16/09/2002 09:42:39 Tinker 5 Final Report (PL16 Surat Basin-Qld)
MOSAIC OIL NL 2002-09-16 ASX-SIGNAL-G
HOMEX - Sydney
+++++++++++++++++++++++++ The Tinker No 5 appraisal well has reached total depth at 2232 metres at 10.32pm Sunday everting 15th September 2002.
Gas was encountered in the interval 2151-2112 metres and flowed to surface, however, the rates are considered to be uneconomic and this appraisal well which investigated the possible extension of the Tinker field to the east will be now be plugged and abandoned.
Mosaic has secured an option on the Century No 1 rig for two wells and the rig should become available in November.
Dr Brady remarked: - "We still have a better than 50% success drilling rate over the last 12 months and this Tinker well has provided us with important data which will help us drill in the Tinker area in the future. Our attention now is on the Churchie field and its development".
S C McDowell COMPANY SECRETARY
MOS Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
