Mosaic Finds Oil with Rockhampton High-1

Mosaic has recovered oil to surface after perforating the lower 3 meter interval (2322 – 2325 mKB) of an 11 meter gross sandstone section of the Triassic basal Rewan Formation unit in the Rockhampton High-1 well. Oil samples were collected and will undergo laboratory analysis. Initial examination of the oil sample indicates a light sweet crude of approximately 45 degrees API, which is consistent with oil produced from the Tinker Field in nearby PL 16 in Australia (Mosaic Oil 100%).

Commenting on the result, Mr Lan Nguyen, CEO said "The presence of oil in basal Rewan sands in Rockhampton High-1 is encouraging as it provides further evidence of the commercial hydrocarbon potential of ATP 709P. Permian Tinowon and Triassic Rewan oil discoveries in Rockhampton High-1 have significantly upgraded the prospectivity of the Freneau play, immediately to the south in ATP 709P. We will undertake further testing and specialised geological, seismic and engineering studies prior to making a decision on future development of the Rockhampton High oil accumulations".