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Global Petroleum's second Eagle Ford well produced 30,400 barrels in 30 days

Published: 09:16 11 Oct 2011 BST

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Global Petroleum (LON:GBP) said the long-awaited 30 day production results from its second well on the Eagle Ford shale in Texas topped the results from the first well by more than 50 percent.

This morning, Global relayed a statement from operator Texon Petroleum (ASX:TXN), which reported that during its first 30 days of production, the Tyler Ranch EFS No.2H well produced 30,400 barrels of oil equivalent (boe), of which 92 percent was oil.

The first Eagle Ford well in which Global has an interest, Tyler Ranch EFS No.1H, produced 19,651 boe in its first 30 days.

Global Petroleum has previously reported that the second Eagle Ford well has a higher flowing pressure than the first well.

In mid-September, Texon announced that Tyler Ranch EFS No.2H flowed at a combined rate of 1,840 barrels of oil equivalent per day (boepd) on a reduced choke in 24 hours.

This was above the flow rate of 1,605 boepd reported at the end of August, even though reduced choke usually results in lower production.

Global has a 7.939 percent working interest (WI) in 1,651 acres beneath the Olmos formation including the Eagle Ford shale. Global's interest in the Leighton prospect also includes a 15 percent WI in around 873 acres.

In early September, Peter Hill took over as chief executive and managing director of Global Petroleum. Hill said that the company’s immediate focus would be on its assets offshore Namibia. Back in August, Global purchased Jupiter Petroleum Limited - furthering its bid to position itself as an Africa-focused explorer.

Jupiter Petroleum holds prospective oil and gas exploration interests in offshore Namibia and in offshore Juan de Nova - a French dependency in the Mozambique Channel.

Shares in Global Petroleum rose 1 percent to 12.5 pence this morning, valuing the company at £24.9 million.

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on 16/2/24