MOSAIC Oil has recorded a solid performance despite falling oil prices, posting a 16% increase in operating revenue to a record A$23.8 million (K59 million) for the 2009 financial year.
The increase, according to the company, was delivered through higher production levels and higher service revenues.
The figure also represented an outstanding achievement in the context of the global financial crisis and its impact on trading conditions during the period.
Mosaic Oil, which has listings on the Australian Securities Exchange and the Port Moresby Stock Exchange, recorded an 18% increase in production, to 480,954 barrels of oil equivalent (boe) for the 2009 financial year.
The company said the record output was the main driver of revenue increases.
Chief executive officer Alexander Parks, in the company’s 2009 annual report released last week, said the company reported a strong performance with growth in production, revenue and reserves.
He disclosed he would continue to work with the board and staff to build on that “very sound platform” next year.
Mr Parks, who joined Mosaic Oil only recently, had great plans for the company which also has exploration and development licences in Australia, New Zealand and PNG.
In the country, its 28.5714% interest in the petroleum retention lease (PRL) 08 over the Kimu gas field is held in the name of the company’s wholly owned subsidiary, Mosaic Oil Niugini Ltd.
PRL 08 is operated by Oil Search Ltd.
Mosaic Oil said Oil Search, as operator of the Kimu gas field, had announced it was actively evaluating opportunities with potential to commercialise the resource.