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Mosman Continues Drilling at NZ's Petroleum Creek Project

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Mosman Oil & Gas, the New Zealand and Australia focused oil exploration and development company, provides update Monday on drilling at its Petroleum Creek Project in New Zealand.

At 08.00 (NZ time) on Monday June 16, Cross Roads-1 had reached a depth of 1, 027 feet (313 meters). At 790 feet (241 meters) the Cobden limestone was encountered and the cuttings sample from this depth had oil shows (cut and fluorescence), following which the decision was made to set and cement 7 inch casing and to install the Blow Out Preventer (BOP). Coring commenced on the 14th and continues. To date the Cobden limestone has good oil shows to 813 feet or 248 meters (cut and fluorescence) and this formation has good matrix and fracture porosity.

As announced, the Company was advised (in accordance with the NZ legislation) that the data from work completed on the Eight Mile formation met the definition of a discovery and was required to be reported to the Regulator, NZPAM. This report was lodged June 13.

The well testing programs will be finalized when the drilling of each well is completed, as this will determine factors such as additional casing strings to be run, zones to be tested and equipment requirements.

Mosman has started to plan an appraisal program that may include seismic and/or additional wells. Management are also progressing plans for further exploration, including ranking of exploration targets, seismic data acquisition and land access agreements for seismic and wells.

The Board had site visits to Cross Roads-1, Crestal-1 and Crestal-2 well sites, and reviewed possible well and seismic line locations.

Anticipated operations for the coming week commencing 16 June include drilling to basement at Cross Roads-1. The well will then be suspended for future well testing and will be cased in order that it is suitable for production. The Drill Force Rig 1 will then be moved to the Crestal-1 site which is approximately 0.74 miles (1.2 kilometers) to the south-east of Cross Roads-1. The Crestal-1 drilling location is ready and Crestal-2 location is nearing completion. Access arrangements for an additional drilling location are anticipated to be completed this week so that site preparation can commence. The exact number and sequence of the wells to be drilled depends on the results of the first two wells, Cross Roads-1 and Crestal-1.


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