AusTex Oil Limited (ASX:AOK) Lancaster #9 Well Successfully Reaches Total Depth And Logs Confirm Hydrocarbons in Multiple Formations
Sydney, Nov 22, 2010 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK), is pleased to advise that drilling of the Lancaster No.9 Well successfully reached TD at 2,633 feet on Friday 19 November, Tulsa time. During drilling operations free oil and gas was displaced to the surface.
Well logs and samples collected confirm hydrocarbons have been intersected in multiple zones including three of the Simpson Series sandstones and the Arbuckle formation.
The well has logged structurally higher than the Lancaster #8 well and has confirmed over 100 feet of oil and gas pay zones in the Simpson Series formation in both wells. Reviews of the well log data and surface geology show the formations follow the surface structural high at the location with additional well sites available at 10 acre pacing in this part of the lease.
The well has been cased and will be completed for production sting in the Simpson Series formations.
AOK holds 100% Working Interest and 80% Net Revenue Interest in this section of the project.
For the full announcement including figures, please refer to the following link:
http://www.abnnewswire.net/media/en/docs/64234-ASX-AOK-614363.pdf
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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