Texon Petroleum Limited's (
Texon has an 82% Working Interest (61.6% Nett Revenue Interest in the well ("NRI")).
Texon's fourth horizontal Eagle Ford well will be drilled by the same rig immediately following the third well. The location of the fourth well is also shown on the attached map.
Texon will have a 95% Working Interest (71.25% NRI) in the fourth well.
Fracture stimulation and testing of the third and fourth Eagle Ford wells are scheduled for August.
Texon has 5,900 nett acres of Eagle Ford leases which could represent some 70 horizontal Eagle Ford well locations, potentially 31 million boe as to the Company's Working Interests. When the third and fourth Eagle Ford wells have been successfully tested, it is expected that some 40 of these locations will be able to be identified as low risk Eagle Ford wells.
Industry drilling activity continues around Texon's Eagle Ford leases. A recently completed well drilled by Swift Energy (
Oil and gas futures prices (Source: NYMEX July 2011 contracts)
- Oil: US$98.06/bbl
- Gas: US$4.60/mmbtu (approx. US$7/mcf for all Texon gas - including US$7.9/mcf for Olmos and Eagle Ford gas)
About Texon Petroleum Ltd
Contact
Dr. John ArmstrongChairman
Brisbane: Tel: +61-7-3211-1122
Mr. David Mason
Chief Executive Officer
Brisbane: Tel: +61-7-3211-1122
Houston: Tel: +1-281-419-4976
(Houston is 15 hours behind Aust. Eastern Standard time)
http://www.texonpetroleum.com.au
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