(MENAFN- ProactiveInvestors - Australia) AusTex Oil (ASX: AOK) is preparing to complete its latest Snake River Project well for production after confirming the presence of hydrocarbons in the target Mississippi Lime interval.
The Read 20-8 well intersected 355 gross feet of the Mississippi Lime with oil wet samples captured at the northern Oklahoma.
Logs and samples also indicate the presence of hydrocarbons in additional intervals including the Woodford Shale and the Skinner and Cleveland Sands.
Casing has been run and cement set with the well to be completed for oil and gas production.
Read 20-8 represents the sixteenth vertical well drilled at the project, where initial results have confirmed that AusTex's aggressive vertical well development strategy is yielding excellent outcomes.
Average daily production has increased to 468 barrels of oil equivalent in November, 16% up from 390boe per day in October.
AusTex will drill two additional wells from early February while its focus for the rest of January will be on development work to ensure additional vertical wells enter production as soon as possible.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.