The Directors of Mosaic Oil report the offer of a 5 year retention licence from the Government of Papua New Guinea to the Joint Venture partners in the Kimu Gasfield in Papua New Guinea.
The Directors welcome the offer of a retention licence over the Kimu gasfield by the Papua New Guinea Minister for Petroleum and Energy - the Honourable Moi Avei (KBE MP).
Mosaic Niugini (a wholly owned subsidiary of Mosiac Oil NL) holds a 28.6% interest in the Kimu gas discovery made in January 1999 which has estimated recoverable reserves in excess of 1 trillion cubic feet of gas.
The Joint Venture is required to review both traditional (via a pipeline) and non-traditional use of the gas (LNG).
