Sydney, Aug 18, 2008 (ABN Newswire) - Mosaic Oil's (ASX:MOS)(PINK:MSAOF) West Boggo Creek-1 exploration well reached total depth of 1987 metres on 16 August 2008. Wireline logs have been run and have confirmed the absence of reservoir quality sandstone in the target Showground Sandstone.
The well is being plugged and abandoned as a dry hole.
The rig will be released from West Boggo Creek-1 later today and will be moved to the next well in Mosaic's 2008 drilling program, Taylor-19 gas/condensate development well (PL 16- MOS 100%).
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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