Mosaic Natural Resources acquired its first asset from ExxonMobil in July 2005. The asset is a gas opportunity located in the southern North Sea block of the UKCS and contains the Tristan North West gas discovery.

Development funding is expected to be in the region of $50m with expected reserves of 30 bcf. Plans are in place to farm-out part of this opportunity and Mosaic is looking to retain 25-50%.

Mosaic expects to drill a single commercialisation program on the license in 2007.

Following completion of a confidentiality agreement, full details of this opportunity are available to interested parties.