Last checked at 11 Sep 2009 07:30
11 September 2009
RNS AIM release
THIRD LEIGHTON WELL (TYLER RANCH #2) FLOWS OIL AND GAS AT 366 BOEPD
Tyler Ranch #2
Texon Petroleum Ltd (ASX: TXN) has advised that that the third well on the Leighton Project, Tyler Ranch #2, has begun to flow oil and gas at the gross rate of 366 boepd from the Olmos reservoir comprising 240 bopd and 756 mcf of gas per day through a 12/64 choke, at a flowing pressure at the surface of about 2,365 psi.
This is in line with the first two wells (Peeler #1 and Tyler #1) which averaged 360 boepd per well initial production rate.
The combined production rate of the three Leighton wells at this time is a gross 600 boepd with Global's share being 67.5 boepd.
Tyler Ranch #2 has been connected to oil tanks and a gas sales pipeline so that Global will now begin to obtain revenue from the production.
Tyler Ranch #3
Texon has also advised that drilling continues on the fourth Leighton production well (Tyler Ranch #3) which is at a depth of 4,189ft (1,277m) and is anticipated to reach the targeted Olmos oil and gas reservoir in 6 to 8 days.
Global has a 15% working interest (11.25% net revenue interest) in the Leighton Project with joint venture parties Texon Petroleum Limited (70%) and Excellong, Inc (15%).
Glossary:
| boepd: | barrels of oil equivalent per day |
| bpd: | barrels of oil per day |
| mcf: | thousand cubic feet |
| 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 |