Sydney, Aug 26, 2008 (ABN Newswire) - Mosaic Oil's (ASX:MOS)(PINK:MSAOF) Taylor-19 spudded at 2000 hrs on 24 August 2008. 12-1/4" surface hole was drilled to 221 metres and the 9-5/8" surface casing string was run and cemented to 218.7 metres. Current operation as at 0600 hrs on 26 August 2008 was rigging up the Blow Out Preventer stack.
Taylor-19 (PL 16 - MOS 100%)
Taylor-19 is a gas/condensate development well targeting the Showground Sandstone in the gas cap area located approximately 1 km north-northeast and updip from the Taylor-16 gas and oil producing well. The Taylor-19 compartment is estimated to contain up to 2.8 BCF of gas and 0.28 million barrels of oil and condensate.
It is expected, on a trouble free basis, to take further 10 days to drill and evaluate the well, which has a planned total depth of 2054 metres.
Silver Springs-6 Walloon CSG (PL 16 - MOS 100%)
The well has been put on pump for production testing on 21 August 2008. An update will be provided in the September 2008 Quarterly Report.
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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