The company said the well intersected about 426m of the main Tinowon Sandstone reservoir target with significant gas and oil shows while drilling to total depth of 3338m.
According to the company, the gas shows are consistent with the shows in Waggamba-4H well.
The horizontal section of the well was also successfully drilled from 3086-3338m.
Subject to weather conditions, Mosaic expects that the well would be connected to the Waggamba gathering network for production testing via a temporary flow-line within the next four weeks.
CS Energy has pre-paid $3.5 million for the Waggamba-5H drilling, completion and tie-in costs, and will be entitled to 50% of gas production and 35% of free oil and condensate.
Mosaic will retain 50% of gas and 65% of free oil and condensate production.
In other company news, Mosaic will drill the Jawsone-1 exploration well in PL 15 once the rig is released from Waggamba-5H.
Jawsone-1 will be drilled to evaluate the Showground Sandstone.
Bow Energy is paying 50% of the cost to drill, evaluate, case and suspend the well, to earn a 25% interest in PL 15 (excluding Boxleigh and North Boxleigh fields).
