• Taylor-19 encountered 3.6 metres net gas/condensate pay in the Showground Sandstone reservoir target
• A possible new pool gas discovery of 23 metres gross thickness was encountered in the Moolayember Formation by the well
• Mosaic Oil has a 100% interest in PL 16
Mosaic Oil NL announced today that the Taylor-19 gas/condensate development well reached a total depth of 2055 m on 30 August 2008 and will be completed for production initially as a Showground Sandstone gas/condensate well.
Mosaic Oil’s Managing Director Mr Lan Nguyen said “Following a very strong operational and financial performance for 2008, this is again very good news for Mosaic Oil shareholders. The second half of the financial year 2008 was particularly strong, and with more successful wells like Taylor-19 we think that the Company will achieve an increased revenue target of around $30-$34 million for the 2009 financial year,” Mr Nguyen said.
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