Last checked at 30 Apr 2010 07:20
30 April 2010
RNS AIM release
SIXTH LEIGHTON WELL FLOWS OIL AND GAS 445 BOEPD
Texon Petroleum Ltd (ASX: TXN) has advised that that the sixth well on the Leighton Project, Tyler Ranch #5, has begun to flow oil and gas at the gross rate of 445 boepd from the Olmos reservoir (comprising 420 bopd and 150 mcf of gas per day) through a 8/64" choke.
The combined production rate of the five (5) existing Leighton wells (Peeler #1, Tyler Ranch #1, Tyler Ranch #2, Tyler Ranch #3 and Tyler Ranch # 4) at this time is a gross 460 boepd with Global's Working Interest share being 69 boepd.
Tyler Ranch #5 has been connected to oil tanks and a gas sales pipeline so that Global will now begin to obtain revenue from the production. The time from well spud to revenue earning production has been 22 days.
Global has a 15% working interest (11.25% net revenue interest) in the Leighton Project with joint venture parties Texon Petroleum Limited and Excellong, Inc.
Glossary:
bbl: barrel
boepd: barrels of oil equivalent per day (including gas converted to oil equiv barrels on basis of 6mcf to 1 barrel of oil equiv)
bopd: barrels of oil per day
mcf: thousand cubic feet
mmbtu: million British thermal units
psi: pounds per square inch
Enquiries:
| Global Petroleum Limited | ||
| Shane Cranswick | Tel | + 61 8 9322 6322 |
| | global.info@globalpetroleum.com.au | |
| Astaire Securities Plc (Nominated Adviser and Broker) | ||
| William Vandyk | Tel | +44 20 7448 4400 |