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Austex Oil Limited (AOK)
is a publicly listed company on the Australian Securities Exchange (ASX).
About Austex Oil Limited
AusTex Oil Ltd is a Public Company listed on the Australian Securities Exchange (ASX:AOK) and the OTCQX (ATXDY).
AusTex is focused on exploration and development of oil and gas leases in the USA. The company produces oil and gas in Oklahoma and Kansas and is currenlty developing producing leases in both states with interests in 21,000 net acres of oil and gas leases in the Mississippi Lime Play. The Company has net production of circa 1,000 boe/day with Independent 1P reserves certified at 8.7 Million BOE and Independent 2P Reserves certified at 14.2 Million BOE with a combined NPV10 of US$118.7 million as at December 2014.
US operations are based in Tulsa, Oklahoma, with an office at 1801 East 71st Street. International Energy Corporation (Oklahoma) is a wholly owned subsidiary and a licensed oil and gas operator in Oklahoma and Kansas.
AusTex holds approximately 11,200 acres (100% WI 81/% NRI) of the Snake River Project in Kay County, Oklahoma in the Mississippi Lime adjacent to leases operated by Range Resources Corporation (NYSE RRC). The company continues to lease acreage in Oklahoma and plans to increase oil production in the short term through its drilling activities. Development drilling is underway on the project with additional wells being drilled with AusTex as the Operator. AusTex remains focused on this project to drive production growth and is negotiating with lenders to put in place a credit facility to expedite development over the coming months. At 30 acre spacing on vertical wells there are over 200 locations to be drilled on this project.
AusTex operates Oil and gas leases in Oklahoma through it wholly owned subsidiary International Energy Corporation (Oklahoma). Offices are located at 1801 East 71st Street, Tulsa.
The Company's primary focus is to grow oil and gas production through the development of proven reserves at the Snake River Project in Kay County, Oklahoma.
Snake River Project – 11,200 acres
AOK 100% Working Interest (WI) 81.25% Net Revenue Interest (NRI)
The Snake River Project is located in Kay County, Northern Oklahoma and is the Company’s primary focus and is expanding both its acreage position and drilling commitments through the execution of its vertical well development strategy. The centre of the project lies approximately 5 miles south west of Ponca City and the general area hosts significant infrastructure including an oil refinery, gas gathering facilities, gas sales lines and a compression and liquids stripping plant owned by other companies.
AusTex is the operator of the Snake River Project and continues to develop vertical wells with the primary target being the Mississippian interval which is approximately 4,300 feet below surface (or deeper according to structural relief). Oil and gas production at the project is expected to increase as additional wells are tied into production facilities with AusTex investing in infrastructure including a gas sales pipeline that promises to deliver gas and NGL’s to a higher paying sales point.
The wells continue to perform exceptionally well and are delivering sound economics with payback occurring between 12-15 months from entering production. Based on increased density to 20-acre spacings, there are approximately 200 well locations still to drill on the current acreage.
Due to the success of the Company’s Snake River Project in Northern Oklahoma, there is presently no exploration, development or production work on the Company’s acreage in Kansas. The Company continues to review its acreage throughout Kansas as it prioritises the acceleration of development and production at Snake River. The Company has discontinued most of its operations in Kansas however still benefits from its legacy tail of production.
Austex Oil Limited
2 Bligh Street
+61 2 9238 2363
Fax: +61 2 8088 7280
The General Overview, Services, Products and Projects information for this profile was last edited on 11 Jun 2015.