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Mosaic Oil Confirms Second Successful Target Well of 2008 in Surat-Bowen Basin

Source: 5/15/2008, Location: Not categorized

Mosaic Oil advised that the five-day extended flow test of Waggamba-4H gas/condensate horizontal development well has been successfully completed. During the extended production test to the sales pipeline network, the flow rate stabilised at 1.9 TJ (1.4 mmscfd) of sales gas and 160 barrels of free oil/condensate per day, making Waggamba-4H the first commercially attractive well for Mosaic in Waggamba Field. The well is currently shut in for a pressure build-up survey. Production will resume by 1st June 2008 upon conclusion of the build-up survey.

Waggamba-4H has extended the Lowest Known Gas (LKG) in the Waggamba Field Tinowon Sandstone hydrocarbon pool to 2363 m SS (metres sub-sea).

In addition, as a direct results of production from Waggamba-2 and Waggamba-4H, the proven gas/condensate column, as determined in the 2004 externally audited 2P reserves report, has been extended from 21 metres to 43 metres over the vertical interval from 2320 m SS to 2363 m SS. This provides scope for an increase in the gas and free oil/condensate reserves beyond the current booked remaining 2P and 3P reserves of 6.4 PJ of sales gas and 0.9 million barrels of free oil/condensate, and 26.7 PJ of sales gas and 3.7 million barrels of free oil/condensate, respectively.

Mosaic Oil’s Managing Director Mr Lan Nguyen said “We are very pleased with the results. The sustainable stabilised production rate achieved from the first horizontal well in the Waggamba Tinowon Sandstone gas/condensate pool has proved that development of this field using horizontal drilling technique is commercially attractive”.

“At current product prices this incremental production from Waggamba Field is expected to make a significant addition to the Company’s estimated annual revenue from its existing production stream, with the well expected to pay out within 6 to 12 months.” “We believe that we have again found the key in horizontal drilling to unlock the highly prospective Waggamba Field Tinowon Sandstone gas/condensate reservoirs as we have previously found the key in nitrogen drilling to unlock the Churchie Field Tinowon Sandstone gas reservoirs further to the north,” Mr Nguyen said.

CS Energy Limited has pre-paid $3.5 million for funding the Waggamba-4H drilling, completion and tie-in costs, and is entitled to 50% of gas production and 35% of free oil and condensate production from Waggamba-4H. Mosaic Oil retains 50% of gas production and 65% of free oil and condensate production.

The Waggamba-5H well, under similar funding arrangement with CS Energy Limited as Waggamba-4H, is expected to spud early June.

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