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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:
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boepd:
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barrels of oil equivalent per day
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bpd:
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barrels of oil per day
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mcf:
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thousand cubic feet
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psi:
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pounds per square inch
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Enquiries:
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Global Petroleum Limited |
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Shane Cranswick |
Tel |
+ 61 8 9322 6322 |
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global.info@globalpetroleum.com.au |
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Astaire Securities Plc (Nominated Adviser and Broker) |
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|
William Vandyk |
Tel |
+44 20 7448 4400 |
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