Leighton Update

RNS Number : 7939K

Global Petroleum Ltd

21 July 2011

 



21 July 2011

RNS AIM release

Global Petroleum Limited - Leighton Olmos Well - Peeler #3 Successful

Texon Petroleum Ltd (ASX: TXN) has advised that the latest Leighton Olmos vertical production well, Peeler #3, has reached its total vertical depth of 2,774 metres (9,100 feet).  This is the ninth well targeting the Olmos reservoir in which Global has a 15% working interest (11.25% net revenue interest).

Peeler #3 is the northern most well drilled to date in the Leighton field.  The targeted Olmos sand in Peeler #3 has reservoir characteristics similar to the other Olmos production wells.

Production casing has been installed in the well in preparation for fracture stimulation in August.  The well will then be connected for oil and gas production.

The closest three Olmos production wells, Peelers #1 and #2 and Tyler Ranch #5 tested at initial rates of 170-445 boepd, including 80% oil, although as production progresses the proportion of gas increases.

Enquiries:

Global Petroleum Limited
Clint McGhie	Tel	+ 61 8 9322 6322
	Email	[e-mail]
Northland Capital Partners Limited (Nominated Adviser and Broker)
William Vandyk	Tel	[phone]

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

 

END

 

 

DRLQFLBLFDFLBBV