🕐20.05.10 - 08:11 Uhr

Mosaic Oil [ASX: MOS] - Kaheru Block awarded in New Zealands Taranaki Basin



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Mosaic Oil [ASX: MOS] - Kaheru Block awarded in New Zealands Taranaki Basin

The New Zealand Ministry of Economic Development has granted Mosaic Oil (ASX: MOS) and its joint venture partners application for the Kaheru block (PEP 52181).

The five-year proposed work program includes one well by mid 2013.

Mosaic, which holds a 15% interest in the block, has been awarded with joint venture partners Roc Oil (New Zealand) Limited (50% & Operatorship); Mighty River Power Limited (20%); and L&M Energy Limited (15%).

Mosaic CEO Alex Parks said: �The Block offers near term drilling opportunities for Mosaic, and complements PEP 51149 and PEP 51151, our existing acreage in the Taranaki Basin.�

The near-shore PEP 52181 block lies on the prospective Eastern Margin trend of the Taranaki Basin.

The permit has existing 3D seismic, including coverage of the block�s primary prospect, the large Kaheru structure.

The Kaheru prospect has multiple reservoir targets with the potential to contain an estimated mean prospective resource of 350 billion cubic feet of gas and 10 million barrels of condensate.



For further information, please contact:

Investor Relations:
Sally Highducheck, Mosaic Oil
+61 2 9247 9324


Media:
Bill Kemmery, Fortbridge
+61 400 122 449


Steve Rotherham, Fortbridge
+61 421 488 320


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