ASX:AOK) (OTCQX:ATXDY) is pleased to update shareholders on its well development program at the company's 100% owned 5,500 acre Snake River Project in Kay County, Oklahoma.In line with the company's strategy of drilling two new wells each month until Devcember of this year, AusTex is pleased to confirm the Cletus #20-5 in the East Tonkawa Production Hub has reached total depth. Also, spudding of the Blubaugh #20-2, also in the East Tonkawa Production Hub, will occur in the next few days.
Cletus #20-5 well
Drilling on the Cletus #20-5 well successfully reached Total Depth of 4,772 feet. Sample and logs confirmed multiple intervals with hydrocarbons present including the Tonkawa Sand, Cleveland Sand, Layton Sand, Mississippi Lime, Woodford Shale and Wilcox Sand.
Casing has been set and the well will be completed for oil production from the Mississippi Lime interval. The well encountered multiple intervals of porosity within the 340 gross feet of Mississippi Lime intersected including 2 distinct "chert/chat" sections.
Blubaugh #20-2 well
The rig has moved onto the location of the #20-2, also located in the Production Hub 2 area. The well is expected to spud in the next few days and it be the 10th vertical well drilled on the Snake River Project. The #20-2 is targeting the Mississippi Lime interval with an expected TD of 4,800 feet.
Executive Chairman Richard Adrey said: "Our program of drilling two wells each month between now and December is on-track and progressing to plan. As we have previously stated, increasing production from current levels of 300 boepd is our key objective at this time, and our well development program ensures we can substantially grow current production from these levels.
"AusTex is also assessing additional horizontal well participation opportunities and negotiations with interested parties are ongoing. The interest in our projects and our acreage is very encouraging, and confirms the fact that our projects have significant up-tapped value."
AusTex will update shareholders shortly on production rates from new wells that have recently come on stream as reported in the announcement to the Australian Securities Exchange on 22 August 2012.
View the full AusTex Oil announcement incuding Figure 1 at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-AOK-692185.pdf
Source: http://www.abnnewswire.net/press/en/73470/
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