Proactiveinvestors USA & Canada Sacgasco Ltd https://www.proactiveinvestors.com Proactiveinvestors USA & Canada Sacgasco Ltd RSS feed en Sun, 19 May 2019 21:35:03 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Sacgasco’s California focus holds both gas potential and ready-made markets ]]> https://www.proactiveinvestors.com/companies/stocktube/10611/sacgascos-california-focus-holds-both-gas-potential-and-ready-made-markets-10611.html Tue, 25 Sep 2018 23:18:00 -0400 https://www.proactiveinvestors.com/companies/stocktube/10611/sacgascos-california-focus-holds-both-gas-potential-and-ready-made-markets-10611.html <![CDATA[News - Sacgasco adds new wells to its Sacramento Basin portfolio ]]> https://www.proactiveinvestors.com/companies/news/172811/sacgasco-adds-new-wells-to-its-sacramento-basin-portfolio-172811.html Sacgasco (ASX:SGC) has significantly strengthened its asset base in the Sacramento Basin, California, by acquiring 13 additional natural gas wells.

The new assets add significant value, with three wells now in production and the potential to bring more wells into production.

The agreement is being entered into with ABA Energy Corporation, a private Californian company.

The assets also include all associated leases, production and facilities, including meter stations and pipelines in three gas fields.

Sacgasco will have access to proprietary 3D seismic data over some 41 square kilometres, including significant mapped prospects for conventional natural gas.

As consideration, Sacgasco will assume future liabilities for plugging the wells acquired, and removing associated facilities, estimated to be US$20,000 to $60,000 per well.

A royalty not exceeding 3% on production from the existing and future wells in the lease area is to be paid.

There are a number of opportunities to bring other wells back into production through workovers and/or new pipeline connections.

This will add materially to Sacgasco’s current gas production from the Rancho Capay and Los Medanos Gas Fields.

The strong recovery of California gas prices in one of the lower operating cost environments in the world underpins Sacgasco’s pursuit of additional gas leases.

The company’s share price has increased by about 20% since the start of this year, last trading at A$0.078.

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Wed, 08 Feb 2017 09:30:00 -0500 https://www.proactiveinvestors.com/companies/news/172811/sacgasco-adds-new-wells-to-its-sacramento-basin-portfolio-172811.html
<![CDATA[News - Sacgasco secures farm-in partner to drill California gas prospect ]]> https://www.proactiveinvestors.com/companies/news/171708/sacgasco-secures-farm-in-partner-to-drill-california-gas-prospect-171708.html Bombora will earn an initial 10% working interest by funding 20% of the Dempsey‐1 well drill program up to a gross well cost cap of about A$5.2 million (US$3.8 million).

The company will also have the right to earn an additional 10% working interest by funding a further 12.5% of the drill program.

Following this key milestone, Sacgasco plans to drill a 3,200 metre appraisal and exploration well in April‐May 2017.

The Dempsey structure sits beneath a developed gas field from which Sacgasco currently produces.

The gas plant has available capacity that would be utilised for a fast track development of any gas reservoirs proved by the Dempsey 1 well.

The deterministic prospective resource at Sacgasco’s primary targets range from 116 billion cubic feet (bcf) to 352 bcf of recoverable gas.

Should all the stacked reservoirs be full of gas, the cumulative un-risked recoverable prospective resources could total up to 1 trillion cubic feet of recoverable gas.

California consumes enormous quantities of gas, equivalent to around 2.25 times the entire output of Australia’s North West Shelf LNG plants. But the state only produces 10% of this consumed gas.

The strong recovery of California gas prices to over US$3.60 (per thousand cubic feet) underpins an optimistic outlook for the economic sale of natural gas in California.

Sacgasco’s share price has increased by about 12% since the beginning of this year, last trading at $0.073.

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Tue, 17 Jan 2017 14:00:00 -0500 https://www.proactiveinvestors.com/companies/news/171708/sacgasco-secures-farm-in-partner-to-drill-california-gas-prospect-171708.html
<![CDATA[News - Australian Oil Company increase gas sales revenue ]]> https://www.proactiveinvestors.com/companies/news/149098/australian-oil-company-increase-gas-sales-revenue-64676.html Australian Oil Company (ASX:AOC) has increased its daily sales revenue by $1,000 after the operator of its Rancho-Capay Gas Field in the Sacramento Basin, California, established gas flow from a new reservoir.

Gas flow of 425,000 cubic feet per day was established from the Forbes Reservoir zone, which was covered by produced sand.

AOC has a 55% interest in the well while the operator holds 20%. Fellow Australian company Xstate Resources (ASX:XST) holds a 10% stake.

The company is continuing to assess a number of opportunities to increase conventional gas production in the Sacramento Basin.

It is also progressing discussions with potential funding partners who have shown a genuine interest in the development of the potentially 1+ trillion cubic feet Dempsey Prospect of the Rancho-Capay field.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 22 Sep 2015 16:00:00 -0400 https://www.proactiveinvestors.com/companies/news/149098/australian-oil-company-increase-gas-sales-revenue-64676.html
<![CDATA[News - Australian Oil Company, Xstate Resources farm out gas prospects in California ]]> https://www.proactiveinvestors.com/companies/news/149097/australian-oil-company-xstate-resources-farm-out-gas-prospects-in-california-58043.html Australian Oil Company (ASX:AOC) and Xstate Resources (ASX:XST) have signed a farm-out agreement with Northern Gulf Petroleum (NGP), which will fund drilling of two gas prospects in California’s Sacramento Basin.

The Alvares and Dempsey prospects have gross unrisked best estimate recoverable prospective resources of 2.4 trillion cubic feet (tcf) and 1Tcf of gas respectively.

NGP will earn a 50% interest in the prospects by funding up to US$4.6 million for the Dempsey Exploration and US$10 million for the Alvares Appraisal Prospects.

AOC and Xstate have the option to increase their working interests in these prospects and are expected to have a 30% and 12.5% working interest respectively in each prospect following drilling.

NGP will also subscribe for 13,529,651 shares priced at $0.12 in AOC, or about 15% of the company, to raise about $1.6 million.

AOC will use the proceeds for acquisition of additional working interest in California, including additional working interests in the Dempsey and Alvares Prospects in the Sacramento Basin prior to farm-out, and working capital.



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Wed, 08 Oct 2014 15:00:00 -0400 https://www.proactiveinvestors.com/companies/news/149097/australian-oil-company-xstate-resources-farm-out-gas-prospects-in-california-58043.html
<![CDATA[News - Australian Oil Company ups stake in Californian gas wells ]]> https://www.proactiveinvestors.com/companies/news/149096/australian-oil-company-ups-stake-in-californian-gas-wells-54213.html Australian Oil Company (ASX: AOC) has signed a binding Heads of Agreement with Blue Sky Energy and Power Inc to acquire a 15% interest in 8 gas wells and infrastructure in the onshore Sacramento Basin, Northern California.

This increases AOC’s working interest in the acquired assets to 55%. Consideration was US$220,000, and the acquisition will be effective from 1 January 2014.

At least three separate geologically-independent, high impact prospects have been mapped within the acquired leases, and the gas wells will also provide modest cash flow.

The operator of these wells estimates the remaining gas producible from these wells to be around 1 Bcf; at current gas prices the Net present value is over $1/mcf, or US$1 million.

The transaction is in line with consistent with AOC's strategy to increase exposure to the potential for a major discovery in conventional sandstone reservoirs in the Sacramento Basin.

AOC has also recently streamlined its assets to focus solely on highly prospective onshore California exploration opportunities, which includes a joint venture agreement with Xstate Resources (ASX: XST).

AOC is presently valued at around $12 million.

 

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Wed, 09 Apr 2014 10:30:00 -0400 https://www.proactiveinvestors.com/companies/news/149096/australian-oil-company-ups-stake-in-californian-gas-wells-54213.html
<![CDATA[News - Australian Oil Company to pounce on acquisition ]]> https://www.proactiveinvestors.com/companies/news/149095/australian-oil-company-to-pounce-on-acquisition-54172.html Australian Oil Company (ASX: AOC) is poised to divulge details of an acquisition, with the Australian Stock Exchange granting the company a trading halt today.

AOC's shares are currently in pre-open.

In February this year the company raised just under $1.2 million from a placement at $0.10, and in the December quarter 2013 received $1.75 million cash upon resolution of issues related to exploration licence PEL 182 in the Cooper Basin, South Australia.

AOC is currently focused on California exploration opportunities.

The halt will remain in place until the opening of trade on Wednesday 9th April, or earlier if an announcement is made to the market.

 

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Mon, 07 Apr 2014 19:00:00 -0400 https://www.proactiveinvestors.com/companies/news/149095/australian-oil-company-to-pounce-on-acquisition-54172.html
<![CDATA[News - Australian Oil Company to raise capital, focus on oil and gas onshore California ]]> https://www.proactiveinvestors.com/companies/news/149094/australian-oil-company-to-raise-capital-focus-on-oil-and-gas-onshore-california-52570.html Australian Oil Company (ASX: AOC) is heading to market with a capital raising, with the ASX granting the company a trading halt.

AOC's shares are now in pre-open.

Towards the end of 2013, AOC appointed Gary Jeffery as managing director, with Jeffery having over forty years of project development, operations and exploration experience in the oil, gas and mining and energy utilities industries.

AOC has also recently streamlined its assets to focus solely on highly prospective onshore California exploration opportunities, which includes a joint venture agreement with Xstate Resources (ASX: XST).

The halt will remain in place until the opening of trade on Monday 10th February 2014, or earlier if an announcement is made to the market.

 

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Thu, 06 Feb 2014 11:20:00 -0500 https://www.proactiveinvestors.com/companies/news/149094/australian-oil-company-to-raise-capital-focus-on-oil-and-gas-onshore-california-52570.html
<![CDATA[News - Australian Oil Company maps out California oil and gas drilling plans ]]> https://www.proactiveinvestors.com/companies/news/149093/australian-oil-company-maps-out-california-oil-and-gas-drilling-plans-50754.html Australian Oil Company (ASX: AOC) plans to drill two onshore California wells, targeting oil and gas respectively, in the first half of 2014.

The gas prospect – a low risk appraisal of a major gas show well – could host between 600 billion and 3 trillion cubic feet of gas while the oil prospect targets more than 10 million barrels of crude at a location updip from tested oil.

Success will de-risk other prospects in the Sacramento and Santa Maria basins, which are prospective for gas and oil respectively.

The company had earlier this year acquired a 40% interest in seven producing gas wells in the Sacramento Basin, giving it cash flow, production infrastructure and access to 200 square miles of 3D seismic data.

 

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Mon, 02 Dec 2013 11:40:00 -0500 https://www.proactiveinvestors.com/companies/news/149093/australian-oil-company-maps-out-california-oil-and-gas-drilling-plans-50754.html
<![CDATA[News - Australian Oil Company to reveal drilling results from California ]]> https://www.proactiveinvestors.com/companies/news/149092/australian-oil-company-to-reveal-drilling-results-from-california-42889.html Australian Oil Company (ASX: AOC) is preparing to announce results from drilling of the Shea –Dividend #1-8 well at West Brentwood, Contra Costa County, California, with the ASX granting the company a trading halt this morning, with its shares placed in pre-open.

The exploration well was directionally drilled to a true vertical depth of 1,220 metres from a central drilling area, and will only take around a week to determine if hydrocarbons are present.

In the March 2013 quarter the Australian Oil Company signed a Farmin Agreement to earn a 26.67% working interest in 340 acres in Contra Costa County.

Under the terms of the farmin agreement the company will pay 40% of the first US$1,000,000 spent on drilling activity (i.e. US$400,000) and thereafter pay it’s earned working interest share of 26.67%.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Wednesday 8th May 2013.

 

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Mon, 06 May 2013 10:00:00 -0400 https://www.proactiveinvestors.com/companies/news/149092/australian-oil-company-to-reveal-drilling-results-from-california-42889.html
<![CDATA[News - Australian Oil Company spuds California oil well ]]> https://www.proactiveinvestors.com/companies/news/149091/australian-oil-company-spuds-california-oil-well-42513.html Australian Oil Company (ASX: AOC) has spudded the Shea-Dividend 1-8 well in California that could flow up to 500 barrels of oil per day from the highly productive Anderson Sandstone.

Two other locations also permitted to drill from the same central location, which are also expected to flow between 200 and 500 barrels per day.

All three prospects are estimated to contain up to 500,000 barrels of recoverable oil each.

AOC is paying 40% of the first US$1 million on drilling activity at the Brentwood prospect to earn its 26.67% interest.

Shea-Dividend 1-8 well has an estimated dry hole cost of US$700,000 (AOC share - US$280,000). An additional $US263,000 (AOC share – US$105,200) will be required for completion and tie-in costs in the case of drilling success.

The well will be directionally drilled to a true vertical depth of 1,220 metres from a central drilling area and is expected to take 8 days to determine if hydrocarbons are present.   

West Brentwood is located 50 kilometres east of San Francisco and just west of the Brentwood oil and gas field which has produced over 8 million barrels of oil and 60 billion cubic feet of gas and adjacent to the West Brentwood fields which have produced about 3MMbbl of oil and 9Bcf of gas.

 

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Fri, 26 Apr 2013 12:30:00 -0400 https://www.proactiveinvestors.com/companies/news/149091/australian-oil-company-spuds-california-oil-well-42513.html
<![CDATA[News - Australian Oil Company waiting for farm-in approval before drilling California well ]]> https://www.proactiveinvestors.com/companies/news/149090/australian-oil-company-waiting-for-farm-in-approval-before-drilling-california-well-37760.html Australian Oil Company (ASX: AOC) will have to wait a little longer for drilling of the Patience 1-19 well in California to begin.

The company has being advised by the Farmor that Chevron, as the surface rights owner, must approve any farm-in.

While this contractual requirement was not previously disclosed to AOC, the Farmor has advised that this is considered a formality and therefore it is unlikely Chevrons consent will be withheld.

AOC will earn a 30% interest in Patience 1-19 by paying a 40% share of well costs and will have an option to drill a second well on the same terms to earn a 30% working interest in 1,433 acres in the Coalinga area.

Patience 1-19 targets up to 4 million barrels of recoverable oil in the Allison and the Vaqueros sands just southeast of the East Coalinga Extension oil field.

These targets are mapped on 3D seismic as isolated sand bodies.

 

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Mon, 31 Dec 2012 11:00:00 -0500 https://www.proactiveinvestors.com/companies/news/149090/australian-oil-company-waiting-for-farm-in-approval-before-drilling-california-well-37760.html
<![CDATA[News - Australian Oil Company buys another California gas producer ]]> https://www.proactiveinvestors.com/companies/news/149089/australian-oil-company-buys-another-california-gas-producer-36319.html Australian Oil Company (ASX: AOC) has acquired a seventh gas producing well in the Sacramento Valley, California and is participating in an oil exploration well.

The company acquired a 40% working interest in the Neely-1 well for US$10,000.

Neely-1 currently produces about 95,000 cubic feet of gas per day, bringing total production from its newly acquired gas produces to over 900,000 cubic feet per day.

AOC is also paying 40% of the cost of drilling to earn a 30% working interest in the upcoming Patience 1-19 well that targets up to 4 million barrels of recoverable oil in two sands.

These sands, the Allison and the Vaqueros, were mapped on 3D seismic as isolated sand bodies.

Patience 1-19 is expected to spud in the second week of December and will take about 10 days to reach its total depth of 7,000 feet.

AOC also has a an option to drill a second well on the same terms to earn a 30% working interest in 1,433 acres in the Coalinga area.

 

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Fri, 23 Nov 2012 13:50:00 -0500 https://www.proactiveinvestors.com/companies/news/149089/australian-oil-company-buys-another-california-gas-producer-36319.html
<![CDATA[News - Australian Oil Company realises California dream with gas production purchase ]]> https://www.proactiveinvestors.com/companies/news/149088/australian-oil-company-realises-california-dream-with-gas-production-purchase-34946.html Australian Oil Company (ASX: AOC) has acquired its first producing asset that also provides access to exploration opportunities in the Sacramento Basin, California.

The acquisition of a 40% working interest in six producing gas wells, which produce a total of 880,000 cubic feet of gas per day generating about US$35,000 of revenue a month, also grants the company cash flow continuity and production infrastructure.

Five wells are located in Glenn County, Northern Sacramento Valley while the remaining well is in Contra Costa County in the San Francisco Bay Area.

Existing gas reserves are estimated at about 1 billion cubic feet. In addition, AOC and its partners have identified a number of well rejuvenation opportunities that could double production in the near future with minimal capital expenditure.

The company is also evaluating other gas production opportunities in the Sacramento Basin.

 

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Thu, 25 Oct 2012 10:20:00 -0400 https://www.proactiveinvestors.com/companies/news/149088/australian-oil-company-realises-california-dream-with-gas-production-purchase-34946.html
<![CDATA[News - Australian Oil Company to production test California oil well ]]> https://www.proactiveinvestors.com/companies/news/149087/australian-oil-company-to-production-test-california-oil-well-32190.html Australian Oil Company (ASX: AOC) and its partners will carry out a production test of an oil exploration well in the San Joaquin Basin, California, after receiving encouraging results from wireline logs.

The test will determine whether the SCU 1-24 well can produce oil and to gain information about reservoir performance.

Production casing will be run over the next 24 hours and the well re-entered using a smaller workover rig to carry out the flow testing.

The flow testing will start within the next two to three weeks.

Interest in SCU 1-24, which targets more than 20 million barrels of recoverable prospective resource oil, has been high since Australian Oil Company announced early this week that it had observed early oil shows in the well.

Shares in the company had shot up 12.5% to A$0.135 yesterday morning before it went into a trading halt.

The target Gatchell sand prospect is mapped as a separate field from the Chevron owned East Coalinga Extension oil field to the north.

This field has produced over half a billion barrels of oil from the Gatchell Sandstone with individual wells flowing oil at rates of more than 4000 barrels per day.

Australian Oil Company is earning a 32.81% working interest in the project by paying its share of costs for drilling the well, which are estimated to be about US$380,000 (A$370,250) on a dry hole basis.

 

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Thu, 09 Aug 2012 12:50:00 -0400 https://www.proactiveinvestors.com/companies/news/149087/australian-oil-company-to-production-test-california-oil-well-32190.html
<![CDATA[News - Australian Oil Company in pre open pending California oil well results announcement ]]> https://www.proactiveinvestors.com/companies/news/149086/australian-oil-company-in-pre-open-pending-california-oil-well-results-announcement-32180.html Australian Oil Company (ASX: AOC) is in a trading halt on the ASX as it prepares to release data highlighting the significance of oil shows encountered in an oil exploration well in the San Joaquin Basin, California.

Shares in the company had shot up 12.5% to A$0.135 yesterday morning before it went into a halt, highlighting the interest it received after announcing early oil shows from the SCU 1-24 well, which targets more than 20 million barrels of recoverable prospective resource oil.

Australian Oil Company had warned that while the shows were encouraging, it was too early at that point to determine whether they represented producible hydrocarbons.

This is expected to be addressed by the wireline logs, results of which are expected today.

The SCU 1-24 well targets more than 20 million barrels of recoverable prospective resource oil in the Gatchell sand prospect, which has been mapped as a separate field from the Chevron owned East Coalinga Extension oil field to the north.

This field has produced over half a billion barrels of oil from the Gatchell Sandstone with individual wells flowing oil at rates of more than 4000 barrels per day.

Australian Oil Company is earning a 32.81% working interest in the project by paying its share of costs for drilling the well, which are estimated to be about US$380,000 (A$370,250) on a dry hole basis.

The halt will last until the earlier of an announcement being made to the market, which the company had flagged would be released within 24 hours of the halt been put in place, or the opening of trade on Friday 10th August.

 

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Thu, 09 Aug 2012 09:10:00 -0400 https://www.proactiveinvestors.com/companies/news/149086/australian-oil-company-in-pre-open-pending-california-oil-well-results-announcement-32180.html
<![CDATA[News - Australian Oil Company shares soar in morning trade on massive volume ]]> https://www.proactiveinvestors.com/companies/news/149085/australian-oil-company-shares-soar-in-morning-trade-on-massive-volume-32143.html Australian Oil Company (ASX: AOC) is well and truly on investors' radars this morning, with the company's shares last trading (AEST 11.15am) at $0.135 or 12.5% higher on massive volume of over 17 million shares.

No doubt some of the interest in the stock is a follow-on from yesterday's announcement of early oil shows from an oil exploration well in the San Joaquin Basin, California, which the company is participating in.

Australian Oil Company did however warn that while encouraging, it was not possible to predict at this stage whether the oil shows represented producible hydrocarbons.

The shows will be evaluated by wireline logs after the well reaches its planned total depth of 8500 feet.

The SCU 1-24 well targets more than 20 million barrels of recoverable prospective resource oil in the Gatchell sand prospect, which has been mapped as a separate field from the Chevron owned East Coalinga Extension oil field to the north.

This field has produced over half a billion barrels of oil from the Gatchell Sandstone with individual wells flowing oil at rates of more than 4000 barrels per day.

Australian Oil Company is earning a 32.81% working interest in the project by paying its share of costs for drilling the well, which are estimated to be about US$380,000 (A$370,250) on a dry hole basis.

 

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Wed, 08 Aug 2012 12:00:00 -0400 https://www.proactiveinvestors.com/companies/news/149085/australian-oil-company-shares-soar-in-morning-trade-on-massive-volume-32143.html
<![CDATA[News - Australian Oil Company observes early oil shows at California well ]]> https://www.proactiveinvestors.com/companies/news/149084/australian-oil-company-observes-early-oil-shows-at-california-well-32108.html Australian Oil Company (ASX: AOC) has received encouraging early oil shows from an oil exploration well in the San Joaquin Basin, California that it is participating in.

While the SCU 1-24 well is still drilling, oil shows have been encountered over a 180 foot (54.8 metre) section from the top Gatchell Sandstone to the current depth.

Australian Oil Company warned that while encouraging, it was not possible to predict at this stage whether the oil shows represented producible hydrocarbons.

The shows will be evaluated by wireline logs after the well reaches its planned total depth of 8500 feet.

The SCU 1-24 well targets more than 20 million barrels of recoverable prospective resource oil in the Gatchell sand prospect, which has been mapped as a separate field from the Chevron owned East Coalinga Extension oil field to the north.

This field has produced over half a billion barrels of oil from the Gatchell Sandstone with individual wells flowing oil at rates of more than 4000 barrels per day.

Australian Oil Company is earning a 32.81% working interest in the project by paying its share of costs for drilling the well, which are estimated to be about US$380,000 (A$370,250) on a dry hole basis.

 

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Tue, 07 Aug 2012 11:40:00 -0400 https://www.proactiveinvestors.com/companies/news/149084/australian-oil-company-observes-early-oil-shows-at-california-well-32108.html
<![CDATA[News - Australian Oil Company spuds prospective Californian oil well ]]> https://www.proactiveinvestors.com/companies/news/149083/australian-oil-company-spuds-prospective-californian-oil-well-31723.html Australian Oil Company (ASX: AOC) has spudded an exploration well that will test the hydrocarbon potential of its acreage in the San Joaquin Basin, California.

The SCU 1-24 well targets more than 20 million barrels of recoverable prospective resource oil in the Gatchell sand prospect, which has been mapped as a separate field from the Chevron owned East Coalinga Extension oil field to the north.

This field has produced over half a billion barrels of oil from the Gatchell Sandstone with individual wells flowing oil at rates of more than 4000 barrels per day.

Australian Oil Company is earning a 32.81% working interest in the project by paying its share of costs for drilling the well, which are estimated to be about US$380,000 (A$370,250) on a dry hole basis.

 

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Thu, 26 Jul 2012 11:40:00 -0400 https://www.proactiveinvestors.com/companies/news/149083/australian-oil-company-spuds-prospective-californian-oil-well-31723.html
<![CDATA[News - Australian Oil Company set to drill California oil well ]]> https://www.proactiveinvestors.com/companies/news/149082/australian-oil-company-set-to-drill-california-oil-well-30832.html Australian Oil Company (ASX: AOC) is poised to drill an exploration well that will test the hydrocarbon potential of its 422 acre (1.7 square kilometre) project in the San Joaquin Basin, California.

The SCU 1-24 well targets more than 20 million barrels of recoverable prospective resource oil in the prospect, which is located just south of the Chevron owned East Coalinga Extension oil field that has produced over half a billion barrels of oil from the Gatchell Sandstone.

Wells in the East Coalinga Extension typically flowed more than 4000 barrels of oil per day.

Australian Oil Company is earning a 32.81% working interest in the project by paying its share of costs for drilling the well, which are estimated to be about US$380,000 (A$370,250) on a dry hole basis.

Meanwhile, the company has successfully raised A$258,433 through a placement of 5.17 million shares priced at A$0.05 each to sophisticated investors.

Proceeds from the placement will be used for general working capital.

 

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Tue, 03 Jul 2012 13:20:00 -0400 https://www.proactiveinvestors.com/companies/news/149082/australian-oil-company-set-to-drill-california-oil-well-30832.html
<![CDATA[News - Australian Oil Company snaps up stake in California oil project ]]> https://www.proactiveinvestors.com/companies/news/149081/australian-oil-company-snaps-up-stake-in-california-oil-project-29902.html Australian Oil Company (ASX: AOC) has executed a farm-in agreement to earn a 32.81% working interest in a 422 acre (1.7 square kilometre) project in the Coalinga area of the San Joaquin Basin, California.

The prospect is located just south of the Chevron owned East Coalinga Extension oil field that has produced over half a billion barrels of oil from the Gatchell Sandstone.

Wells in the East Coalinga Extension typically flowed more than 4000 barrels of oil per day.

Australian Oil Company said the block contains the Gatchell zone rights that are mapped as a separate field and that it would be tested by the NNG-Coalinga 1-24 exploration well in early July.

This well targets more than 20 million barrels of recoverable prospective resource oil.

The company is paying its ground floor earning share of the well as well as its share of the prospecting fee to earn the stake.

 

Proactive Investors is a market leader in the investment news space, providing ASX “Small and Mid-cap” company news, research reports, StockTube videos and One2One Investor Forums.

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Fri, 08 Jun 2012 13:40:00 -0400 https://www.proactiveinvestors.com/companies/news/149081/australian-oil-company-snaps-up-stake-in-california-oil-project-29902.html
<![CDATA[News - Australian Oil Company targets California oil with farm-in agreement ]]> https://www.proactiveinvestors.com/companies/news/149080/australian-oil-company-targets-california-oil-with-farm-in-agreement-16715.html Australian Oil Company (ASX: AOC) has entered into a farm-in agreement for 3,100 leased acres in Los Alamos, California, with plans to start drilling for oil in September this year.

The company plans to drill the well to around 3,658 metres positioned updip from an existing well drilled in 1986 by Sun Oil which encountered extensive oil shows in the Monterrey Shale target.

The Monterey Shale is the main producing oil reservoir in California.

Australian Oil, through its subsidiary Los Alamos LLC, will pay 75% of the cost for a completed producing well to earn a 75% stake in the total leased area which interest reduces after repayment of Los Alamos’s cost of drilling and completing the well to a 56.25% working interest.

Los Alamos LLC also has an option to farm-in to an additional adjacent leased area comprising 1,800 acres on similar terms.

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Tue, 31 May 2011 09:12:00 -0400 https://www.proactiveinvestors.com/companies/news/149080/australian-oil-company-targets-california-oil-with-farm-in-agreement-16715.html