Drilling Success on Adams No. 1 Well in Oklahoma US
Sydney, Mar 6, 2012 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) Report drilling on the Adams #1 well successfully reached a TD of 4,700 feet on Friday 2 March 2012 US Central Time and casing has been set through the Woodford Shale. Drilling samples and logs confirmed that the well encountered a 310 foot gross section of the target Mississippi Lime interval with oil shows. Wireline logs indicated four separate intervals within the Mississippi Lime and Chat with porosity ranging greater than 8%.
The well is to be completed for oil production testing. AOK holds a 10% Working Interest and a 8% Net Revenue Interest in this well which is approximately 2 miles southeast of existing oil production on the Snake River Project owned and operated by AOK. An accelerated drilling program is scheduled to continue this month on the Snake River Project.
A number of joint ventures have been announced by other operators in recent months as the preferred method to expedite regional development as the Mississippi Lime play is derisked with consistent well success. With a view to maximising current resources, AOK continues discussions with other operators and external parties with regards to ongoing opportunities to jointly develop its projects. (See Figure 1 in link below).
For Figures, please visit:
http://www.abnnewswire.net/press/en/71890/Austex-oil
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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