Sydney, May 13, 2008 AEST (ABN Newswire) - Mosaic Oil (ASX: MOS)(PINK: MSAOF) Announce the Weekly Operations Update - Surat-Bowen Basin, Qld Taylor-18 (PL 49 - MOS; 100%)

Taylor-18 spudded at 1000 hrs on 8 May 2008. The 12-1/4" surface hole was drilled to 212 metres and the 9-5/8" surface casing string was set and cemented at 208 metres.

As at 0600 hrs on 13 May 2008, the Taylor-18 well was at a depth of 1,672 metres and drilling ahead in 7-7/8" hole.

It is expected, on trouble free basis, to take further 7 days to drill and evaluate the well, which has a planned total depth of 2,040 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. Armstrong-1 (ATP 709P - MOS; 100%)

The wellsite preparation is complete. Century Rig 7 will move to this well upon release from the Taylor-18 well.

Armstrong-1 is an oil exploration well with the Showground Sandstone as the primary target and the Rewan Formation reservoirs as the secondary target.

The Armstrong Prospect Showground Sandstone primary target has the potential to contain an estimated mean recoverable resources of 0.47 million barrels of oil and up to 1.1 million barrels of oil in P10 case.

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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