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The company has given the go ahead for a September drilling program in its fully held Waggamba complex in south-east Queensland. The drilling schedule was previously delayed following the fatal fire on Century Resources Rig-1 while drilling for Origin Energy at Myall Creek.
"High oil ratios of up to 100 barrels of oil per million cubic feet of gas make the Waggamba area very attractive to us. We are also aware that Waggamba itself is part of a much larger system," said Mosaic CEO Howard Brady.
Mosaic is planning a seismic survey for mid-year with field scouting already begun. This will show high grade leads in Waggamba area and in ATP709, just to the north of Waggamba, which is on trend with the Churchie gas field.
