Mosaic Oil NL (ASX:MOS) Announce Successful Gas/Condensate Development Well Taylor-18Friday May 16 10:29 AMWireline logs and a pressure survey have been run. The wireline log interpretation has indicated that the well encountered approximately 2.5 metres of net gas/condensate pay over an interval from 1994 metres to 1999 metres in the upper part of the Showgrounds Sandstone Formation. The results have confirmed the presence of interpreted attic gas/condensate reserves located updip from the Taylor-4 and Taylor-12A oil and gas producers. The Taylor-18 well will be cased and suspended with Century Rig 7. The well will be completed for production within 2 weeks by a workover rig currently operated by Mosaic Oil in the area. Taylor-18 is expected to be connected to the Taylor gathering network by as early as the end of June 2008. Mosaic Oil's Managing Director Mr Lan Nguyen said "It is always pleasing to see another successful well. The success confirms the Company strategic intent of moving 3P and 2P hydrocarbon reserves into proven producing reserves within our Surat-Bowen Basin producing assets". Mosaic Oil has a 100% interest in PL 49. About MOSAIC OIL NL: Mosaic Oil N.L. (ASX: MOS.AX) 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 Source: MOSAIC OIL NL Copyright (C) 2008 ABN Newswire. All rights reserved. |
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