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Australian Oil Company maps out California oil and gas drilling plans

Australian Oil Company maps out California oil and gas drilling plans

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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