Mosaic Oil
Intrasia Capital is a substantial shareholder in Mosaic Oil N.L. (Mosaic), a publicly-listed (ASX:MOS) successful Australian producer of oil and gas.
The Company’s principal producing assets are based in the highly prospective proven producing Surat and Bowen basins of south east Queensland. Mosaic’s focus on Queensland now involves accelerated evaluation of the Company’s extensive exploration and production acreage, ongoing development of new commercial petroleum plays and discoveries, and greater use of the Company’s own extensive production infrastructure.
In Queensland, Mosaic’s processing facilities deliver revenue and allow the prospect of better financial yields as more discoveries come on line.
In addition to extensive on-shore activities in Queensland, the Company currently participates in one off-shore Australian asset, the Santos-operated joint venture WA-208-P (MOS 6%) on the North West Shelf, WA. This permit contains the Hurricane gas discovery, on which the Hurricane-2 appraisal well has recently been drilled. Hurricane-2 (Operator Santos) – a new oil and gas discovery – has provided encouragement for further exploration of the permit, which will be evaluated by the Joint Venture of which Moasic Oil is part later in 2007.
Internationally, Mosaic has an interest in the Oil Search-operated Kimu gas field (PRL 08; MOS 28.6%) in Papua New Guinea with an estimated resource of over 1 trillion cubic feet (TCF) of recoverable gas.