Purchase Plan (SPP) for existing Mosaic shareholders expected to be at the same price.

The closing date of The SPP is 9 November 2009.
* Entered into a Joint Venture with Beach and IOR for the crude oil tank 1020 at Lytton, Queensland.
* Settled the acquisition of Santos�s 51% interest in the Churchie gas field and other production and exploration permits in the Surat Basin.
* Cash receipts of $6.583 million for the quarter.

OPERATIONAL HIGHLIGHTS
* Churchie-11, Taylor-20, Taylor-22 and Waggamba-5H all came online in the September quarter.

Despite this, overall production was 7% lower than the previous quarter due to a temporary customer shutdown.
* Mosaic forecasts significantly higher gas and condensate production in the December quarter.
* Completed the 2D seismic interpretation of ATP 608P Stratton Block farm-in.
* Mosaic continued discussions with potential customers for the underground gas storage project (SSUGS).
* Commenced acquisition of a 2D seismic program in PEP 51151, Taranaki Basin, New Zealand.

Please find details in the report by clicking here:
http://clients.weblink.com.au/clients/mosaicoil/article.asp?asx=MOS&view=2571186

For further information, please contact:

Alex Parks
CEO
Mosaic Oil
+612 9247 9324

Media:
Bill Kemmery
Fortbridge
Mob: +61 400 122 449
Email:


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