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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MOS Price at posting:
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