AusTex Oil Limited (ASX:AOK) Commences Drilling On Hollie #2 Well Oklahoma
Sydney, May 25, 2010 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) advises that drilling of the Hollie #2 Well has commenced overnight on the Lancaster Lease Group, Tulsa County, Oklahoma.
The Hollie# 2 is a step out well to the west of the successful Baggett #2-33 and south of the Mayo Moore #1 wells. Surface pipe has been set at 318 feet and drilling operations are continuing. Planned Total Depth of 2,500 feet should be reached within the next 2-3 days.
The well is targeting the Red Fork, Tanaha, Wilcox and Arbuckle Formations.
AOK holds a 100% Working Interest and 81.25% Net Revenue Interest in this project.
About Australian Oil Company Limited
Australian Oil Company Limited (ASX:AOK) (OTCMKTS:SGCSF) is an Australian-based energy company focused on under-explored, recently over-looked, world class oil and gas opportunities near under-supplied markets. The Company is currently focussed on conventional oil and gas exploration and production in the Sacramento Basin in California. Australian Oil has a portfolio of natural gas and oil producing wells in addition to prospects and discoveries at various exploration and appraisal stages. AOK is in the process of evaluating the acquisition of oil and gas producing and exploration assets to enhance the Company's strategic needs and deliver shareholder value.
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