Leighton Update

RNS Number : 3452M

Global Petroleum Ltd

15 August 2011

 



15 August 2011

RNS AIM release

Global Petroleum Limited - Leighton Olmos Well - Peeler #3 Flows Oil and Gas

Texon Petroleum Ltd (ASX: TXN) has advised that the latest Leighton Olmos vertical production well, Peeler #3, has begun to flow oil and gas at the combined rate of 370 boepd from the Olmos reservoir (comprising 325 bopd and 268 mcfgpd).  This is the ninth well targeting the Olmos reservoir in which Global has a 15% working interest (11.25% net revenue interest).

This is a good result as the closest three Olmos production wells, Peelers #1 and #2 and Tyler Ranch #5 tested at initial rates of 170 to 445 boepd.

The well will be connected for production to oil tanks and the gas pipeline in the next two weeks.

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

 

 

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