Texon Petroleum Limited (ASX:TXN) Provides a Status Update on the Eagle Ford Horizontal Wells
Brisbane, Nov 1, 2010 AEST (ABN Newswire) - Texon Petroleum Limited's (
ASX:TXN) first Eagle Ford horizontal well (TR EFS #1H) referred to in our release of 25 October is now scheduled to begin fracture stimulation work about the 15th of November, with results anticipated in the second half of November.
Texon's second Eagle Ford horizontal well (MR EFS #1H) which was the subject of our announcement on 15 October is now scheduled to begin drilling operations in 7 to 14 days. The rig's arrival has been pushed back due to operational delays experienced by the operator which currently has the rig under contract. It is expected that the well will take 30 days to drill with fracture stimulation and testing of this well scheduled for January next year.
Please refer to Texon's website for announcements by the Company: http://www.texonpetroleum.com.au
Oil and gas futures prices (Source: NYMEX December 2010 contracts)
Oil: US$81.73/bbl
Gas: US$4.06/mmbtu
(approx. US$5.30/mcf for all Texon gas - including US$6.50/mcf for Leighton Olmos gas)
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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