Drilling Success Continues at Snake River
Cletus #20-10 Well - Drilled and Cased
Drilling operations on the Cletus #20-10 well successfully reached TD at 4,745 feet, intersecting 270 feet of the target Mississippi Lime interval. Samples and logs reported excellent oil and gas shows in multiple formations, including the Mississippi Lime and Chat intervals.
The well has been cased and will be completed for production testing over the coming 3-5 weeks.
Blubaugh #21-1 Well - Drilled and Cased
The Blubaugh #21-1 well has also been drilled, reaching a Total Depth of 4,704 feet, intersecting 330 feet of the target Mississippi Lime interval.
Logs and samples indicate the presence of hydrocarbons in multiple formations, including the Mississippi Lime and Chat intervals. The #21-1 well is being developed at 40 acre spacing offsetting the producing #21-2 well with expected ultimate recovery at 20 acre spacings.
The Well has been cased and will be completed for production testing over the coming 3-5 weeks.
ETU #14-8 Well - Drilling to commence shortly
AusTex is pleased to also announce that drilling on the ETU #14-8 will commence within the next seven days. The well is also located in the 100% owned Snake River River Project.
Executive Chairman Richard Adrey commented: "Our drilling program continues to progress successfully at Snake River, with the Cletus #20-10 and Blubaugh #21-1 wells reporting encouraging oil and gas shows in multiple formations.
"Oil and gas production continues to grow as our well development program progresses in Oklahoma, and we have three new wells coming on line this month. Drilling operations are planned to continue with the rig moving onto the ETU #14-8.
"Our exploration activities also continue in Kansas, following an analysis of seismic data at the Colby project targeting the Lansing-Kansas City, Cherokee Sands and Mississippi Lime formations. We are encouraged by the results of this seismic data at Colby, and look forward to updating shareholders as exploration activities progress in this region."
About AusTex Oil Limited
AusTex is focused on exploration and development of oil and gas leases in the USA. The company produces oil and gas in Oklahoma and Kansas and is currently developing producing leases in both states with interests in 11,600 net acres of oil and gas leases in the Mississippi Lime Play. The Company has net production of circa 800 boe/day with Independent 1P reserves certified at 3.505 Million BOE with NPV10 of US34.8 million as at 31 December 2015.
US operations are based in Tulsa, Oklahoma, with an office at 1801 East 71st Street. International Energy Corporation (Oklahoma) is a wholly owned subsidiary and a licensed oil and gas operator in Oklahoma and Kansas.
AusTex Oil Limited