ASX Announcement
Date: 12 June 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: TXNMosman-Rockingham
Olmos Well 220 BOEPD
Texon advises that its recently drilled Mosman-Rockingham
Olmos well (Wheeler #1) has begun to flow oil and gas at the
rate of 220 boepd comprising 87% oil (193 bopd) and 160 mcf
of gas per day (27 boepd) .
The well will be connected for production to oil tanks and
the gas pipeline in the next few days.
Texon has a 95% Working Interest (71.25% NRI) in the
well.
Mr Clifford S. Foss, President of Texon Petroleum said "The
Wheeler #1 well is the first step towards defining a
potentially large Olmos oil deposit (3mmboe) in the
Mosman-Rockingham area. We are pleased with this outcome and
excited about the future drilling potential in the area".
-ends
Source: NYMEX July 2012
Oil: US$81.12/bbl
Gas: US$2.26mmbtu (this translates to approx. US$3.80/mcf for all Texon gas - including US$4.30/mcf for Olmos and Eagle Ford gas)
Glossary:bbl: barrel
boepd: barrels of oil equivalent per day (including gas converted to oil equiv barrels on basis of 6mcf to 1 barrel of oil equiv)
bopd: barrels of oil per day mcf: thousand cubic feet
mcfgpd: thousand cubic feet of gas per day mmbtu: million British thermal units
NRI: Net Revenue Interest
WI: Working Interest
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