Mosaic Oil provides an update on their operations at the Surat-Bowen Basin, Queensland.
Freneau-1 (ATP 709P – MOS 100%) spudded at 0300 hrs on 15 September 2008. 12-1/4” surface hole was drilled to 256 metres and the 9-5/8” surface casing string was run and cemented to 254.8 metres.
Current operation as at 0600 hrs on 16 September 2008 was rigging up the Blow Out Preventer stack.
It is expected, on a trouble free basis, to take further 16 days to drill and evaluate the well, which has a planned total depth of 2400 metres.
Freneau-1 is a gas/condensate exploration well with the Tinowon Sandstone as the primary target and the Rewan Formation as the secondary target. The Freneau Prospect is located approximately 6 km east of Taylor-11.
The Freneau Prospect Tinowon Sandstone primary target has the potential to contain an estimated recoverable gas resource of 28.9 BCF in the Mean case, and up to 71.2 BCF in the P10 case.