Texon Petroleum Limited (ASX:TXN) Second Eagle Ford Lateral Well 142ft of Oil and Gas Shows
Brisbane, Nov 30, 2010 AEST (ABN Newswire) - Texon Petroleum Limited (ASX:TXN) advises that its second Eagle Ford lateral well, Mosman-Rockingham EFS #1H, has drilled vertically to a depth of 3,311m (10,865ft) and has encountered oil and gas shows in the Eagle Ford Shale. The Eagle Ford in the well is 142 ft thick, similar to the two vertical Eagle Ford wells previously drilled by Texon in the area.
The well will now drill 1,372m (4,500ft) laterally within the Eagle Ford shale at which time production casing will be run. This is expected to take about 3 weeks.
Fracture stimulation of the well is scheduled for early February 2011 followed by production testing.
Texon has a 100% Working Interest (75% Net Revenue Interest) in the MR EFS #1H well.
Please refer to Texon's website for announcements by the Company: www.texonpetroleum.com.au
Oil and gas futures prices (Source: NYMEX December 2010 contracts)
Oil: US$85.78/bbl
Gas: US$4.21/mmbtu (approx. US$5.50/mcf for all Texon gas - including US$6.7/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 16 hours behind Aust. Eastern Standard time)
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