Quarterly Activities and Cashflow Report
Sydney, Oct 31, 2012 AEST (ABN Newswire) - AusTex Oil Limited (
ASX:AOK) (OTCQX:ATXDY) is an oil and gas exploration and production company with operations in Kansas and Oklahoma, in the mid-continent of the United States of America. The quarterly activities report is available for viewing at the link below.
Highlights
- 500 boe/day Net Production achieved in last week of September 2012
- Gross Sales for September Quarter $US 1.4m - up 33% on June Quarter 2012
- First Miss Lime Horizontal Well returns 67% on Investment in first 90 days
-- Balder No. 1-30N averaged 839 boe/day Gross Production for 90 days
- Vertical Well development program delivering two new wells per month
-- 30 day averages >80 boe/day - 70% liquids
- Agreement with Range Resources to participate in additional Horizontal Wells
- Independent Reserve Report completed under Canadian 51-101 guidelines
-- Proved and Probable Net Reserves (2P) Reserves 5.9m BOE
-- 2P 10% NPV estimate of $288m
- Additional Funding to raise $12.5m for fast track Miss Lime Development
-- $10m Placement Institutional and Sophisticated Investors
--- Tranche 1 raises $3.5m - completed
--- Tranche 2 Placement (subject to shareholder approval) - $6.5m
-- Share Purchase Plan underway to raise up to $2.5m - closes 20 Nov 2012
-- General Meeting of Shareholders to be held 26 November 2012 in Sydney
- Independent Non-Executive Directors Appointed
To view the full quarterly report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-703875.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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