Sydney, June 24, 2008 AEST (ABN Newswire) - Mosaic Oil (ASX: MOS)(PINK: MSAOF) Weekly Operations Update - Surat-Bowen Basin, Qld; Waggamba-5H (PL 202 - MOS; 50% gas, 65% free oil/condensate).
Mosaic Oil NL advises that as at 0600 hrs (EST) on 24 June 2008 the Waggamba-5H gas and condensate development well was at 2668 metres MD (Measured Depth) and is currently drilling ahead in 8-1/2" hole. The forward plan is to continue drilling the 8-1/2" build section to the 7" casing point at approximately 2890 metres.
On a trouble free basis, it is expected to take further 14 days to drill, evaluate and complete the well, which has a planned total depth of 3400 metres MD (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
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