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Mosaic Oil N.L. (ASX:MOS) Renewal of Managing Director's Contract
Sydney, July 2, 2008 (ABN Newswire) - Mosaic Oil N.L. (ASX: MOS)(PINK: MSAOF) is pleased to announce that it has entered into a new employment agreement with its Managing Director, Mr. Lan Nguyen.
The agreement will be in place until 30 June 2011, unless terminated earlier in accordance with its terms.
Mr. Nguyen's remuneration package for the year ending 30 June 2009 will be $442,000 and is subject to review at least once every 12 months. Mr. Nguyen is also entitled to a performance based bonus and a capped special allowance which is calculated with reference to the Company's after tax profit performance and replaces a benefit which accrued under Mr. Nguyen's previous employment agreement with the Company.
The Company's Chairman - Mr. David Herlihy said "the renewal of Mr. Nguyen's contract is very positive for the Company at a time when the Company is aggressively pursuing new exploration and development opportunities to unlock value in the Surat-Bowen Basin".
About MOSAIC OIL NL
Mosaic Oil N.L. (ASX: MOS) is a successful junior Australian explorer and producer of oil and gas. The Company's principal producing assets are based in the highly prospective proven producing Surat and Bowen basins of southeast 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 similar to the basin-centred hydrocarbon plays in the Canadian Deep Basin of Alberta and American Rocky Mountain area of Wyoming, and greater use of the Company's own extensive production infrastructure.
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