Global Petroleum Limited
Level 9, BGC Centre, 28 The Esplanade, Perth, WA 6000
Telephone: + 61 8 9322 6322 / Fax: +61 8 9322 6558
Postal Address: PO Box Z5083, Perth, WA 6831
ABN 68 064 120 896
30 October 2008
LEIGHTON – OIL DISCOVERY
Texon Petroleum Limited (ASX:TXN) have advised that the first well on the Leighton
prospect – Peeler #1 has tested oil and gas at an unstablised rate of approximately 400
barrels of oil equivalent per day (boepd) comprising some 250bopd and 900 mcf of gas per
day and 90 barrels per day of water through a quarter inch choke at a flowing pressure at the
surface of about 1,500psi.
Texon advised that the amount of water being recovered has been steadily dropping
throughout the test. The water is from the fracture stimulation procedure that was applied to
enhance production from the oil and gas reservoir.
Early analysis of the oil by Texon indicates that it is a light oil. The gas has a heating value of
about 1,350btu/cubic foot, which will achieve a premium sales price, possibly one third above
the benchmark Texas gas price.
The well is already connected to oil tanks and is expected to be connected for gas sales in
the next 7-10 days, at which time stabilised flow rate information will be able to be obtained.
On the basis of these results, Texon is planning to drill a second well and possibly further
wells on the Leighton prospect as soon as possible. In regard to the second Leighton well,
Global has the option to participate in the well on the same terms as Leighton (Peeler #1).
The 3D seismic anomaly representing the oil reservoir in the Leighton prospect covers an
area of some 600 acres and if the second well is also successful, further drilling will be
required to develop the field.
Global is earning a 15% WI in Leighton.
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