AusTex Oil (ASX:AOK, TSE:ATO) is on track to deliver record quarterly revenue after producing 26,815 barrels of oil equivalent in August, up 17% over the previous month with same number of wells.
Production growth was driven by the improved performance of the 20 producing vertical wells at the 100%-owned Snake River project in Oklahoma, USA.
Notably, Snake River remains largely undeveloped with over 200 potential vertical well locations identified. Funding negotiations to fast track exploration and production from these wells are at an advanced stage.
AusTex is now undertaking additional infrastructure development works at Snake River with the installation of a third production hub to facilitate further production growth. An additional six wells await tie-in, equating to one-third of those currently on pump.
AusTex is on track to meet its short-term production goal of 1000 boe per day by the end of the calendar year, and with a continuing program of drilling two vertical wells per month at Snake River, Austex is primed for growth.
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