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 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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