ASX Announcement
Date: 10 January 2012
Texon Petroleum Ltd ABN 24 119 737 772Level 9, 46 Edward Street
Brisbane, Qld Australia 4000
Postal: GPO Box 402
Brisbane, Qld Australia 4001
Telephone: +61 7 3211 1122
Fax: +61 7 3211 0133
Directors: John Armstrong David Mason Bernard Rowley Company Secretary:Des Olling
Contact: Cliff Foss President & CEOcfoss@texozep.com
or:
John Armstrong Chairman john.armstrong@texonpetroleum.com.au
Website: ASX Code: TXNWilcox Oil Test
37 bopd
Texon's first Wilcox well (Hoskins No. 2 (Wilcox)) is
producing oil at the rate of 37 bopd (370 API).
Texon has a
95% WI (71.25% NRI) in the well.
The production is after fracture stimulation of two zones
which NuTech (a log analysis specialist company which
analysed Texon's Eagle Ford and Olmos reservoirs as well as
working for numerous other companies) calculates represent 13
feet of pay.
The vertical part of the nearby Hoskins 1H (EFS) well
contains 34' of NuTech indicated pay in the same
interval.
The Teal #1 (H) EFS in the northern part of the Company's
Mosman/Rockingham leases has 50' of indicated log pay in the
same interval (5,800' - 6,400' in Teal #1H).
These results suggest that the Wilcox reservoirs could occur
over at least the western (possibly 1,500 - 2,000 acres) part
of the Company's Mosman/Rockingham leases.
Subject to the production performance of the Hoskins #1
(Wilcox) well over the coming months, then a second Wilcox
well near the vertical part of the Teal #1 (H) EFS may be
drilled to test the 50' of indicated Wilcox pay in this
well.
A successful Wilcox well at Teal would provide encouragement
that the Wilcox could be oil productive over a significant
part of the Company's Mosman/Rockingham leases. At this stage
it is unknown whether Wilcox wells in this area would drain
10, 20 or 40 acres per well, although indications as to this
and expected oil recovery per well should begin to emerge
after a few months of production.
Clifford S. Foss, President of Texon Petroleum said "This is
a very good result with significant upside oil potential for
the Company."
2
Source: NYMEX February 2012
Oil: US$101.36/bbl
Gas: US$3.01/mmbtu (this translates to approx. US$5.00/mcf for all Texon gas - including US$5.70/mcf for Olmos and Eagle Ford gas
Glossary:API: American Petroleum Institute bbl: barrel
bopd: barrels of oil per day
mcf: thousand cubic feet
mmbtu: million British thermal units
NRI: Nett Revenue Interest
WI: Working Interest
Attachment to Texon Release dated 10 January 2012distribué par | Ce noodl a été diffusé par Texon Petroleum Ltd. et initialement mise en ligne sur le site http://www.texonpetroleum.com.au. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-10 10:23:04 AM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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