Mosman Rockingham Olmos Well
Brisbane, May 28, 2012 AEST (ABN Newswire) - On the 22nd of May, Texon Petroleum Ltd (
ASX:TXN) announced that the logs in the Wheeler #1 Olmos well indicated 23 feet of pay with good porosity and oil and gas shows. Texon advises that the well is now scheduled to be fracced about the 6th-10th of June.
The well will then be production tested and if this is successful, the well should be on stream by the end of June.
Texon has a 95% Working Interest (71.25% NRI) in the well.
Current oil and gas futures prices:
Source: NYMEX July 2012
Oil: US$90.86/bbl
Gas: US$2.57/mmbtu (this translates to approx. US$4.30/mcf for all Texon gas - including US$4.90/mcf for Olmos and Eagle Ford gas)
Glossary:
bbl: barrel
mcf: thousand cubic feet
mmbtu: million British thermal units
NRI: Net Revenue Interest
WI: Working Interest
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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