Texon Reserves Up 11 %
Sydney, Sep 6, 2012 AEST (ABN Newswire) - At 1 August 2012, reserves attributable to Texon Petroleum Ltd's (
ASX:TXN) NRI are as in the following table, see below.
The total of 12.58 mmboe is an 11% increase on the 11.33 mmboe at year end 2011 (after adjusting the year end 2011 reserves of 12.88 mmboe for the sale in March 2012 of the Leighton Olmos and Yegua reserves of 1.55 mmboe).
As set out in our EGM presentation of 31 August 2012, several Eagle Ford wells are planned over the next six months which are expected to lead to increased reserves and the transition of existing reserves into the Proved and Probable categories.
The mid year reserves include 44 Proved, Probable and Possible Eagle Ford locations on its leases where the Company has drilled Eagle Ford wells. The Company has a total of over 90 net potential Eagle Ford well locations across it lease holdings.
The mid year reserves also include 15 Proved, Probable and Possible locations in the Mosman/Rockingham Olmos project.
The mid year 2012 reserves have been assessed by Netherland, Sewell & Associates, Inc.
----------------------------------------------- mmboe----------------------------------------------- Proved Probable Possible Total -----------------------------------------------Eagle Ford 1.69 3.48 6.08 11.25-----------------------------------------------Other(incl Olmos) 0.38 0.34 0.61 1.33-----------------------------------------------Totals: 2.07 3.82 6.69 12.58-----------------------------------------------
To view the complete Texon Petroleum announcement including Tables and Figures, please click the link below:
http://media.abnnewswire.net/media/en/docs/ASX-TXN-245189.pdf
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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