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Australian Oil Company to reveal drilling results from California

Australian Oil Company to reveal drilling results from California

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.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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