Texon Close to Stabilizing Oil Flow at Leighton's First Well

Texon Petroleum Limited has advised that the flowing tubing pressure of the first well on the Leighton prospect Peeler #1 is close to stabilising with oil and gas flow rates continuing to show some fluctuation. In recent days the well has been flowing at between 170 and 200 boepd (110 to 130 bopd and 360 to 420 mcfgpd) with an average of 8 bwpd.

The well was connected to oil tanks and to pipeline for gas sales within 11 days of initial testing. As of 30 November the well has produced a gross 4,269 bbl of oil and gas sales of 10,588mcf.

The gas has a heating value of about 1,350btu/cubic foot, which is achieving a premium sales price, some 30-35% above the benchmark Texas gas price.

Global is earning a 15% WI in Leighton.