Clean out operation progresses at Mosaic’s Waggamba 5H well June 10, 2009

Mosaic Oil NL (ASX: MOS) announced today that MB Century Rig #7 is currently progressing with the clean out operation within the horizontal section of the Waggamba 5H well (PL 202, Surat-Bowen Basin, Qld, MOS-65% Oil/ Condensate; Gas –50%).

Workover operations are expected to remove an interpreted blockage in the horizontal section which has adversely affected production performance. Further evaluation will take place within the next week after the clean out results are available and if successful, the well will be recompleted and a production test carried out.

Churchie-11 (PL 192, Surat-Bowen Basin, Qld, MOS-100%) has been completed as a Tinowon gas/condensate producer. It has been tied into the Churchie plant, located approximately 700 metres from the well via a temporary flow line.

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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