March 25, 2013 TXO plc Plans Shallow Hole To Tes
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March 25, 2013
TXO plc Plans Shallow Hole To Test Oil Seep Potential In Tasmania
Shareholders in AIM micro-cap TXO Plc are about to have their first exposure to the drillbit with a well readying to spud in the coming weeks on its acreage in Tasmania. Before they get too excited, however, it's worth pointing out this isn't a full exploration well but a 12-inch pre-collar hole that is just going down 100 metres to test the oil seeps on the Mt Lloyd structure in EL14/2009.
“There's not going to be any commercial flow, it's about validating there's an oil-bearing system here,” explains chairman Tim Baldwin. The information will help plan for future exploration activities on the permit, where a larger three-well programme is planned. The well, which lies only 15 km southeast of two BHP Exploration fully cored stratigraphic wells, will spud in a couple of weeks once trucks have mobilised to the site and will take less than a week to drill and cost less than...
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