Mosaic Oil Nl

Mosaic Oil NL (ASX: MOS)(PINK: MSAOF) advises that the well was successfully completed with the production tubing string. On clean-up flow the well flowed at a stabilised rate of approximately 4 mmscfd through a 30/64" choke with stabilised flowing pressure of 750 psi. The rig was released at 2400 hrs on 2 May 2008.

Mosaic Oil NL (ASX:MOS) is pleased to advise that the Waggamba-4H gas/condensate horizontal development well has been successfully completed for production.

Mosaic Oil NL (ASX: MOS)(PINK: MSAOF) ) advises that as at 0600 hrs (EST) on 29 April 2008 the Waggamba-4H gas and condensate development well is at the total depth of 3243 metres (2647.5 metres True Vertical Depth) and is currently pulling out of hole and lying out the drill pipes. The forward plan is to complete the well with the production tubing string and place the well on a clean-up flow prior to connection to the Waggamba gathering network for production testing.

Mosaic Oil NL (ASX: MOS)(PNK: MSAOF) commenced the Company's largest ever operated drilling campaign in the Surat-Bowen Basin with success at its first target well. The 2008 drilling campaign is a key component of Mosaic Oil's accelerated growth strategy and follows the recent capital raising of $17 million (net) and an additional drilling funding of $7 million from CS Energy for two Waggamba horizontal wells.

On a fully diluted basis, Mosaic (ASX: MOS)(PNK: MSAOF) has a risk adjusted target value of 24 cps. Strachan Corporate calculates that net of corporate costs, Mosaic Oil has an underlying value for its hydrocarbon reserves and infrastructure assets of $93 million, which is 33% above its current market capitalisation of $70 million. In addition, the company is assessed to have risk adjusted value of $64 million for its exploration assets in Australia and PNG.

Mosaic Oil NL (ASX: MOS) advises that as at 0600 hrs (EST) on 15 April 2008 the Waggamba-4H gas and condensate development well is at 2635 metres and is currently running back in hole after changing out the bit and the bottomhole drilling assembly. The forward plan is to continue drilling the 8-1/2" build section to the 7" casing point at approximately 2900 metres.

Mosaic Oil NL (ASX: MOS) advises that as at 0600 hrs (EST) on 8 April 2008 the Waggamba-4H gas and condensate development well is at 2061 metres and is currently conditioning the hole prior to pulling out of hole. The forward plan is to change out the current vertical drilling assembly to the directional drilling assembly and to commence drilling the 8-1/2" build section to the 7" casing point at approximately 2900 metres.

Mosaic Oil (ASX: MOS)(PNK: MSAOF) Provide the following weekly update for the Surat-Bowen Basin operations.

Mosaic Oil NL (ASX: MOS) has published an activities update outlining the Company's drill program and targets in the Surat-Bowen Basin, Queensland for 2008

Mosaic Oil NL (ASX:MOS) advises that as at 25 March 2008, the Fairymount-9 oil development well has been completed as a Showgrounds Sandstone oil producer.