AusTex Oil Limited (ASX:AOK) Lancaster #8 Well Completed For Production At Lancaster Lease Group, Oklahoma
Sydney, Oct 27, 2010 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK), is pleased to advise its stakeholders that the Lancaster #8 well has been completed for production at 2500 feet.
The well is fitted with a pump jack currently geared to produce 350 barrels of fluid a day. During the completion process free oil was present at the well head along with associated gas requiring the well to be loaded with salt water to enable the down hole pump and production tubing to be fitted.
Production testing will continue over the next 7-10 days with recovery of completion fluids expected to take between 24-48 hours. Total investment in the completed producing well is less than $US200,000.
Samples obtained during drilling and logs completed confirm the well intersected hydrocarbons in the Simpson Sands series and Arbuckle formation along with a number of shallower formations. The well logged 65 feet structurally higher than nearby wells.
Permitting of the next well, the Lancaster #9 well, is completed. Drilling of this well is scheduled to commence mid-November. This well is a step out well to the Lancaster #8 and is targeting the same structural high with an expected Total Depth of 2500 feet.
AOK holds a 100% Working Interest and 80% 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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