Drilling Success on Adams No. 1 Well in Oklahoma US
Sydney, Mar 6, 2012 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) Report drilling on the Adams #1 well successfully reached a TD of 4,700 feet on Friday 2 March 2012 US Central Time and casing has been set through the Woodford Shale. Drilling samples and logs confirmed that the well encountered a 310 foot gross section of the target Mississippi Lime interval with oil shows. Wireline logs indicated four separate intervals within the Mississippi Lime and Chat with porosity ranging greater than 8%.
The well is to be completed for oil production testing. AOK holds a 10% Working Interest and a 8% Net Revenue Interest in this well which is approximately 2 miles southeast of existing oil production on the Snake River Project owned and operated by AOK. An accelerated drilling program is scheduled to continue this month on the Snake River Project.
A number of joint ventures have been announced by other operators in recent months as the preferred method to expedite regional development as the Mississippi Lime play is derisked with consistent well success. With a view to maximising current resources, AOK continues discussions with other operators and external parties with regards to ongoing opportunities to jointly develop its projects. (See Figure 1 in link below).
For Figures, please visit:
http://www.abnnewswire.net/press/en/71890/Austex-oil
About AusTex Oil Limited
AusTex Oil Limited (ASX:AOK) (OTCQX:ATXDY) is a Public Company listed on the Australian Securities Exchange (ASX) and the OTCQX.
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.
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