Mosaic Oil N.L.
Address: 6th Floor, 6-8 Underwood Street SYDNEY NSW 2000
Tel: +61 2 9247 9324
Company descriptionMosaic Oil N.L. (ASX: MOS) is a successful Australian explorer and producer of oil and gas. The company uses profits generated from its existing assets to fund further development and exploration projects with potential to generate shareholder return.
Products and servicesThe Company’s principal producing assets are based in the producing Surat-Bowen Basin of southeast Queensland.
Mosaic’s focus on Queensland now involves:
• Evaluation of the Company’s extensive exploration and production acreage
• Ongoing development of new commercial petroleum plays and discoveries similar to the basin-centred hydrocarbon plays in the Rocky Mountains regions of Alberta, Canada and Wyoming, United States of America
• Greater use of the Company’s own extensive production infrastructure.
In Queensland, Mosaic’s processing facilities deliver revenue and allow the prospect of better financial yields as more discoveries come on line. These facilities are strategically located to support both existing producing fields and new discoveries. They include:
• LPG Processing Plant (Mosaic 50%, Santos 50% & operator)
• Silver Springs Processing Plant (Mosaic 100%)
• Pipelines connecting plants and major fields
• Satellite plants
• Lytton Terminal (33.3% Mosaic)
In April, Mosaic announced it was acquiring a 40% interest in a large block of land located in the Cooper-Eromanga Basin in southwest Queensland. Mosaic will be Operator for the block, which is highly prospective for oil. The last exploration of the block pre-dated 3D seismic technology, but the 2D data set suggests more than 60 structural leads within the permit area.
In addition to its extensive activities in Queensland, Mosaic is building a portfolio of New Zealand holdings. The Company’s exploration focus there is in two well-defined prospective trends in the onshore/near-shore Taranaki Basin: the Eocene coastal reservoir fairway and the Eastern Margin trend.
The Company currently participates in one offshore Australian asset, the Santos-operated joint venture WA-208-P (MOS 6%) on the North West Shelf, WA. This permit contains the Hurricane gas discovery, on which the Hurricane-2 appraisal well was drilled in 2007.