AusTex Oil Limited (ASX:AOK) Hollie #2 Well Successfully Reached Total Depth Of 2462 Feet With Oil And Gas Displaced To Surface On Lancaster Lease Group, Oklahoma
Sydney, May 28, 2010 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK), advises that drilling of the Hollie #2 well successfully reached a Total Depth (TD) of 2462 feet on Wednesday night Tulsa Time. During drilling operations free oil and gas were displaced to the surface.
Logs were completed overnight which indicate the well intersected hydrocarbons in the Big Lime formation between 930 feet and 970 feet, the Oswego Lime between 1172 feet and 1190 feet, the Red Fork formation between 1500 feet and 1510 feet, the Tanaha formation between 1834 feet and 1854 feet and the Wilcox formation between 2204 feet and 2240 feet.
The well has been cased and will be completed for oil and gas production. The Hollie #2 is the tenth successful well to be drilled on the east side of the Lancaster Lease group with an average completion cost of US$200,000 including surface equipment.
Drilling of the Mayo Moore #6 well is scheduled to commence in the second half of June 2010. Additional wells are planned for the ongoing development of the 650 acre lease group. Further updates on well completions underway will be made in coming weeks.
AOK holds a 100% Working Interest and 81.25% Net Revenue Interest in the Lancaster Lease Group.
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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