Texon Petroleum Limited (ASX:TXN) Commenced Drilling On 11th Olmos Production Well
Brisbane, June 16, 2011 AEST (ABN Newswire) - Texon Petroleum Limited (
ASX:TXN) advises that the 11th Leighton Olmos vertical production well (Peeler #3) commenced drilling on the 15th of June 2011. The well has a planned total depth of 2,743 metres (9,000 feet) and will take some 15 days to drill and run production casing. Fracture stimulation and testing of the well are scheduled for August.
Texon has a 50% Working Interest (37.5% Nett Revenue Interest) in the well.
The location of this new Olmos production well was classified as "Probable" at Year end 2010. A successful outcome will likely result in this well, together with the other three nearby "Probable and Possible" locations being reclassified as "Proved".
The well location map can be viewed at: http://www.abnnewswire.net/media/en/docs/232685.pdf
Oil and gas futures prices (Source: NYMEX July 2011 contracts)
- Oil: US$94.81/bbl
- Gas: US$ 4.58/mmbtu (approx. US$7/mcf for all Texon gas - including US$7.9/mcf for Olmos and Eagle Ford 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)
http://www.texonpetroleum.com.au
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