AusTex reports drilling success at adams #1 well - 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.
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.
Austex Oil Limited
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