Last checked at 11 Nov 2011 07:28
11 November 2011
RNS AIM release
Global Petroleum Limited - Second Eagle Ford Well - Production
Tyler Ranch EFS #2H - 60 Days
Texon Petroleum Limited (ASX: TXN) has advised that the second Eagle Ford well in which Global has an interest, Tyler Ranch EFS #2H, has produced 38,677 bo and 31,329 mcfg over 60 days. This represents an average daily rate of 732 boepd (645 bopd + 522 mcfgpd) on the basis of 6 mcf of gas converting to 1 barrel of oil equivalent.
The volume of oil produced from the Company's second Eagle Ford well over its first 60 days of production is 24% more than the first Eagle Ford well in which Global has an interest, Tyler Ranch EFS #2H.
Tyler Ranch EFS #2H - 30 Days Correction
On 11 October 2011, a 30 day average rate of 1,000 boepd was reported for the second Eagle Ford well. Texon have advised that the corrected 30 day average rate for Tyler Ranch EFS #2H is 817 boepd, with the oil rate still being significantly better (some 23%) than the first Eagle Ford well over its first 30 days.
The cause of the discrepancy was a faulty oil meter which for seven (7) days was reading above the actual rate - now determined on the basis of oil tanker off-take volumes from the well site. On-site personnel changed the meter but continued to report the prior incorrect daily oil readings for the previous seven (7) days and this resulted in reporting the wrong 30 day average.
Texon advise that oil and gas measurement systems and procedures for both of the Eagle Ford wells in which Global has an interest have been checked by an experienced production engineer and are in good order.
Global has a 7.939% working interest (5.95% NRI) in approximately 1,651 acres beneath the Olmos formation including the Eagle Ford Shale.
Enquiries:
Global Petroleum Limited | ||
Peter Hill | Tel | +44 20 7867 8600 |
Managing Director and CEO | ||
Clint McGhie | Tel | +61 8 9322 6322 |
Company Secretary | global.info@globalpetroleum.com.au | |
Northland Capital Partners Limited (Nominated Adviser and Broker) | ||
William Vandyk | Tel | +44 20 7796 8800 |
Glossary:
bbl: barrel
bo: barrels of oil
boe: barrels of oil equivalent
boepd: barrels of oil equivalent per day (including gas converted to oil equiv barrels on basis of 6 mcf to 1 barrel of oil equivalent)
bopd: barrels of oil per day
mcf: thousand cubic feet
mcfg: thousand cubic feet of gas
mmcfg: million cubic feet of gas
mcfgpd: thousand cubic feet of gas per day
mmbtu: million British thermal units
NRI: Net Revenue Interest
psi: pounds per square inch