AusTex Oil Limited (ASX:AOK) Drilling Commences on Lancaster #9 Well and Production Testing Continues on Lancaster #8 Well
Sydney, Nov 12, 2010 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK), advises the following operations update for the Lancaster Lease Group, Tulsa County, Oklahoma.
Lancaster #9 spudded
Drilling of the Lancaster #9 Well commenced overnight. The Lancaster #9 is a step out development well located to the east of the successful Lancaster #8 well, and is targeting the Simpson Series formations and with an expected Total Depth of 2,550 feet. Drilling operations should be completed within 4-5 days.
Lancaster #8 - Production testing continues
Production testing on the Lancaster #8 is ongoing. The well is currently producing oil, gas and associated water and was this week refitted with a larger engine to enable a greater quantity of fluid to be recovered. Engineering staff advise that stabilised production numbers for both oil and gas volumes should be available within the next 2 weeks.
AOK holds a 100% Working Interest and 81.25% 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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