MOS 0.00% 16.5¢ mosaic oil nl

Mosaic oil

  1. 1,669 Posts.
    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



 
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