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Announcment...Mosaic Oil

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    News Story

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    19/08/2002 15:39:42
    Norkam-1 Drilling Report

    MOSAIC OIL NL 2002-08-19 ASX-SIGNAL-G

    HOMEX - Sydney

    +++++++++++++++++++++++++
    Today, 19 August 2002, at 1400 hrs Eastern Standard Time Norkam 1
    well was spudded. Norkam is located in the Surat Basin, southern
    Queensland about 10 kms east of the Surat township in ATP471P -
    Myall Block.

    Norkam 1 Well is located 6 kms south of Churchie 3.

    The Total Depth of the well is 2220 metres and the Permian Tinowon
    target zone will be nitrogen-drilled to minimise any damage to the
    formation by drilling muds.

    INTEREST IN NORKAM 1 OPERATION

    Mosaic Group 100%

    INTEREST IN ATP471P - MYALL BLOCK

    Mosaic Group 49% (Operator)
    Santos Group 51%


    S C McDowell
    SECRETARY



 
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