Sydney, Mar 11, 2008 AEST (ABN Newswire) - Mosaic Oil NL (ASX: MOS) advises that the Fairymount-9 (PL 46, Surat-Bowen Basin, QLD) oil development well spudded at 0130 hrs (EST) on 11 March 2008. As at 0600 hrs (EST) on 11 March 2008, the well is at 60 m KB and is drilling ahead in 12-1/4" surface hole.
It is expected on a trouble free basis, to take 11 days to drill and evaluate the well, which has a planned total depth of 2088 m KB.
The Fairymount-9 well is targeting P50 recoverable oil reserve of 83,000 bbls and P10 recoverable oil reserve of 135,000 bbls in the Showgrounds Sandstone reservoir.
Fairymount-9 is located approximately 300 metres north-northeast of the Fairymount-4 well which has produced to date over 205,000 bbls of oil.
Mosaic Oil has a 100% interest in PL 46.
Contact
Mosaic Oil:
Lan Nguyen - Managing Director
TEL: +61-2-9247-9324
Media:
Bill Kemmery - Fortbridge
TEL: +61-2-9331-0655
MOB: +61-400-122-449
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