Texon Petroleum Limited (ASX:TXN) Announce Possible Oil Pay Of Wilcox Formation
Brisbane, Feb 21, 2011 AEST (ABN Newswire) - Texon Petroleum Limited (
ASX:TXN) advises that it has had encouragement from a log analysis by NuTech of the Wilcox Formation in one of its recent wells. The NuTech analysis indicates pay in the interval where oil and gas shows were observed during drilling.
The Company has requested NuTech to analyse the Wilcox in all of its nearby wells to establish the extent of this potential Wilcox pay. This work is expected to be finalised in the coming weeks.
Wells nearby have produced oil from the Wilcox.
When the NuTech data are available, the Company will assess whether the forward work programme should include wells to test the productivity of the Wilcox.
Please refer to Texon's website for announcements by the Company: http://www.texonpetroleum.com.au
Oil and gas futures prices (Source: NYMEX March 2011 contracts)
- Oil: US$87.35/bbl
- Gas: US$3.89/mmbtu (approx. US$5.80/mcf for all Texon gas - including US$6.60/mcf for Olmos and Eagle Ford gas which currently make up 65% of Texon's gas production)
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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