Brisbane, Jan 11, 2012 (ABN Newswire) - At the time of Texon Petroleum Ltd's (
ASX:TXN) release yesterday, it was thought that production from its first Wilcox well (Hoskins No. 2 (Wilcox)) had stabilized. However, the well has improved and over the following 24 hours flowed at 55 bopd.
Texon has a 95% WI (71.25% NRI) in the well.
Using this initial rate and forecast production including an assumed natural decline, then payout of Texon's investment in the well is estimated to be in 6-12 months.
See also Texon's Wilcox announcement on 10th January 2012 which contains a map showing the location of the well:
http://media.abnnewswire.net/media/en/docs/ASX-TXN-238814.pdf
ASX:TXN) release yesterday, it was thought that production from its first Wilcox well (Hoskins No. 2 (Wilcox)) had stabilized. However, the well has improved and over the following 24 hours flowed at 55 bopd.Texon has a 95% WI (71.25% NRI) in the well.
Using this initial rate and forecast production including an assumed natural decline, then payout of Texon's investment in the well is estimated to be in 6-12 months.
See also Texon's Wilcox announcement on 10th January 2012 which contains a map showing the location of the well:
http://media.abnnewswire.net/media/en/docs/ASX-TXN-238814.pdf
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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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