AusTex reports drilling success at adams #1 well - Oklahoma

Tuesday, March 6, 2012
  • Drilling on the Adams #1 well successfully reached a TD of 4,700 feet on Friday 2 March 2012 US Central Time and casing has been set through the Woodford Shale.

AusTex Oil Limited (ASX:AOK - OTCQX:ATXDY) announce the following update on drilling operations in Noble County, Oklahoma.

Adams #1 Well

Section 4, Township 24 North, Range 1 East

Noble County, Oklahoma

Drilling on the Adams #1 well successfully reached a TD of 4,700 feet on Friday 2 March 2012 US Central Time and casing has been set through the Woodford Shale. Drilling samples and logs confirmed that the well encountered a 310 foot gross section of the target Mississippi Lime interval with oil shows. Wireline logs indicated four separate intervals within the Mississippi Lime and Chat with porosity ranging greater than 8%.

The well is to be completed for oil production testing. AOK holds a 10% Working Interest and a 8% Net Revenue Interest in this well which is approximately 2 miles southeast of existing oil produciton on the Snake River Project owned and operated by AOK. An accellerated drilling program is scheduled to continue this month on the Snake River Project.

A number of joint ventures have been announced by other operators in recent months as the preferred method to expedite regional development as the Mississppi Lime play is derisked with consistent well success. With a view to maximising current resources, AOK continues discussions with other operators and external parties with regards to ongoing opportunities to jointly develop its projects.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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