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Wednesday, 07 January, 2009, 22:40 GMT | more >>

Mosaic pumps up the volume



By Upstream staff 

Australia’s Mosaic Oil said that production for the third quarter was 5% higher than the previous quarter, while cash receipts from operations hit A$9.9 million (US$9.25 million) for the period.

The outfit’s production for the January to March quarter rose 5142 barrels of oil equivalent to 103,134 boe from the previous quarter.

Gas production increased by 24% from the Silver Springs/Waggamba area due to a high availability of wells and facilities. The last quarter was affected by a shutdown by a gas customer.

Average daily production of oil from the Silver Springs/Waggamba area was maintained at a rate of about 116 barrels per day for the period.

The company said cash at the end of the quarter was A$23.47 million.

The quarter saw Mosaic kick off its largest ever operated drilling campaign in the Surat-Bowen basin with success at its first target well.


Monday, 28 April, 2008, 02:21 GMT  | last updated: Monday, 28 April, 2008, 02:21 GMT

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