Mosaic Oil Says Mamaree-2 Well a Dry Hole

The Mamaree #2 well being drilled by Mosaic Oil in southeast Queensland, Australia is being interpreted as having penetrated a dry isolated channel and is being suspended at 2653 meters.

No water was encountered in the target section and no economical gas.

The well is being suspended pending the 3-D seismic which is presently being recorded as it is possible the well may have to be deviated in the future.

The Mamaree #2 well was the first of Mosaic's new drilling campaign of 6 wells and after electric logs have been run the Century 7 rig will move to the Rockhampton High 1 location in ATP709P.

Rockhampton High 1 is a research well as the geological sequences in the ATP709P area to the east of the Tinker complex is poorly known.