Sydney, April 9, 2008 AEST (ABN Newswire) - 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.
Since the last report, the 9-5/8" surface casing was set and cemented at 286.8 metres. It is expected, on a trouble free basis, to take approximately 32 days to drill and evaluate the well, which has a planned total depth of 3336 metres Measured Depth (2646 metres True Vertical Depth).
The Waggamba-4H well is targeting mean recoverable reserves of 2.5 BCF of raw gas (approximately 3.3 PJ of sales gas and 0.275 million barrels of associated condensate). The P10 recoverable reserves are estimated at 4.5 BCF of raw gas (approximately 5.94 PJ of sales gas and 0.495 million barrels of associated condensate).
The Waggamba-4H surface location is located approximately 150 metres from the Waggamba Plant tie-in point.
CS Energy has pre-paid $3.5 million for funding the Waggamba-4H drilling, completion and tie-in costs, and will be entitled to 50% of gas production and 35% of free oil and condensate production from Waggamba-4H. Mosaic Oil will retain 50% of gas production and 65% of free oil and condensate production.
Fairymount-9 (PL 46 - MOS 100%)
The downhole rod-insert pumping string and surface pumping unit have been installed and the well has been connected to the central oil storage tanks.
Further information on production rates will be provided to the market when available.
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
| ||
|
