Mississippi Lime Development Drilling Success; Kay County, Northern Oklahoma
Sydney, Oct 12, 2012 AEST (ABN Newswire) - United States focused oil & gas produer AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is pleased to update shareholders on its continued well development program at the company's 100% owned 5,500 acre Snake River Project in Kay County, Oklahoma.
ETU #1-6 Reaches TD
Drilling on the ETU #1-6 successfully reached TD of 4,683 feet overnight. Logs and Samples have confirmed the presence of multiple hydrocarbon bearing zones including the Layton, Cleveland, Skinner, Red Fork, Miss Lime, Woodford Shale. The Mississippi Lime interval was logged at 355 feet gross thickness with 12 feet of high porosity Chat and additional sections logging with between 8% to 9% porosity.
The well has been cased and will be completed for oil and gas production over the coming weeks.
ETU #1-7 to Spud
The rig is to move to the offset location for the #1-7. Drilling is expected to commence over the weekend and will target the Miss Lime interval with an expected TD of 4,700 feet.
Further information on well completions and results will be advised over the coming weeks.
For the well location map, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-699803.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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