Sydney, May 6, 2008 AEST (ABN Newswire) - 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.
The well will be connected to the Waggamba gathering network for production testing within the next two weeks.
Taylor-18 (PL 49 - MOS; 100%)
As at 0600 hrs on 6 May 2008, the Century Drilling Rig 7 is being rigged up on the Taylor-18 wellsite. The drilling operations are expected to commence within the next 24 hours.
It is expected, on trouble free basis, to take approximately 12 days to drill and evaluate the well, which has a planned total depth of 2040 metres
Taylor-18 is a gas/condensate development well targeting the interpreted attic gas reserves updip from the Taylor-4 and Taylor-12A oil and gas producers. The potential P50 reserves for Taylor-18 are 2 PJ (Petajoule) of sales gas and 75,000 bbls of condensate.
Taylor-18 is located approximately 350 metres from the tie-in point at the Taylor-4 well. Updated drilling schedule is attached.
MOSAIC OIL - SURAT-BOWEN BASIN 2008 DRILLING SCHEDULE-----------------------------------------------------------------------Permit/Well Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08-----------------------------------------------------------------------PL 46Fairymount-9 O-----------------------------------------------------------------------PL202Waggamba-4H OGWaggamba-5H OG-----------------------------------------------------------------------PL 16Taylor-18 OGSoldier-1 (ex Taylor-14 SW) *G West Boggo Creek-1 **O-----------------------------------------------------------------------ATP 709PArmstrong-1 OFreneau-1 G-----------------------------------------------------------------------PL 15Jawsone-1 **O-----------------------------------------------------------------------PL192Churchie-11 **G ----------------------------------------------------------------------- O = Oil Target OG = Oil & Gas Target G = Gas Target-----------------------------------------------------------------------Important Note: The timing, name and sequence of wells may be revised due to logistics and other approval processes* Subject to the farmout** Subject to Joint Venture and/or Board Approval-----------------------------------------------------------------------
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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