Mosman Rockingham Olmos Well
Brisbane, May 22, 2012 AEST (ABN Newswire) - Texon Petroleum Limited's (
ASX:TXN) Wheeler #1 well has reached its total depth of 9,200 feet and electric logs indicate 23' of net pay.
Reservoir properties in the well (porosity and oil saturation) are comparable with the Leighton Olmos wells which tested at an average of 181 bopd + 330 mcfpd or 236 boepd.
Texon has a 95% Working Interest (71.25% NRI) in the well.
The well will now be cased and made ready for fracture stimulation while the appropriate production facilities are prepared for production testing which is expected to occur within the next two-three weeks.
Mr Clifford S. Foss, President of Texon Petroleum said "a successful production outcome will set up a number of nearby Olmos well locations with a combined overall potential to the Company's WI of 3mmboe."
Contact
Texon Petroleum Ltd
T: +61-7-3211-1122
F: +61-7-3211-0133
E: texon.info@texonpetroleum.com.au
WWW: www.texonpetroleum.com.au
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