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Mosaic Oil (ASX:MOS) Weekly Operations Update - Waggamba-4H Surat-Bowen Basin, Qld. 20080429
Sydney, Apr 29, 2008 (ABN Newswire) - Mosaic Oil NL (ASX: MOS)(PINK: MSAOF) ) advises that as at 0600 hrs (EST) on 29 April 2008 the Waggamba-4H gas and condensate development well is at the total depth of 3243 metres (2647.5 metres True Vertical Depth) and is currently pulling out of hole and lying out the drill pipes. The forward plan is to complete the well with the production tubing string and place the well on a clean-up flow prior to connection to the Waggamba gathering network for production testing.
Since the last report, the 6-1/8" horizontal section was successfully drilled from 2906.5 to 3243 metres. The well has penetrated approximately 336 metres of the main Tinowon Sandstone reservoir target with significant gas and oil shows. The gas shows while drilling are generally over 2000 units with peaks over 4000 units and the oil shows contain trace to 95% (generally 20-40%) moderately bright yellow green fluorescence, slow - very slow moderately bright blooming yellow white cut, trace slow bright streaming milky yellow cut.
It is expected, subject to weather, the well will be temporarily connected into the Waggamba gathering network for production testing within the next three weeks.
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).
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.
Taylor-18 (PL 49 - MOS; 100%)
The wellsite is ready for the rig move upon rig release from Waggamba-4H well. The well is a gas/condensate development well targeting the interpreted attic gas reserves updip from the Taylor- 4 and Taylor-12A oil and gas producers.
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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