(MENAFN- ProactiveInvestors - Australia) Texon Petroleum (ASX: TXN) and its partners in the Eagle Ford Shale Joint Venture, Texas, have spudded their first horizontal well targeting the liquids rich unconventional target.
Quintanilla SMEF-1H will take about 25 days to reach its total depth of 16,000 feet, which includes a 5,000 feet horizontal section.
It will then be cased, subjected to a 18 stage fracture stimulation and connected for production.
Texon has a 48% working interest in the well.
The joint venture increases Texon's gross Eagle Ford acreage to 9,470 acres, allowing some of its smaller tracts to become more viable drill sites for future wells.
Texon also expects to spud the Hoskins EFS-3H lease commitment well by the en do fthis month.
Hoskins EFS-3H has a planned total depth of 16,900 feet after drilling the 5,300 feet horizontal section.
Texon has a 95% working interest in this well.
Another Eagle Ford well, Peeler EFS-1H has produced 26,843 barrels of oil and just under 40 million cubic feet of gas in its first 60 days of production.
This represents an average daily rate of 558 barrels of oil equivalent per day. Texon has an 89.2% WI in this well.
Texon also continues to progress a potential transaction for its Eagle Ford assets.
Further production comes from the Wheeler-1 well at Texon's Mosman-Rockingham Olmos. The well is currently producing about 45 barrels of oil per day though this is expected to increase to about 70 barrels once a rod pumping unit is installed.
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