AusTex Oil Limited (ASX:AOK) Reports Production Testing Update on 2nd Mississippi Lime Well
Sydney, Jan 9, 2012 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) is pleased to announce the the following update on production testing on the ETU #14-5 well located on the East Tonkawa Unit in Kay County Oklahoma. The well has now been tested over a 14 day period with an electric submersible pump. During the test period the well produced an average of average of 85 boe/d with 70 bopd and 90 mcf of gas per day.
A further update will be advised after 30 day testing period has been completed.
Additional Wells is planned for 2012.
The ETU #14-5 and #15-4 are part of a planned 10 vertical well program to develop the Mississippi Lime formation. The data from the initial vertical well program will be used to finalise locations for horizontal development planned during calendar 2012.
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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