Business
Leighton Drilling Results
Leighton Drilling Results.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n RNS Number : 9075E Global Petroleum Ltd 02 October 2008 \n \n\nLEIGHTON PROSPECT - DRILLING RESULTS \n\nTexon Petroleum Limited (ASX:TXN) have advised that the first well on the Leighton prospect, Peeler #1, has reached a total depth of 2,805 metres (9,201 feet) after intersecting the target sand. Wire line electric logs indicate a potential oil and gas bearing formation at 2,675 metres (8,777 feet) with a thickness of 7 to 8 metres (25 feet) which is within the anticipated thickness range.\n\nTexon advised that when the above formation was being drilled there were oil and gas shows and during electric logging operations, a small amount of straw colored oil was recovered from the surface of the drilling mud in the mud pit. \n\nProduction casing will now be run in preparation for testing this zone in the next two to four weeks with separate testing equipment. Texon has begun to source production equipment so that if this test is successful, the well can be placed on production as soon as testing has been concluded. \n\nGlobal will earn a 15% Working Interest ('WI') in the well by funding 30% of the cost of drilling the well, which is forecast to be approximately US$300,000. In addition, Global has reimbursed Texon US$180,000 in respect of prospect generation and lease costs for the well.\n\n\nEnquiries:\n\n\n\n\n\nGlobal Petroleum Limited\n\n\nTel\n\n\n+1 505 344 2822\n\n\n\n\nMark Savage, Chairman\n\n\nFax\n\n\n+1 505 344 2922\n\n\n\n\n\n\n\nEmail\n\n\[email protected]\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBlue Oar Securities Plc (Nominated Adviser and Broker)\n\n\nTel\n\n\n020 7418 4400\n\n\n\n\nWilliam Vandyk/Jerry Keen\n\n\n\n\n\n \n\n\n\n\n\n\n\nThis information is provided by RNSThe company news service from the London Stock Exchange END DRLQLLBBVBBXFBV \n ","length":4327,"tagName":"div"}]