Mosaic Expects Hurricane-2 to Spud Early Next Week

Mosaic Oil NL said that the Premium Wilcraft jack-up rig, operated by Santos, is being mobilized to the Hurricane-2 drilling location. The well is expected to be spudded on or around the June 25, 2007, and is expected to take 20 days to drill.

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.

The Hurricane-1 gas discovery, drilled in 2005, intersected a 76 m gross gas column on rock with no gas-water or gas-oil contact identified. Supporting pressure and gas/condensate compositional data indicate the likelihood of there being an underlying oil leg. Hurricane-2 will target this interpreted oil leg at a location downdip from the Hurricane-1 well.

Mosaic Oil has a 6% interest in WA-208P.

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