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 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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