Sydney - Friday - October 31: (RWE Australian Business News) -...

Sydney - Friday - October 31: (RWE Australian Business News) -
Mosaic Oil NL (ASX:MOS) achieved record revenue of $8.4m from normal
operations in the quarter ended September 30.
This was 23pc higher than the previous record of $6.8m in the
June 2008 quarter and 95pc higher than September 2007 quarter revenue of
$4.3m.
Production increased 7pc to 102,276 barrels of oil-equivalent
from 95,724 in the June 2008 quarter although the figure was lower than
113,067 for the September 2007 quarter.
Mosaic continued to supply gas from the Churchie, Downlands,
Silver Springs and Waggamba areas to existing sales contracts and spot
contracts.
Production is expected to continue to rise in the December
quarter with contribution from successfully drilled wells, although
prices received for oil and LPG are expected to be lower.
"Mosaic Oil remains focused on implementing its strategy of
unlocking shareholder value through an accelerated drilling campaign for
the 2008-2010 period.
"The company successfully completed 2008 drilling program with
nine wells drilled. At present, four wells have been completed and
connected for production, one well (Waggamba-5H) completed for testing
and one exploration well (Freneau-1) cased and suspended for future
completion and testing," directors said.