Oil and gas company Mosaic Oil is cashed up to pursue the strategy of managing director Alex Parks after it raised $10.9 million in a placement at 11.5¢ per share. Shareholders can top up their holding with up to $15,000 in new shares, also at 11.5¢ each. Mr Parks, who joined Mosaic in mid-August, plans to focus the company's efforts in Queensland's Surat and Bowen basins on maximising the production of oil, condensate and LPG. Mosaic is also maturing a number of exploration targets in South Australia's Cooper-Eromanga Basin and in New Zealand. Mr Parks also wants to secure a joint venture partner over Mosaic's depleted reservoirs in the Surat Basin by the end of the year. Mosaic believes the reservoirs would be perfect for storing ramp-up gas for the region's liquefied natural gas developments.
MOS Price at posting:
13.5¢ Sentiment: Buy Disclosure: Held