Mosaic: Rig Secured for Hurricane-2

Mosaic Oil NL said that the Santos-led WA-208-P Joint Venture has approved the drilling of the Hurricane-2 by the Premium Wilcraft jack-up rig.

Drilling is expected to commence in April-May 2007.

Hurricane-2, which is expected to take 20 days to drill, will investigate the possibility of an oil leg downdip from the Hurricane-1 gas discovery well drilled in 2005. Hurricane-1 discovered 76 m gross gas column on rock with no gas-water or gas-oil contact identified. Supporting pressure and gas/condensate compositional data indicated the likelihood of an underlying oil leg.

Hurricane is a large fan play with gross 40-50 million barrels of recoverable oil potential. Mosaic Oil has a 6% interest in WA-208P.

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