Drilling Success Ludwick No. 1 Well Kansas
Sydney, Mar 8, 2012 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is pleased to announce the following update on drilling operations in Rice County, Kansas.
Ellsworth Project - 3200 acres
AOK 50% Working Interest 38% Net Revenue Interest
Ludwick #1 Well
Section 35 - Township 19S - Range 10W
Rice County, Kansas
Castle Resources Inc., as operator, reports that drilling operations on the Ludwick #1 Well have successfully reached a TD at 3,450 feet. A Drill Stem Test was conducted on a 51 foot section of the Arbuckle interval between 3,237 feet and 3,288 feet. During the one hour test 19.29 barrels of clean 42 gravity oil and a quantity of gas were recovered. Samples and logs confirm multiple breaks in the Arbuckle interval with moveable hydrocarbons. These early results are very encouraging.
The well has been cased and is to be completed for oil production testing.
Background
The Ludwick #1 Well is located on the Central Kansas Uplift in the middle of the Chase Silica field, which has cumulative oil production of over 281 million barrels, and is on a separate undrilled 3D closure within the field. Recent drilling success in the field is targeting deeper porosity breaks in the Arbuckle Limestone formation.
Previous presentations and announcements by AOK have highlighted the prospectivity of the Arbuckle formation. The Mollhagen #8 Well (see announcement dated 18 October 2011) has been completed in this formation and is awaiting infrastructure. The Mississippi Lime is thin or absent on the Central Kansas Uplift and the target in this area is the Arbuckle. The three most productive zones in Kansas historically have been the limestones namely, the Lansing-Kansas City, Mississippi and the Arbuckle. This northern section of the Ellsworth project, is on the Central Kansas Uplift where the Mississippi Lime is absent.
For the full announcement including diagrams, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-670614.pdf
About Australian Oil Company Limited
Australian Oil Company Limited (ASX:AOK) (OTCMKTS:SGCSF) is an Australian-based energy company focused on under-explored, recently over-looked, world class oil and gas opportunities near under-supplied markets. The Company is currently focussed on conventional oil and gas exploration and production in the Sacramento Basin in California. Australian Oil has a portfolio of natural gas and oil producing wells in addition to prospects and discoveries at various exploration and appraisal stages. AOK is in the process of evaluating the acquisition of oil and gas producing and exploration assets to enhance the Company's strategic needs and deliver shareholder value.
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