Mosaic Oil NL advises that its Share Purchase Plan (SPP), which closed Monday 9 November 2009, has successfully raised $ 10,270,122.39.

As previously advised the SPP Issue Price was set at 11.0 cents being a 5% discount to the 5 day Volume Weighted Average Price of the Company’s shares at the SPP Closing Date.

As a result the Company will today allot 93,365,306 fully paid ordinary shares to SPP applicants.

A total of 1208 shareholders representing 13% of all shareholders participated in the SPP.

Alex Parks CEO of Mosaic Oil said, “The Company is delighted with the support demonstrated by its shareholders. In conjunction with the Company’s recent Placement, these funds provide Mosaic with the strong balance sheet necessary to pursue the Company’s strategy to increase activity and commercialise our substantial reserves in Queensland.”

“The funds raised through the SPP and the earlier Placement to sophisticated investors and institutions will be used to finance Mosaic Oil’s exploration and development plans with a particular emphasis on drilling new oil wells to maximise liquid hydrocarbon production rates.”

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