half year accounts

AUSTRALIAN STOCK EXCHANGE ANNOUNCEMENT
HALF-YEAR FINANCIAL REPORT ended 31 December 2004
Mosaic Oil NL half-year financial report shows it is on track to post record full year revenues as
forecast.
Mosaic’s production from its oil and gas reserves is growing with revenue up for the half by
75% (seventy five) despite some delays in the development of its south east Queensland
Waggamba Filed.
“The effort put into increase oil production – and our growing gas sales – is placing Mosaic in a
position for a healthy profit for this financial year,” reports Mosaic Chairman, Dr Don Stammer.
“Our revised gas supply agreement with CS Energy will provide Mosaic shareholders with
strengthened revenues into future years.”
First modest gas and oil production from Waggamba Field is expected to commence during
March 2005 and follow up work to increase deliverability and 2P reserves will be undertaken
over coming months.


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