The Hunt Energy Rig 3 is expected to move to the well site in Queensland’s PL 202 by mid-October, after completing its current drilling program for Oilex, Victoria Petroleum and Bow Energy in the Surat Basin.

The suspension of work at Waggamba-1H in June came after the rig and fishing equipment failed to free freeing the assembly at Waggamba-1H.

At the time, Mosaic said it was confident it could dislodge the gear from inside the casing using a larger rig and a stronger work string.

When coiled tubing operations restart, Waggamba-1H will be drilled underbalanced through a gas and oil/condensate reservoir laterally up to 300m, the company said.

Before the assembly was trapped, the well reached a measured depth of 2692.5 metres - only about 3m vertically above the reservoir target.

Meanwhile, Mosaic has also provided drilling updates to three of its other projects in the Surat-Bowen Basin and North West Shelf.

Gas production will be optimised in PL92’s Churchie Field, following the installation of a compressor and new separator, the company said. With final mechanical checks now underway, the new equipment was expected to be fully operational by the end of next week.

The Mosaic-Santos joint venture said it now expected an increased gas and condensate production and sales from the field.

Re-completion and testing of the Churchie-1A basal Rewan sandstone reservoir recently confirmed the presence of liquid rich gas, said the company. Plans are being considered to undertake further pressure surveys and flow tests to determine the reservoir parameters, said Mosaic.

At the Rockhampton High-1 well in ATP 709P, final pressure surveys would be undertaken within the next week, according to Mosaic. The company plans to perforate and test the oil potential of the shallower basal Rewan sandstone oil reservoir in mid-October.

Mosaic also announced that Santos – operator of the Hurricane joint venture in the North West Shelf – was seeking a firm drilling slot for the Hurricane-2 well.

In other news, Mosaic has said that it has "ceased discussions with one of the potential investors" alluded to in previous press releases who had recently made unsolicited offers for Mosaic.

"The board advises that it continues confidential discussions with the other potential investors," Mosaic said.

"The board will inform the market further when appropriate."