Mosaic Oil NL declares that production casing will be run in the Freneau-1 gas/condensate wildcat exploration well (ATP 709P, Surat-Bowen Basin, Qld) as a precursor to a cased hole production testing program after intersecting multiple sandstone reservoirs within the Permian sedimentary section interpreted from wireline logs to be gas bearing.

• Freneau-1 encountered a total 9.1 metres net gas pay within Permian sandstone reservoirs • Mosaic Oil has a 100% interest in ATP 709P

The well will be cased and suspended with Century Rig #7 with a comprehensive production test program of various reservoirs to be carried out by the end of December 2008.

Mosaic Oil’s Managing Director Mr Lan Nguyen said “The results of Freneau-1 are certainly encouraging and provide further support for the Company’s long-held belief in the potential of the Permian play in this area. Freneau-1 is the last of the nine wells and the fourth exploration well to be drilled in Mosaic’s 2008 drilling program which has resulted in five completions, three wells plugged and abandoned and Freneau-1 cased for testing”.

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