Mosaic Oil NL (ASX:MOS) Financial Report For The Half Year Ended 31 December 2008

Mosaic Oil NL (ASX:MOS)(PINK:MSAOF) principal activities of the consolidated entity during the half year were the production, development and exploring for oil and gas. There was no significant change in the nature of the consolidated entity's activities during the half year.

Review and results of operations

Total revenue for the half year was A$13,117,000, an increase of 40.1% over the previous corresponding periods' A$9,360,000. Revenue from sales and services for the half were A$12,445,000, an increase of 34.8% (2007: A$9,233,000).

Production increased by 8% for the half-year to 31 December 2008 of 229,229 BOE (barrels of oil equivalent) compared to 211,058 BOE and 198,098 BOE for the previous half-years to 31 December 2007 and to 30 June 2008 respectively.

The half-year result reflects the higher production and sales of natural gas, LPG and Oil/Condensate production and strong sales from the Surat-Bowen Basin operations. Oil/Condensate production for the half year was also up 17.8%.

Operating Result

The consolidated profit for the half year ended 31 December 2008 was A$3,117,000 (2007 A$2,305,000). Earnings before interest, income tax, depreciation and impairment charges for the half was A$5,304,000 (2007 A$3,806,000) an increase of 39.4%.

Subsequent events

Since 31 December 2008 no matter or circumstance has arisen which has significantly affected or which may significantly affect the operations of the company or of a related entity.

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