MOS 0.00% 16.5¢ mosaic oil nl

new announcement

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    New Wells for Mosaic as Profits Rise
    June 2003 Quarter
    Mosaic Oil Directors note a successful Quarter - the first Full Quarter of Churchie gas sales - with cash receipts
    $700,000 in excess of the corresponding June Quarter in 2002.
    The Churchie 3 well flowed to the Brisbane market in March and was the principal reason for the lift in
    revenue.
    To continue the development of the company, Directors have approved an expected October start to a drilling
    program with up to three planned wells in the Surat Basin - delayed by the loss of the Century 1 Rig to a fire in
    April.
    In its June Quarter 03 Report, Mosaic also reports that:
    • Work over of the East Glen well was successful and extra gas and oil were recovered.
    • Preparation for a 92 kilometre seismic survey east of Silver Springs is underway and the survey will be
    shot in August/September.
    • Feasibility Studies for horizontal drilling in the Tinker area are nearly completed.
    • Installation has begun for facilities at the Churchie gas field which include a dehydrator and a coalescer.
    The installation should be completed in August.
    • A Production Licence Application was lodged over Waggamba - a large structure east of Silver Springs
    - and a Waggamba to Silver Springs pipeline route was surveyed.
    And as reported earlier, Directors of Mosaic Oil N.L. welcome the initiative of JV partner Oil Search,
    examining options for commercialising the Kimu gas field (PNG) in which Mosaic holds equity of 28.6%.
    Mitsubishi Gas Chemical Company Inc. and Itochu Corporation of Japan are participating in a feasibility study
    into the use of Kimu Gas for methanol manufacture and visited the site in the June Quarter.
    SHAREMARKET TURNOVER and NET QUARTERLY PRODUCTION
    Sharemarket turnover: 19 million shares March Quarter 2003: 24 million
    Shareholder numbers: 5,880 March Quarter 2003: 5,997
    Oil Production: 15,564 barrels March Quarter 2003: 14,090 bbls
    Gas Production: 374,938 GJ March Quarter 2003: 256,478 GJ
    LPG Production: 731tonnes March Quarter 2003: 752 tonnes.
 
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