Snake River Project - Drilling Underway on 13th Well
Sydney, Dec 10, 2012 AEST (ABN Newswire) - United States focused oil & gas producer AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) advises the following update on field operations on the 100% owned Snake River Project in Kay County, Northern Oklahoma.
Blubaugh #21-1 Well spudded
Drilling operations on the #21-1 vertical well commenced over the weekend. The well is to be drilled to a TD of 4,750 feet through the Woodford and Wilcox formations over the next 7-10 days, with the primary target being the Mississippi Lime interval. This well is a step out well to the successful #21-3 well and is located within Production Hub No. 2.
This is the 13th development well to be drilled at the Snake River project. Eight vertical wells are now in production, and four wells excluding the #21-1, are in various stages of completion. Production testing has commenced on the #20-2 and #20-5 wells, and once consistent flow rates have been recorded, further increases in monthly production are expected.
AusTex remains focused on drilling two vertical wells per month at the Snake River Project and the #21-1 is the first development well to be drilled during the month of December.
The company will update shareholders on its well development program and its average monthly production in the coming weeks.
About Australian Oil Company Limited
Australian Oil Company Limited (ASX:AOK) (OTCMKTS:SGCSF) is an Australian-based energy company focused on under-explored, recently over-looked, world class oil and gas opportunities near under-supplied markets. The Company is currently focussed on conventional oil and gas exploration and production in the Sacramento Basin in California. Australian Oil has a portfolio of natural gas and oil producing wells in addition to prospects and discoveries at various exploration and appraisal stages. AOK is in the process of evaluating the acquisition of oil and gas producing and exploration assets to enhance the Company's strategic needs and deliver shareholder value.
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