Mosaic Increases Churchie Gas Reserves

Production and recent testing have substantially increased the proven and probable (2P) recoverable gas reserves in the northern part of the Churchie gas field that was first discovered in 2001.

Mosaic, as Operator, on the basis of production and recent test data now reports a 50% increase of proven and probable (2P) recoverable gas reserves from 23 Petajoules to 34.3 Petajoules (approx 29 billion cubic ft of gas). Possible reserves (3P) remain at 125 Petajoules (approx 107 billion cubic ft of gas). "This upgrade provides critical data to support marketing of the Churchie gas field to major customers," says Mosaic CEO, Dr Howard Brady.

Confirmation of the gas reserves comes at a time when many major gas customers in the south east of Queensland are looking at renegotiating long term purchase contracts to replace existing contracts well before their expiry date.

The interests in the Churchie field are Mosaic Oil NL 49% and Santos Ltd 51%. Churchie is in Production License 192 near the town of Surat in southeast Queensland, Australia.
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