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17 Jan 2011 07:35
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17 January 2011
RNS AIM release
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Global Petroleum Limited - First Eagle Ford Well - 30 Day Result
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Texon Petroleum Ltd (ASX: TXN) has advised that the first Eagle Ford well, Tyler Ranch EFS #1H, has produced 19,651 boe (17,814 bo and 22,052 mcfg) over 30 days on a restricted choke. This represents an average daily oil equivalent rate of 655 boepd (594 bopd and 735 mcfgpd).
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Texon advise that at the current Henry Hub gas price of about US$4.50/mmbtu, approximately US$7.60/mcf is received for Eagle Ford gas due to its high heating value and including the value of the natural gas liquids.
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Gas has been converted to barrels of oil equivalent (boe) on the basis of 12 mcf of gas to 1 boe. As a result each boe of gas has a sales value of some $90/boe in line with the value of a barrel of oil. Thus all of the above 19,651 boe produced in the first month have the same sales value as barrels of oil.
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Global has a 7.939% working interest in the well and a beneficial interest (NRI) in the production of 5.95% or some 39 boepd of the above production.
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The Company's share of oil and gas being produced from the well is now part of Global's revenue stream.
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Global has a 7.939% working interest in approximately 1,651 acres beneath the Olmos formation including the Eagle Ford Shale. Global's interest in the Leighton prospect also includes a 15% working interest in approximately 873 acres from the surface down to the stratigraphic equivalent of the Olmos formation. Global has an interest in 7 producing Olmos wells.
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Oil and gas futures prices (Source NYMEX February 2011 contracts)
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Oil: US$91.54/bbl
Gas: US$4.50/mmbtu (approximately US$7.60/mcf for Olmos and Eagle Ford gas)
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Enquiries:
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Global Petroleum Limited | ||
Clint McGhie | Tel | + 61 8 9322 6322 |
global.info@globalpetroleum.com.au | ||
Northland Capital Partners Limited (Nominated Adviser and Broker) | ||
William Vandyk | Tel | +44 20 7492 4750 |
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Glossary:
bbl: barrel
bo: barrels of oil
boepd: barrels of oil equivalent per day (including gas converted to oil equiv barrels on basis of 12 mcf to 1 barrel of oil equivalent)
bopd: barrels of oil per day
mcf: thousand cubic feet
mcfg: thousand cubic feet of gas
mcfgpd: thousand cubic feet of gas per day
mmbtu: million British thermal units
NRI: Net Revenue Interest
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