Mosaic Oil has acquired more Permian oil and gas exploration and production acreage in southeast Queensland after Interstate Energy sold the acreage to Mosaic for $500,000.
Mosaic's interest in the Downlands Gasfields and related pipeline as well as the nearby Bainbilla exploration block of 456 sq.km has increased from 42 per cent to between 71% and 83%. Its interest in the Rocky Creek exploration block of 246km has increased from 41.67% to 100%.
Mosaic said it will now accelerate its research and drilling program in the area.
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