MOS 0.00% 16.5¢ mosaic oil nl

Mosaic oil...announcement

  1. 1,669 Posts.
    News Story

    --------------------------------------------------------------------------------

    11/10/2002 09:53:04
    MOS/Partners Offered Retention Licence - 1 Trillion c.ft.Gas

    MOSAIC OIL NL 2002-10-11 ASX-SIGNAL-G

    HOMEX - Sydney

    +++++++++++++++++++++++++
    KIMU GASFIELD RETENTION LICENCE OFFER
    (Mosaic interest 28.6%)

    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).

    Dr H Brady
    DIRECTOR
    Mosaic Oil Niugini

    Joint Venture Partners and their interests are:

    Oil Search Limited (44.60%)

    Mosaic Oil Niugini Ltd (28.6%) - (Mosaic Oil NL 100% subsidiary)

    Omati Oil Pty Ltd (10.7%) - Cue Energy Resources Ltd 100%
    subsidiary)

    Gedd (PNG) Ltd (16.10%)



 
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