Mosaic Oil moves forward at the Surat-Bowen Basin June 3, 2009

Mosaic Oil NL (ASX: MOS) advises that MB Century Rig #7 is currently being rigged up at Waggamba 5H (PL 202, Surat-Bowen Basin, Qld, MOS-50%) for a workover of this well to clean out an interpreted blockage in the horizontal section which has adversely affected production performance.

Workover operations are expected to commence by Friday 5th June and take approximately two weeks to complete, following which the well will be recompleted and a production test carried out.

Meanwhile, Churchie-11 (PL 192, Surat-Bowen Basin, Qld, MOS-100%) has been completed as a Tinowon gas/condensate producer. A production test will commence later this week to determine productivity of the completed well.

Click here to view the full announcement.

For further information contact:

Mosaic Oil: Tim Petersen – Acting Chief Executive Officer on 02 9247 9324
Media: Bill Kemmery – Fortbridge on (02) 9331 0655, mob 0400 122 449, email bill.kemmery@fortbridge.com