(MENAFN- ProactiveInvestors - Australia) AustTex Oil (ASX:AOK) has added to its drilling bonanza by successfully drilling its 13th vertical production well at the Snake River project in Oklahoma.
Drilling operations on the Blubaugh No. 21-2 vertical well successfully reached target depth of 4,802 feet intersecting 354 gross feet of the target Mississippi Lime interval.
Logs and samples indicate the presence of hydrocarbons with 23% porosity in the upper Chat section and multiple intervals of porous lime ranging from 11-15% with the remainder of the Mississippi Lime solid exhibiting better than typical porosity rangingfrom 6-9% along with exceptional sample shows.
The well is north of the Snake River where AusTex Oil has been experiencing strong results through tweaking of its processes of stimulation and completion.
The rig will now move to the No. 21-1 well, which is likely to spud shortly.
In the new year, the company lans to continue drilling two vertical wells per month with an agreement in place with Range Resources (NYSE:RRC) to participate n up to four additional horizontal wells in the area.
The Snake River project covers 5,500 acres with AOK having 100% working interest and a 81.25% net revenue interest.
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