AUSTRALIAN STOCK EXCHANGE ANNOUNCEMENTOffshore Northwest Shelf,...

AUSTRALIAN STOCK EXCHANGE ANNOUNCEMENT
Offshore Northwest Shelf, WA: Hurricane-2 (WA-208P) Update:
Hurricane classified as a new field oil and gas discovery
Key Points:
• Discovery of an approximately 20 metre gross oil column in Hurricane-2 well
• Commercial viability of this discovery will be reviewed by Santos, as operator,
and the Joint Venture
• The Hurricane gas and oil discovery proved the stratigraphic trap concept
• Mosaic Oil holds 6% interest in WA-208P, which contains other stratigraphic
prospects and leads
Mosaic Oil NL (ASX: MOS) advised that the Hurricane-2 oil appraisal well in WA-208P
offshore Carnarvon Basin has discovered oil in the primary target Eliassen Formation
sandstone reservoir.
Hurricane has been classified as a new field oil and gas discovery. Mosaic Oil believes this
discovery provides encouragement for further exploration of other stratigraphic prospects
and leads identified by 3D seismic within WA-208P.
Since the last report on 19 July 2007, a comprehensive wireline fluid pressure and sampling
programme has been completed. Preliminary interpretation of the pressure data and
wireline electric logs suggests that the well has intersected an approximately 20 metre gross
oil column of which approximately 10 metres is net pay. The pressure data and electric
logs have also determined the oil-water contact in the Hurricane-2 wellbore.
Integration of pressure data obtained from both Hurricane-1 and Hurricane-2 wells indicates
that the gas-oil contact is shallower than the intersection of the top of the reservoir in
Hurricane-2. These data indicate the Hurricane structure could contain at least 100 metres
of gross gas column and up to 28 metres of gross oil column.
A gas sample obtained in Hurricane-1 has condensate yield of approximately 100
bbl/mmscf and the oil sample obtained in Hurricane-2 has a preliminary gravity of 30
degree API.
Mosaic Oil Managing Director Mr Lan Nguyen said that: “As a stand-alone development
Hurricane is unlikely be commercial at the present time, however the discovery is
significant in that it confirms both the presence of oil and the stratigraphic trapping concept
in the overall exploration permit, WA-208P.”
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