Texon Petroleum Limited (ASX:TXN) Seventh Leighton Well - Successful Initial Production In 15-20 Days
Brisbane, Aug 16, 2010 AEST (ABN Newswire) - Texon Petroleum Limited (
ASX:TXN) advises that Tyler Ranch #6 ("TR#6") has reached its total depth of 2,774 metres (9,100 feet). This is the seventh well in the Leighton oil and gas field - all of which have been successful.
The targeted Olmos reservoir in TR#6 has a thickness similar to the Olmos in the previous six (6) Leighton wells and has similar reservoir characteristics.
It is now planned to run production casing in the well after which the well will be fracture stimulated (in the next 15-20 days) and then the well will be connected for oil and gas production.
Texon has a 50% working interest (37.5% net revenue interest) in Tyler Ranch #6.
Oil and gas futures prices (Source: NYMEX September 2010 contracts)
Oil: US$ 75.39/bbl
Gas: US$ 4.33/mmbtu
(currently approx. US$5.60/mcf for all Texon gas - including US$6.90/mcf for Leighton Olmos gas)
Please refer to Texon's website for announcements by the Company: http://www.texonpetroleum.com.au
Contact
Dr. John Armstrong
Chairman
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)
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