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 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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