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MOSAIC OIL NL - ASX: MOS
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Description
It has been an eventful second half for Mosaic Oil. Full ownership of Churchie Field capped off another good third quarter for Mosaic Oil as the company increased production in the Surat-Bowen Basin and delivered another strong quarterly result, and the final quarter for FY09 was capped off by a 100% success rate on the year’s Drilling Program. This outstanding result was achieved with all wells targeted during the calendar year to date encountering hydrocarbons and being completed as producing wells (Churchie-11, Waggamba 5H, Taylor 20 and Taylor 22).
Onshore
In the Surat-Bowen Basin of Queensland, the new Permian Tinowon stratigraphic gas province discovered and commercialised by Mosaic has been a company-making success and is now the dominant proportion of Mosaic’s business in this core area. This stratigraphic petroleum play is similar to the successful basin-centred gas and oil plays in the Canadian Deep Basin in Alberta and the US Rocky Mountain in Wyoming.
Mosaic has successfully applied new technology in its exploration and development activities in the Surat-Bowen Basins. The Company has embraced the use of leading edge seismic technologies to significantly reduce the geological risk of petroleum prospects prior to drilling. Mosaic has also developed a substantial expertise in under-balanced drilling in its Surat-Bowen Basin acreage, both of vertical and horizontal wells, and is widely recognised as a leading exponent of this technology in Australia. Mosaic continues to develop and extend its expertise in these areas.
Mosaic will continue to evaluate both new and existing plays in its extensive Surat-Bowen Basins acreage, and do so through its application of new technology to improve the chance of exploration success. Importantly, the close proximity of Mosaic's oil and gas prospects to the Company’s pipeline and processing infrastructure (within 30 kilometres) will allow for early commercialisation of new discoveries.
Offshore & International
In addition to the Company’s on-shore activities in Queensland, Mosaic has two projects each of which has the potential to be a “company maker”. These are the Hurricane discovery on the North West Shelf and the Kimu gas field in Papua New Guinea, both of which are currently moving to the next stage of appraisal. If successful, either one of these could significantly change Mosaic’s market capitalisation, our potential cash flow and our reserves.
The Santos-operated joint-venture, WA-208-P (MOS 6%) on the North West Shelf, WA, includes the Hurricane gas discovery. The Hurricane-2 well was spudded in June 2007, and in July 2007 Mosaic Oil and the Operator Santos announced that drilling had been successful in identifying a new oil and gas discovery. Whilst the commercial viability of the well as a stand alone proposition is yet to be decided, the discovery at Hurricane-2 has already enhanced the prospectivity of the permit. The Joint Venture - of which Mosaic Oil is a part - will review options for the future exploration of this permit.
In Papua New Guinea, the Oil Search-operated Kimu gas field (MOS 28.6%) which contains an estimated resource of over 1 trillion cubic feet (TCF) of recoverable gas, is attracting renewed interest from both the PRL 08 Joint Venture and potential gas customers.
At present, considerations are being given to the development of industries in PNG with high gas supply needs and/or to the longer-term potential for PNG to supply liquefied natural gas (LNG) to Asian markets. The PRL 08 (Kimu) Joint Venture is intending to undertake further seismic and appraisal drilling to position itself as one of the contenders to supply gas into these proposed developments.
Click here for a full review of Mosaic Oil's projects.Mine For
oil, gas
Location of operation(s)
Western Australia, South Australia, Queensland, New South Wales, Papua New Guinea
Australian Basins
Surat, Bowen, Taranaki
Address
Level 12, 10 Bridge St
SYDNEY, NSW, AUSTRALIA
Phone
(02) 9247 9324
Website
Last Updated
10/08/2010
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.