AusTex Oil Limited (ASX:AOK) Clark #5 Well New Discovery Confirmed And Clark #7 Well Drilling Planned At Cooper Project, Kansas
Sydney, June 29, 2010 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK), advises the following update on our Cooper Project, Kansas.
Clark #5 Well - Confirms extension of Wildcat Discovery
The operator, Castle Resources Inc., reports that cased-hole logs have been completed on the Clark #5 Well. These logs have confirmed the shows of hydrocarbons in the Toronto as well as the A, B, C, H and J zones in the Lansing-Kansas City formations during sample analysis. Porosity readings of 23% to 30% were recorded in the Lansing-Kansas City which is considered exceptional for these limestones by our technical team.
The completion for production testing will begin this week with reportable results within the next three to four weeks.
Clark #7 Well
An intent to drill has been approved for the Clark #7 well located to the south-east of the Clark #1 well. Drilling operations are planned to commence on or about July 19th.
Managing Director, Dan Lanskey commented, "We are very excited about the Clark #5 results. This has confirmed an extension to the Clark #1 wildcat discovery. This project covers some 40 square miles and the 3D seismic has identified over 20 four-way closures on the acreage. The Clark #5 Well is located on the 20 acre spacing to the northwest of the Clark #1 Well with the Clark #7 to be drilled to the southeast of the discovery well".
AOK holds a 53% Working Interest and 46% Net Revenue Interest in this project.
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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