🕐06.04.09 - 02:51 Uhr

Mosaic Oil [ASX: MOS] - Mosaic signs agreement with Santos to acquire the remain
ing interest in the Churchie Field in the Surat-Bowen Basin



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Mosaic Oil [ASX: MOS] - Mosaic signs agreement with Santos to acquire the remaining interest in the Churchie Field in the Surat-Bowen Basin

Australian Oil and Gas producer, Mosaic Oil N.L.

(ASX: MOS) has today signed an agreement with Santos Ltd (ASX: STO) to acquire Santos� interest in several production licences with the associated pipeline licences, production facilities, gas sales contracts and exploration permits in the southern Surat-Bowen Basin.

The agreement has an effective date of 1 January 2009.

The key metrics of this acquisition are:
� A significant increase in 2P & 3P gas reserves;
� A significant increase in Profit and Revenue
� An acquisition which is EPS positive for Mosaic Oil from day one;
� An attractively priced acquisition when compared with other recent transactions;
� Increases the development options for Mosaic Oil.

All production licences, pipeline licences and exploration permits involved in this transaction are currently operated by Mosaic Oil.

Mosaic Oil�s Managing Director Lan Nguyen said the acquisition was of both commercial and strategic value to the Company.

Please find attached a release with more details on the agreement.


For further information contact:
Mosaic Oil: Scott Brown � Chief Financial Officer on +61-2 9247 9324
Media: Bill Kemmery � Fortbridge on +61-2 9331 0655, mob 0400 122 449


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