Q4 Production Update
05 Mayo 2010 - 1:01AM
UK Regulatory
TIDMTXO
RNS Number : 3482L
TXO PLC
05 May 2010
5 May 2010
TXO PLC
("TXO" or "the Company")
2009/10 - Q4 Production Update
TXO (AIM: TXO), an East Texas based independent oil and gas exploration and
production company announced today that oil production for the three months to
31 March 2010 was 5,195 barrels, slightly up on the previous quarter (Q3: 5,030
barrels), but still considerably lower than Q4 2008/09, which was 10,015
barrels.
Due to the sustained high oil price the focus of the Company is the re-opening
of its wells and this programme is progressing on target, with 52 wells open as
at 15 April 2010, compared to just 36 wells open in January 2010. The Company
owns the rights to 348 wells across 85 leases.
However, to continue its strategy to increase the number of wells online and
then maintain them to a satisfactory standard, the Company will still require
additional funding, as mentioned in its interim report. The Directors are
currently assessing various routes to bring the necessary funds into the
Company.
Total production in the three month period can be broken down as follows:
+-----------+------------+--------------+
| MONTH | PRODUCTION | WELLS ONLINE |
| | | |
+-----------+------------+--------------+
| January | 1,516 | 36 |
+-----------+------------+--------------+
| February | 1,556 | 40 |
+-----------+------------+--------------+
| March | 2,124 | 52 |
+-----------+------------+--------------+
-ends-
For further information, please contact:
TXO PLC
Andrew Glendinning, Finance Director
+1 903 297 2251
Leander PR
Christian Taylor-Wilkinson
07795 168 157
Beaumont Cornish Limited
Roland Cornish
020 7628 3396
Notes to Editors:
TXO
TXO plc is an oil and gas exploration and production company focusing on onshore
oil wells in the East Texas Oilfield in the United States. The company uses
modern working practices and technology (notably submersible pumps) to reopen
inactive wells - previously shut down due to low oil prices - and bring them
back into production.
Following acquisitions in 2004 and 2005, the company owns interests in 85 leases
with a total of 348 wells in the East Texas Oilfield. The Company intends to
acquire further wells when opportunities arise and market conditions allow. The
company has offices in London and Longview, Texas.
The East Texas Oil Field
The East Texas Oilfield covers 140,000 acres and is located in the east central
part of the state. It was discovered in 1930 and is one of the largest and most
prolific oil reservoirs in the United States. The field encompasses five
counties in North East Texas. It is 45 miles long and 18 miles wide, and has
11,000 existing wells.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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