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Brisbane, Mar 16, 2010 (ABN Newswire) - Texon Petroleum Ltd (
ASX:TXN) advises that the first well on its 3,270 acre Mosman-Rockingham leases - Mosman-Rockingham #1 (MR #1 or Hoskins #1), commenced drilling on 15 March 2010.
MR #1 will be a vertical well to a planned total depth of 3,490 metres (11,450 feet) and will investigate the presence and characteristics of the Olmos and Eagle Ford reservoirs in the Mosman-Rockingham leases.
The Company's Mosman-Rockingham leases are approximately 2 1/2 times the area of Leighton.
Combined resource potential of the Olmos (6.6 mmboe) and the Eagle Ford (35.6 mmboe) as to the Company's current working interest (ca. 100%) in the Mosman-Rockingham leases is 42.2 mmboe.
The initial production rates from the horizontal Olmos and Eagle Wells nearby to Leighton and Mosman-Rockingham are summarised in yesterday's release by the Company.
It is planned to complete the MR #1 for production from the Olmos if it contains producible oil and gas bearing Olmos reservoir.
If MR #1 is successful in both the Olmos and Eagle Ford, this will enhance the likelihood of both reservoirs being present over the Mosman-Rockingham leases. The Company would investigate the applicability of drilling Mosman-Rockingham horizontal Olmos and Eagle Ford wells to access the higher production rates that such wells provide.
MR #1 is expected to take 25 days to drill.
ASX:TXN) advises that the first well on its 3,270 acre Mosman-Rockingham leases - Mosman-Rockingham #1 (MR #1 or Hoskins #1), commenced drilling on 15 March 2010.MR #1 will be a vertical well to a planned total depth of 3,490 metres (11,450 feet) and will investigate the presence and characteristics of the Olmos and Eagle Ford reservoirs in the Mosman-Rockingham leases.
The Company's Mosman-Rockingham leases are approximately 2 1/2 times the area of Leighton.
Combined resource potential of the Olmos (6.6 mmboe) and the Eagle Ford (35.6 mmboe) as to the Company's current working interest (ca. 100%) in the Mosman-Rockingham leases is 42.2 mmboe.
The initial production rates from the horizontal Olmos and Eagle Wells nearby to Leighton and Mosman-Rockingham are summarised in yesterday's release by the Company.
It is planned to complete the MR #1 for production from the Olmos if it contains producible oil and gas bearing Olmos reservoir.
If MR #1 is successful in both the Olmos and Eagle Ford, this will enhance the likelihood of both reservoirs being present over the Mosman-Rockingham leases. The Company would investigate the applicability of drilling Mosman-Rockingham horizontal Olmos and Eagle Ford wells to access the higher production rates that such wells provide.
MR #1 is expected to take 25 days to drill.
Oil and gas futures Prices (Source: NYMEX April 2010 contracts)
Oil: US$ 81.07/bbl
Gas: US$ 4.38/mmbtu (approx. US$5.00/mcf for all Texon gas -
including US$6.00/mcf for Leighton Olmos gas)
About Texon Petroleum Ltd
Texon Petroleum Limited's (ASX:TXN) goal is to find commercially producible oil and gas by drilling 3D seismic controlled high equity prospects which have targets analogous to adjacent producing wells on established oil and gas producing trends in Texas.
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