Sydney, Sept 22, 2008 (ABN Newswire) - Mosaic Oil NL (ASX:MOS)(PINK:MSAOF) is pleased to advise that the Taylor-19 gas/condensate development well has been successfully completed for production.
After clean-up flow, the Taylor-19 well has flowed at a stabilised rate of approximately 10 MMscfd (million standard cubic feet per day) of gas through a 47/64" choke with stabilised flowing pressure of 800 psi over a two hour flow period.
Mosaic Oil's Managing Director Mr Lan Nguyen said "The initial results from the clean-up flow are very encouraging. This flow rate and flowing pressure are better than expected and consistent with the stabilised flow rates and flowing pressures seen in other gas wells in the Taylor Field. The success confirms the Company strategic intent of moving Possible hydrocarbon reserves into Probable and Proven hydrocarbon reserves within our Surat-Bowen Basin assets".
The Taylor-19 well will be connected to the Silver Springs gathering network by the end of October 2008 for production.
Mosaic Oil has a 100% interest in PL 16.
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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