Sydney, June 17, 2008 AEST (ABN Newswire) - Mosaic Oil (ASX: MOS)(PINK: MSAOF) Announce the Weekly Operations Update - Surat-Bowen Basin, Qld. Waggamba-5H (PL 202 - MOS; 50% gas, 65% free oil/condensate)
Waggamba-5H spudded at 0900 hrs on 14 June 2008. The 12-1/4" surface hole was drilled to 282 metres and the 9-5/8" surface casing was set and cemented at 280 metres.
As at 0600 hrs on 17 June 2008, the well was at 1100 metres and drilling ahead in 8-1/2" hole.
On a trouble free basis, it is expected to take approximately 30 days to drill and evaluate the well, which has a planned total depth of 3400 metres Measured Depth (2638 metres True Vertical Depth or 2365 metres sub-sea).
The Waggamba-5H 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-5H surface location is located approximately 500 metres from the Waggamba Plant tie-in point and approximately 350 metres from the Waggamba-4H surface location.
CS Energy has pre-paid $3.5 million for funding the Waggamba-5H 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-5H. Mosaic Oil will retain 50% of gas production and 65% of free oil and condensate production.
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
| ||
|
