MOS 0.00% 16.5¢ mosaic oil nl

Mosaic oil...WHOA!!

  1. 1,669 Posts.
    11/11/2002 11:54:48
    Mosaic/Santos Gas at Churchie gets Queensland Govt Approval

    MOSAIC OIL NL 2002-11-11 ASX-SIGNAL-G

    HOMEX - Sydney

    +++++++++++++++++++++++++
    The Queensland Government has approved a 23 year Production Licence
    for the development and sale of gas from the Mosaic/Santos Churchie
    gas field.

    Interests in the field are Santos Group 51% and Mosaic Oil 49%.

    Mosaic Oil and Santos Limited welcomes the award of the Production
    Licence covering an area of 92 sq kms over the whole Churchie and
    Noorindoo gas complex.

    Still before the Department of Natural Resources and Mines is a
    Pipeline Licence Application to build a 6 kilometre pipeline to
    connect the Churchie gas field with the Queensland gas grid. Mosaic
    Oil has already advised the ASX and shareholders that all submissions
    for that pipeline have been completed satisfactorily to the company's
    knowledge.

    Once received it is believed that it will take less than 5 months
    before Mosaic and Santos will be delivering gas from the field.

    Mosaic Oil NL (MOS) has already stated that Churchie 3 will double
    its current gas sales.

    The Mosaic-Santos Joint Venture is examining plans and engineering
    for the construction of a gas pipeline to a central gathering point
    within the Churchie production licence. Any additional successful
    development wells will link at this gathering point.

    Mosaic-Santos JV is planning to re-drill Churchie #1 well with the
    now proven nitrogen drilling unit as soon as possible.

    Dr H Brady
    CEO

    For any enquiries re this announcement, please ring:

    Dr Howard Brady CEO - Mosaic Oil 02-9247-9324

    Steve McDowell - COMPANY SECRETARY 02-9247-9324





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