Sydney, Mar 4, 2008 AEST (ABN Newswire) - Mosaic Oil NL (ASX: MOS)("Mosaic Oil")(PNK: MSAOF) mobilised the Century Resources Rig 7 to the first well site, Fairymount-9 oil development well, on Monday 3rd March 2008, with drilling operations expected to commence on around the 10th March.
The mobilisation represents the commencement of the Mosaic Oil 2008 drilling campaign, and the implementation of Mosaic Oil's accelerated growth strategy following the successful capital raising by the Company at the end of 2007.
The drilling contract with Century Resources for their Rig 7 has provided Mosaic Oil the options to drill up to 15 wells in the Surat-Bowen Basin, Queensland.
Mosaic's Managing Director, Mr Lan Nguyen said he was pleased to be able to advise shareholders of the commencement of the Company's 2008 drilling program.
"We have scheduled 10 oil and gas development and exploration wells, and we are actively working on the plan to expand this drilling program further" Mr Nguyen said.
The drilling campaign in the Surat-Bowen Basin in 2008 will primarily focus on relatively low risk liquids rich gas and oil development wells for increasing production output from the discovered probable reserves and also exploration and appraisal wells for increasing proven and probable reserves. There is a balanced mix of oil and gas/condensate targets in the Triassic Rewan and Showgrounds reservoirs and also in the Permian Tinowon reservoirs.
Mosaic Oil has substantial uncommitted 2P conventional gas reserves in the high growth Queensland gas market, and the Company's infrastructure has plenty of spare capacity, so that any new discovery can be quickly converted into production and revenues.
Contact
Mosaic Oil: Lan Nguyen
Managing Director
TEL: +61-2-9247-9324
Media: Bill Kemmery
Fortbridge
TEL: +61-2-8399-0089
MOB: +61-400-122-449
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