Operations to Commence on 3rd Mississippi Lime Well
Sydney, Feb 3, 2012 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) - Mississippi Lime Play - ~16,000 acres Northern Oklahoma & Kansas
Snake River Project - Northern Oklahoma
~6,000 acres AOK 100% WI ~80% NRI
ETU #17-6 Well
Following on from the recent success on the ETU #15-4 and ETU #14-5 wells which are both producing oil and gas from the Mississippi Lime formation, preparations to deepen the ETU #17-6 well have been completed. The #17-6 well is currently at a total depth of 4,205 feet and will be deepened to an expected TD of 4,650.
Drilling is expected to commence within the next 7 to 10 days and further updates will be announced as it progresses. The location of the ETU #17-6 is two locations west and one location north of the ETU #14-5 well.
Managing Director, Dan Lanskey commented, "The #17-6 development well is the third vertical well targeting the Mississippi Lime on the East Tonkawa Unit. Our plan is to drill another 7 vertical wells on this project over the coming months which will enable us to identify locations for horizontal development wells planned for later in the year. We are in discussions with a number of groups who have expressed interest in participating in the development of our leases. Recent joint ventures announced by other oeprators in the Mississippi Lime play have resulted in up to 100% of development costs being paid for by the incoming participant".
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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