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Leighton Update

11 Sep 2009 07:30

RNS Number : 9017Y
Global Petroleum Ltd
11 September 2009
ย 

๏ปฟ

11 Septemberย 2009

RNS AIM release

THIRD LEIGHTONย WELLย (TYLERย RANCH #2) FLOWS OIL AND GAS AT 366 BOEPD

Tyler Ranch #2

Texon Petroleum Ltd (ASX: TXN)ย has advisedย thatย that the third well on the Leighton Project, Tyler Ranch #2, has begun to flow oil and gas at the gross rate ofย 366ย boepd from the Olmos reservoir comprisingย 240ย bopd andย 756ย mcf of gas per day through aย 12/64ย choke, at a flowing pressure at the surface of aboutย 2,365ย psi.

This is in line with the first two wellsย (Peeler #1 andย Tylerย #1)ย which averaged 360 boepd per well initial production rate.

The combined production rate of the three Leighton wells at this time is a grossย 600ย boepd withย Global's share beingย 67.5ย boepd.

Tyler Ranch #2 has been connected to oil tanks and a gas sales pipeline so thatย Globalย 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 ofย 4,189ft (1,277m) and is anticipated to reach the targeted Olmos oil and gas reservoir inย 6ย toย 8ย days.ย 

Globalย has aย 15% working interest (11.25% net revenue interest) in the Leighton Project with joint venture partiesย Texon Petroleumย 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

+ย 61 8 9322 6322

Email

global.info@globalpetroleum.com.au

Astaireย Securities Plc (Nominated Adviser and Broker)

William Vandyk

Tel

+44ย 20 7448 4400

This information is provided by RNS
The company news service from the London Stock Exchange
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