Texon Kicks Off Drilling at Leighton Oil Prospect
Texon Petroleum Limited has advised that drilling of the Leighton prospect commenced on September 17, 2008. The well has a planned total depth of 2,835 meters (9,300 feet) and will take about 30-40 days to reach its target.
Global 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 $500,000.
In addition, Global has reimbursed Texon US $180,000 in respect of prospect generation and lease costs for the well.
The Leighton Prospect covers an area of 600 acres and has a gross resource potential of 3 to 4 million barrels of oil equivalent (mmboe). If Leighton is successful, and on the basis of data from a nearby field, full development of Leighton could involve the drilling of 10-15 wells. Initial production rates from wells in the nearby field have been between 70 and 400 bopd with gas.
- Texon Reaches TD at Olmos Well (Feb 23)
- Texon Briefs Production Results at Eagle Ford Well (Feb 15)
- Texon Pumps 655 boepd at 1st Eagle Ford Well (Jan 17)