19th Sep 2008 07:43
19 September 2008
DRILLING OF THE LEIGHTON OIL PROSPECT COMMENCES
Texon Petroleum Limited (ASX:TXN) have advised that drilling of the Leighton prospect commenced on 17 September 2008. The well has a planned total depth of 2,835 meters (9,300 feet) and will take about 30-40 days to reach its target.
Global will earn a 15% Working Interest ("WI") in the well by funding 30% of the cost of drilling the well, which is forecast to be approximately US$500,000.
In addition, Global has reimbursed Texon US$180,000 in respect of prospect generation and lease costs for the well.
Enquiries:
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Global Petroleum Limited |
Tel |
+1505 344 2822 |
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Mark Savage, Chairman |
Fax |
+1505 344 2922 |
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Blue Oar Securities Plc (Nominated Adviser and Broker) |
Tel |
020 7418 4400 |
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William Vandyk/Jerry Keen |
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