Leighton Update

RNS Number : 1710T

Global Petroleum Ltd

23 September 2010

 



23 September 2010

RNS AIM release

DRILLING COMMENCES ON FIRST EAGLE FORD WELL

Texon Petroleum Ltd (ASX: TXN) has advised that the first Eagle Ford well on its Leighton Project, Tyler Ranch EFS #1H, has commenced drilling and is expected to take about 30 days to reach its total depth.

Global has a 7.939% working interest (5.95% NRI) in the well.

The first Eagle Ford well will have a vertical depth of 10,500 feet then a horizontal lateral of 4,500 feet. Texon are of the view that it is a technically low risk well as it will be located beside Tyler Ranch #4 vertical well which had 142 ft of good quality Eagle Ford with strong oil and gas shows. It is also located some 500m from an Eagle Ford production well drilled by US independent Swift Energy adjacent to the Leighton project. Swift's well had an initial production rate of 775 BOPD and 1,000 mcfgpd (940 BOEPD).

Glossary:

bbl:            barrel

boepd:       barrels of oil equivalent per day (including gas converted to oil equiv barrels on basis of 6 mcf 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
Clint McGhie	Tel	+ 61 8 9322 6322
	Email	[e-mail]
Astaire Securities Plc (Nominated Adviser and Broker)
William Vandyk Charles Vaughan	Tel	[phone]

 

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