Downlands duster for Mosaic JV

THE open-hole drill stem test over the interval from 1840m to total depth at the Downlands South-1 wildcat has recovered no oil or formation water. The preliminary test data indicates the Tinowon Sandstone is tight at this location, according to operator Mosaic Oil.

The well will be plugged and abandoned today.

Downlands South-1 is the second well of the Ausam Resources PL 119 and ATP 471P Bainbilla Block Farmin Stage 1 program. The previous well, Downslands-4, was a successful gas well and is being completed for production.

Upon release from Downlands South-1, the rig will be moved to drill Brynog-1 in the ATP 471P Bainbilla Block, the third and final well of the Ausam PL 119 and ATP 471P Bainbilla Block Stage 1 program.

The joint venture also includes Santos.

Currently, Mosaic holds stakes of between 66.7% and 74.4% in various parts of PL119, while Santos holds between 14.87% and 25.74%. Ausam has 10.76% across the permit, but is building up to 26.9%, taking equity mainly from Mosaic but also from Santos.

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