Sydney, July 21, 2008 (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.
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.
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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