Hurricane Classified as a New Field Oil & Gas Discovery

Mosaic Oil says that the Hurricane-2 oil appraisal well in WA-208P offshore Carnarvon Basin has discovered oil in the primary target Eliassen Formation sandstone reservoir.

Hurricane has been classified as a new field oil and gas discovery. Mosaic Oil believes this discovery provides encouragement for further exploration of other stratigraphic prospects and leads identified by 3D seismic within WA-208P.

Since the last report on 19 July 2007, a comprehensive wireline fluid pressure and sampling program has been completed. Preliminary interpretation of the pressure data and wireline electric logs suggests that the well has intersected an approximately 20 meter gross oil column of which approximately 10 meters is net pay. The pressure data and electric logs have also determined the oil-water contact in the Hurricane-2 wellbore.

Integration of pressure data obtained from both Hurricane-1 and Hurricane-2 wells indicates that the gas-oil contact is shallower than the intersection of the top of the reservoir in Hurricane-2. These data indicate the Hurricane structure could contain at least 100 meters of gross gas column and up to 28 meters of gross oil column.

A gas sample obtained in Hurricane-1 has condensate yield of approximately 100 bbl/mmscf and the oil sample obtained in Hurricane-2 has a preliminary gravity of 30 degree API.

Mosaic Oil Managing Director Mr Lan Nguyen said that: "As a stand-alone development Hurricane is unlikely be commercial at the present time, however the discovery is significant in that it confirms both the presence of oil and the stratigraphic trapping concept in the overall exploration permit, WA-208P."

Participants in WA-208P are Santos as operator with 31.31%; Apache with 34.03%; ENI Australia with 18.66%; Mosaic Oil 6%; Beach Petroleum with the remaining 10%.

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