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'thar she blows...

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    News Story

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    17/03/2003 09:31:44
    Joint Release: Mosaic-Santos Welcome Churchie start-up

    MOSAIC OIL NL 2003-03-17 ASX-SIGNAL-G

    HOMEX - Sydney

    +++++++++++++++++++++++++
    Last weekend gas began flowing into the Queensland grid from the
    Churchie field, a joint venture between Mosaic Oil NL and Santos Ltd.

    The Churchie gasfield is in Production Lease 192 located to the east
    of the town of Surat in southeast Queensland.

    The 5-kilometre Churchie pipeline was built by Mosaic as Operator. It
    connects into the Santos - Mosaic 120-kilometre pipeline that runs
    from Silver Springs to Wallumbilla.

    The field will initially supply five million cubic feet of sales gas
    a day into the Queensland gas grid.

    In this initial phase, Mosaic expects its annual share of product
    sales to be approximately $4.2 million.

    "The Mosaic team sees the Churchie field as a reward for our basic
    decision in the late 1990s to concentrate on the Permian Tinowon
    sandstone in this region", says Mosaic CEO, Dr Howard Brady

    "The new development is further confirmation that we are moving from
    an explorer to a producer".

    Santos CEO, John Ellice-Flint said: "We welcome the start of
    production from Churchie following the fast tracking of the field
    development."

    The Churchie field discovered in 2001 is estimated to have proved and
    probable reserves of 23 PJ's of gas (2P) with an estimated 100 Pj's
    of possible gas reserves (3P).

    Interest holders in Churchie JV PL 192 are:

    Mosaic 49% (Operator)
    Santos Ltd 51%

    ENQUIRIES

    MOSAIC
    Steven Mc Dowell
    Company Secretary, Mosaic Oil.
    Phone: 9247-9324.

    Don Willesee,
    Media Relations-Mosaic Oil
    Central Communications, Cammeray 2062
    Phone: 02 9922 2244
    Email: [email protected]
    Mobile: 0417 284 564

    SANTOS
    Kathryn Mitchell,
    Media Relations, Santos Ltd
    Phone: 08-8218-5260
    Mobile 0407 979 982
    Fax: 08 8218 5285

    Mark Kozned,
    Investor Relations, Santos Ltd
    Phone: 08-8218-5939
    Mobile 0407 747 908
    Fax 08 8218 5131



 
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