17 July 2007 AUSTRALIAN STOCK EXCHANGE ANNOUNCEMENT Offshore Northwest Shelf, WA: Hurricane-2 (WA-208P) Drilling Update Operation as at 6.00 a.m. WST on 17th July 2007 was drilling ahead in 8-1/2” hole at 3206 m RT in the Eliassen Formation reservoir section. The well encountered the Eliassen Formation reservoir target close to prognosis. Elevated mud gas readings and up to 80% hydrocarbon fluorescence with moderately fast streaming cut and thick residue have been observed over the reservoir interval. The significance of these shows will be evaluated once the well has reached total depth and wireline logging operations have been completed. The planned total depth is approximately 3280 m RT. Hurricane, situated in the eastern part of WA-208P, is a large fan play with the potential to contain 40-50 million barrels of recoverable oil. Participants in WA-208P are: Santos Group (Operator) 31.31% Apache Energy Ltd 34.03% ENI Australia BV 18.66% Mosaic Oil N.L. 6.00% Beach Petroleum Ltd 10.00% For further information contact: Mosaic Oil: Lan Nguyen – Managing Director on 02 9247 9324 Media: Bill Kemmery – Fortbridge on 0400 122 449
MOS Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
