Mosaic Makes Discovery with Rockhampton High 1 Wildcat

Mosaic Oil has struck quality oil and gas shows overnight from its Rockhampton High 1 well which was drilled as an exploratory well in an untried area in south east Queensland, Australia.

Electric logs run last night indicate wet gas in the Permian Upper Tinowan sandstone over an 11.5 meter interval (2394 2405.5 meters).

Electric logs also indicate the possibility of oil over a 12 meter interval in the younger Lower Triassic Rewan Formation (2316 2328 meters).

"This rank wild cat well drilled outside of any conventional structure has been a stunning success," says Mosaic Oil CEO, Dr Howard Brady.

"We now know we have another Permian system which could cover many square kilometers. We will now need to delineate this system using 3 D seismic which Mosaic will undertake after the wet season finishes and we are planning that for next winter (2005)."

The well was the first ever drilled in ATP709P, a licence covering over 400 sq kms wholly owned by Mosaic Oil.

Rockhampton High 1 is 20 kms north west of Mosaic's Waggamba gas and oil field and 45 kms south of the Churchie (Mosaic 49% / Santos 51%) Field. The new well lies just 5 kms east of Mosaic's pipeline structure at its Tinker Fields.

Open hole drill stem test cannot be run because of very unstable hole conditions and the well will be tested through casing when a work over rig is available.

The well has reached a total depth of 2527.5 meters and casing is being run before the well is suspended as a potential producer.

The drilling rig will move to the Churchie Field later this week to drill Churchie 5.

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