Cooper Buys Stake in Mosaic

Mosaic Oil NL on Wednesday said that it welcomes the announcement from Perth based Cooper Energy (COE) of its purchase of just over 6% of Mosaic Oil - at an average price of 16.1 cents.

The Chairman of Mosaic, David Herlihy, said Mosaic has met with the CEO and Director of Cooper Energy, Michael Scott, in relation to Cooper Energy's holding in MOS and, in those Discussions, noted similarities between the two companies.

"We discussed areas which might be of mutual interest to both our companies' shareholders," said Herlihy. "Our discussions explored the joint opportunities for collaboration between the two companies. We see this as a vote of confidence in Mosaic's current and future business development and strategies."