AusTex Oil Limited (ASX:AOK) Commences Drilling On Clark #3 Well, Kansas
Sydney, April 23, 2010 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK), advises that drilling of the wildcat Clark #3 Well commenced at 8.00am, Kansas Time, Thursday 22 April 2010.
The Clark #3 is a step out well to the successful Clark #1 well and is targeting the Topeka and Lansing-Kansas City formations. Drilling operations should be completed in 7-10 days with an expected Total Depth of 4200 feet.
Water Disposal well completed
The operator, Castle Resources Inc., (CVE:CRI) reports that final testing and state approval of the water disposal well and surface facilities have been completed.
As previously reported, the Clark #1 well encountered oil in two formations, initial flow on test of 250 barrels of oil per day from the Topeka formation. Testing of the Lansing-Kansas City formation produced oil at the rate of 230 barrels of oil per day with associated water. The operator plans to produce the well from both formations now that the water disposal system is operational.
AOK holds a 53% Working Interest and 45% Net Revenue Interest in this project.
-----------------------------------------------------------Name of Well Clark #3-----------------------------------------------------------Lease Name Cooper Project, Sheridan County-----------------------------------------------------------Location Section 32, Township 8 South, Range 28W-----------------------------------------------------------Previous Report NIL-----------------------------------------------------------Operator Castle Resources Inc. (Kansas)-----------------------------------------------------------Progress Report at Spud Date 22 April 20105pm Thursday 22 Drilling aheadApril 2010 (CDT)-----------------------------------------------------------*Clark #2 has been permitted for later drilling
About AusTex Oil Limited
AusTex Oil Limited (ASX:AOK) (OTCQX:ATXDY) is a Public Company listed on the Australian Securities Exchange (ASX) and the OTCQX.
AusTex is focused on exploration and development of oil and gas leases in the USA. The company produces oil and gas in Oklahoma and Kansas and is currently developing producing leases in both states with interests in 11,600 net acres of oil and gas leases in the Mississippi Lime Play. The Company has net production of circa 800 boe/day with Independent 1P reserves certified at 3.505 Million BOE with NPV10 of US34.8 million as at 31 December 2015.
US operations are based in Tulsa, Oklahoma, with an office at 1801 East 71st Street. International Energy Corporation (Oklahoma) is a wholly owned subsidiary and a licensed oil and gas operator in Oklahoma and Kansas.
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