Sydney, July 21, 2008 AEST (ABN Newswire) - Mosaic Oil (ASX:MOS)(PINK:MSAOF) Provide the Jawsone-1 Drilling Update - Surat-Bowen Basin, Qld; Jawsone-1 (PL 15 Farm-out - MOS 75% & Operator, BOW 25%)
The Jawsone-1 exploration well reached total depth of 1962 metres on 19 July 2008.
Wireline logs have been run and have confirmed the absence of reservoir quality sandstone in the target Showground Sandstone.
The Joint Venture has decided to plug and abandon the well as a dry hole.
The rig will be released from Jawsone-1 later today and will be moved to the next well in Mosaic's 2008 drilling program, West Boggo Creek-1 (PL 16- MOS 100%).
Bow Energy has earned a 25% interest in PL 15 (excluding Boxleigh and North Boxleigh fields) after paying 50% of cost of Jawsone-1.
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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