Texon Petroleum Limited (ASX:TXN) Increases Holdings In Leighton Region By 70%
Texon Petroleum Limited (ASX:TXN) Texon Petroleum Limited (ASX:TXN) Texon Petroleum Limited (ASX:TXN) Increases Holdings In Leighton Region By 70% Brisbane, Nov 17, 2009 (ABN Newswire) - Texon Petroleum Limited (ASX:TXN) advises that it has acquired a further 1,835 acres at 100% working interest over the Rockingham Prospect located 9 kilometers to the south west of Leighton and contiguous with the Mosman Prospect.
This brings Texon's holdings in this area to 3,000 acres where technical data indicate that the Leighton oil and gas producing reservoir (Olmos) is likely to be present, and 4,500 acres where the Eagle Ford Shale is indicated to be present.
The Rockingham Prospect has the potential to contain a gross 20 million boe which would be 15 million boe (3 Olmos, 12 Eagle Ford Shale) to Texon at 100% working interest.
Texon plans to farmout some of its working interest with the intention of retaining 70% working interest for the Company. It is expected that the first Rockingham well will be drilled in the 2nd quarter of 2010.
AZZ Price at posting:
39.5¢ Sentiment: Buy Disclosure: Held
