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.


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