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Mosaic Oil (ASX:MOS) Spuds 100% Owned Fairymount-9 Oil Well at Surat-Bowen Basin
Sydney, Mar 11, 2008 (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.
About MOSAIC OIL NL
Mosaic Oil N.L. (ASX: MOS) is a successful junior Australian explorer and producer of oil and gas. The Company's principal producing assets are based in the highly prospective proven producing Surat and Bowen basins of southeast Queensland. Mosaic's focus on Queensland now involves accelerated evaluation of the Company's extensive exploration and production acreage, ongoing development of new commercial petroleum plays and discoveries similar to the basin-centred hydrocarbon plays in the Canadian Deep Basin of Alberta and American Rocky Mountain area of Wyoming, and greater use of the Company's own extensive production infrastructure.
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