ASX Announcement
Date: 15 September 2011
Texon Petroleum LtdABN 24 119 737 772Level 9, 46 Edward Street
Brisbane, Qld Australia 4000Postal: GPO Box 402Brisbane, Qld Australia 4001Telephone: +61 7 3211 1122Fax: +61 7 3211 0133Directors: John Armstrong David Mason Bernard RowleyCompany Secretary:Des Olling
Contact: David Mason President & CEOdave.mason@texonpetroleum.com.au
or:John Armstrong Chairman john.armstrong@texonpetroleum.com.auWebsite:www.texonpetroleum.com.au
ASX Code: TXNIluka Flows Oil and Gas
236 boepd
Texon advises that its Iluka well (Scherer #1) has flowed gas and oil at the rates of 1.23 mmcfgpd and 31 bopd (236 boepd (6)) through a 9/64” choke at a pressure of 2,640 psi.
The well will now be connected for production.
The Company has three previous discoveries in this area in the Yegua formation (Avoca, Lennox, Nambucca), all of which are in production. The prospects were identified using some of the 180 3D seismic surveys to which Texon has access through its Prospect Generation Agreement with Wandoo.
Texon has a 32.5% WI (24.375% NRI) in the Iluka well.
-ends
Oil and gas futures prices:Source: NYMEX October 2011
Oil: US$88.54/bblGas: US$4.04/mmbtu (this translates to approx. US$6.70/mcf for allTexon gas – including US$7.70/mcf for Olmos and Eagle Ford gas)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 feetmcfgpd: thousand cubic feet of gas per day mmbtu: million British thermal unitsmmcfgpd:million cubic feet of gas per day psi: pounds per square inch