Brisbane, Aug 6, 2012 (ABN Newswire) - Texon Petroleum Ltd (ASX:TXN) advises that its recently drilled Mosman-Rockingham Olmos well (Wheeler #1) has now been placed into full production with the completion of production facilities last week. Production tubing has been set and the well is flowing on a restricted rate of 168 bopd and 108 mcfgpd (186 boepd) with 1,300psi flowing tubing pressure on an 8/64" choke. Texon plans to observe the well on this restricted choke to ensure the well does not flow frac sand at this setting. If the well does not produce any sand, the choke will be opened further to increase the oil flow rate.
Texon estimates that there may be an additional 30 wells to develop this discovery on forty acre drilling locations. These locations are a direct result of the newly acquired 3D seismic data offsetting the Wheeler #1 well.
Texon has a 95% Working Interest (71.25% NRI) in the well.
Clifford Foss, President of Texon Petroleum stated "We are very happy with this new discovery well and the long range potential of adding 3mmboe in the offsetting drill sites. This project adds a new low risk development project for Texon to develop in the future".
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.
ASX:TXN) advises that its recently drilled Mosman-Rockingham Olmos well (Wheeler #1) has now been placed into full production with the completion of production facilities last week. Production tubing has been set and the well is flowing on a restricted rate of 168 bopd and 108 mcfgpd (186 boepd) with 1,300psi flowing tubing pressure on an 8/64" choke. Texon plans to observe the well on this restricted choke to ensure the well does not flow frac sand at this setting. If the well does not produce any sand, the choke will be opened further to increase the oil flow rate.
Texon Petroleum Ltd
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