Mosaic puts pieces together in 2007

MOSAIC Oil’s quarterly revenue has hit new highs of $5.5 million, almost 20% higher than the previous three-month period, while its production has also exceeded expectations.

In a report to shareholders, the Sydney-based company said its full-year revenue of $18.4 million was 15% higher than the 2005-06 financial year.

Annual production also rose to 412,989 barrels of oil equivalent, a 10.4% increase on last year’s result and exceeded earlier predictions of 410,000 boe.

“The production figures reflect an excellent effort by Mosaic’s staff in the low-cost production optimisation program in the Silver Springs area and a successful exploration and development drilling program in Churchie West, Downlands and Waggamba areas,” Mosaic said.

The company said Silver Springs area production in 2007 was 742,811GJ of gas and 42,674 bbl of oil-condensate (160,022 boe) – an overall 82% increase compared to the previous financial year.

Mosaic said it would continue exploring in the region of its major production assets and infrastructure in the Surat-Bowen Basin.

The company is also involved in exploration and appraisal programs in its North West Shelf and PNG permits.

At the end of June, Mosaic had 11.49 million boe reserves.