Mosaic Oil FY net profit $1.12m, record revenue 09:50, Thursday,...

Mosaic Oil FY net profit $1.12m, record revenue

09:50, Thursday, 1 September 2005

Mosaic Oil NL (ASX:MOS) reported a net profit of $1.12 million for the
year to June 30 2005, against a loss in the previous year of $1.1m.
Record revenue of $16.89 million compared with $7.5 million in
the prior year.
Earnings per share was 0.27c against a loss of 0.3c.
Mosaic achieved record gas, oil/condensate and LPG production and
sales from its Churchie Field and other Surat-Bowen Basin oil and gas
fields.
Plans are underway to increase oil and gas production from
existing wells using specialised production enhancement techniques.
Mosaic said it was in an excellent position to take advantage of
the high oil price and its two gas marketing contracts that allow the
sale of all hydrocarbons that the company can produce.
Mosaic shares were 22.5c, up 0.5c.