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Virgin Credit Card:
Market Cap
£7.66m
Change Today
-0.25p ()
Share Price
4.50p
Update - Drilling of Leighton Oil Prospect Commences
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:
|
Global Petroleum Limited |
Tel |
+1505 344 2822 |
|
Mark Savage, Chairman |
Fax |
+1505 344 2922 |
|
|
|
marksavage@comcast.net |
|
Blue Oar Securities Plc |
Tel |
020 7418 4400 |
|
William Vandyk/Jerry Keen |
|
|
This information is provided by RNS