Texon Petroleum Limited (
Texon has a 82% WI (61.6% NRI) in the well.
Texon's first Eagle Ford well will have a vertical depth of 10,500 feet then a horizontal lateral of 4,500 feet. It is a technically low risk well as it will be located beside Texon's Tyler Ranch #4 vertical well which had 142 ft of good quality Eagle Ford with strong oil and gas shows. It is also located some 500m from an Eagle Ford production well drilled by US independent Swift Energy (
A second Eagle Ford well is planned to begin drilling in November or December in the Mosman/Rockingham area. Texon will have a 100%WI (75% NRI) in this well.
Oil and gas futures prices (Source: NYMEX November 2010 contracts)
- Oil: US$74.32/bbl
- Gas: US$4.10/mmbtu (approx. US$5.30/mcf for all Texon gas - including US$6.50/mcf for Leighton Olmos gas)
About Texon Petroleum Ltd
Contact
Dr. John ArmstrongChairman
Tel: +61-7-3211-1122 (Brisbane)
Mr. David Mason
Chief Executive Officer
Tel: +61-7-3211-1122 (Brisbane)
Tel: +1-281-419-4976 (Houston)
(Houston is 15 hours behind Aust. Eastern Standard time)
http://www.texonpetroleum.com.au
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