 STOP PRESS: for all news announcements including the latest drill results from the Surat-Bowen Basin please visit the Recent ASX Releases.
With over $16 million raised at the end of 2007, and new agreement worth $7.0 million with CS Energy, Mosaic Oil has the funds to implement the Company’s accelerated growth strategy and its 2008 drilling program. The Company has already launched the 2008 program with two successful target wells. Fairymount-9 (PL 46, Surat-Bowen Basin, Qld) was the first target and the first successful well of the 2008 drill program. In March 2008, Mosaic Oil advised the market that the Fairymount-9 oil development well had been completed as a Showgrounds Sandstone oil producer. Shortly after, the Century Rig 7 was moved to Waggamba-4H (PL 202, Surat-Bowen Basin, Qld) which also proved successful for the company after drilling commenced in April. Mosaic Oil will continue to focus on the lower risk liquids rich gas and oil development wells for increasing production output and cashflow from the discovered probable reserves in the region. Any additional production and the cash flow generated will position the Company well for its accelerated growth strategy for the next two to three years. Mosaic Oil has immediate plans to target 10 wells per year over the next three years, during which time the Company will undertake a total drilling, seismic and development program in the Surat-Bowen Basin estimated at $35-40 million. |
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