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Tuesday, 07 October, 2008, 07:20 GMT | more prices >>

Mosaic gas flows offset fading Fairymount



By Upstream staff 

Sydney-based Mosaic Oil said its net daily production averaged 1500 barrels of oil equivalent per day in June, surpassing its 1440 boe per day output target set for July despite dwindling flows from its Fairymount-9 well.

Mosaic said production from its 100%-owned Fairymount-9 well on production licence (PL) 46 on Queensland’s Surat-Bowen basinhad fallen to about four barrels of oil per day with a heavy water cut since the well was put on production in April.

The company said its Waggamba-4H gas well on PL 202 and its Taylor-18 well on PL 49 continued to flow strongly at 1.2 million cubic feet per day and 2.1 MMcf per day respectively since being placed on production in late May and early June.

The gas wells were expected to add about A$11 million (US$10.56 million) to Mosaic’s revenues in its 2009 financial year, managing director Lan Nguyen said in a company statement.

Mosaic holds a 50% stake in the gas and a 65% stake in oil and condensates from Waggamba-4H and holds a 100% stake in Taylor 18.

The company said it had added a further two wells, Waggamba-6H and Waggamba-7H, to its 2008 drilling programme, bringing the total to 12 wells.

It would also replace its planned Soldier-1 well with a further appraisal on the Taylor field following the strong flows from Taylor-18.

Mosaic said it was on track to hit its revenue target of A$32 million for 2009.


Thursday, 03 July, 2008, 02:56 GMT  | last updated: Thursday, 03 July, 2008, 02:56 GMT

Jigsaw: Mosaic toasted strong flows from two of its Queensland gas wells drilled this year, despite disappointing performance at its Fairymount-9 oil well
 

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