Mosaic said the guns would be removed so flow testing can begin with results to be provided to the stock exchange as soon as they are available.

Interests in the well, which lies in PL 119 in Queensland's Surat Basin, are Mosaic (83.333%) and Santos (16.667%).

With positive results from Churchie-3 and Downlands-3 justifying its aggressive drilling policy, Mosaic has raised $3.8 million from its major shareholders to fast track development of its finds.