Sydney, Oct 31, 2008 (ABN Newswire) - Mosaic Oil NL (ASX:MOS)(PINK:MSAOF) has released today its Quarterly Activities Report for September 2008.
Mosaic Oil remains focused on implementing an accelerated drilling campaign for the 2008-2010 period at the Surat-Bowen Basin, Queensland, Australia.
The Company successfully completed 2008 drilling program with 9 wells drilled. At present, 4 wells have been completed and connected for production, one well (Waggamba-5H) completed for testing and one exploration well (Freneau-1) cased and
suspended for future completion and testing.
KEY POINTS IN THIS REPORT:
September 2008 Quarter delivers:
- Overall production increase of 7%
- Drilling success at Taylor-19 and Freneau-1
- Cash receipts of A$8.4 million for the Quarter
- An average oil price for the Quarter of US$123.40/bbl or A$154.82/bbl.
- Cash at the end of the Quarter of A$19.3 million.
Surat-Bowen Basin, QLD:
- Multi-well 2008 drilling program completed with 9 wells drilled
- Taylor-19 was completed as a gas/condensate producer
- Freneau-1 exploration well was cased and suspended for future completion and testing after encountering a total of 9.1m log interpreted net gas pay within
Permian sandstone reservoirs
Onshore Taranaki Basin, New Zealand:
- Successful bidder for PEP51151
Mosaic Oil remains focused on implementing an accelerated drilling campaign for the 2008-2010 period at the Surat-Bowen Basin, Queensland, Australia.
The Company successfully completed 2008 drilling program with 9 wells drilled. At present, 4 wells have been completed and connected for production, one well (Waggamba-5H) completed for testing and one exploration well (Freneau-1) cased and
suspended for future completion and testing.
KEY POINTS IN THIS REPORT:
September 2008 Quarter delivers:
- Overall production increase of 7%
- Drilling success at Taylor-19 and Freneau-1
- Cash receipts of A$8.4 million for the Quarter
- An average oil price for the Quarter of US$123.40/bbl or A$154.82/bbl.
- Cash at the end of the Quarter of A$19.3 million.
Surat-Bowen Basin, QLD:
- Multi-well 2008 drilling program completed with 9 wells drilled
- Taylor-19 was completed as a gas/condensate producer
- Freneau-1 exploration well was cased and suspended for future completion and testing after encountering a total of 9.1m log interpreted net gas pay within
Permian sandstone reservoirs
Onshore Taranaki Basin, New Zealand:
- Successful bidder for PEP51151
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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.
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