Leighton Update

RNS Number : 1089L

Global Petroleum Ltd

30 April 2010

 



30 April 2010

RNS AIM release

SIXTH LEIGHTON WELL FLOWS OIL AND GAS 445 BOEPD

Texon Petroleum Ltd (ASX: TXN) has advised that that the sixth well on the Leighton Project, Tyler Ranch #5, has begun to flow oil and gas at the gross rate of 445 boepd from the Olmos reservoir (comprising 420 bopd and 150 mcf of gas per day) through a 8/64" choke.

The combined production rate of the five (5) existing Leighton wells (Peeler #1, Tyler Ranch #1, Tyler Ranch #2, Tyler Ranch #3 and Tyler Ranch # 4) at this time is a gross 460 boepd with Global's Working Interest share being 69 boepd.

Tyler Ranch #5 has been connected to oil tanks and a gas sales pipeline so that Global will now begin to obtain revenue from the production.  The time from well spud to revenue earning production has been 22 days.

Global has a 15% working interest (11.25% net revenue interest) in the Leighton Project with joint venture parties Texon Petroleum Limited and Excellong, Inc.

Glossary:

bbl:            barrel

boepd:       barrels of oil equivalent per day (including gas converted to oil equiv barrels on basis of 6mcf to 1 barrel of oil equiv)

bopd:         barrels of oil per day

mcf:           thousand cubic feet

mmbtu:      million British thermal units

psi:            pounds per square inch

Enquiries:

Global Petroleum Limited
Shane Cranswick	Tel	+ 61 8 9322 6322
	Email	[e-mail]
Astaire Securities Plc (Nominated Adviser and Broker)
William Vandyk	Tel	[phone]

 

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