The company announced $7,496,031 in revenue from ordinary activities and a net profit of $1,942,607.

“The effort put into increase oil production – and our growing gas sales – is placing Mosaic in a position for a healthy profit for this financial year,” Mosaic chairman Dr Don Stammer said.

“Our revised gas supply agreement with CS Energy will provide Mosaic shareholders with strengthened revenues into future years.”

First gas and oil production from Waggamba is expected during March. Follow-up work to increase deliverability and 2P reserves will be undertaken over coming months.