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Above: (top) conventional pumping unit;
(bottom) new technology, submersible pumping unit
Far right: roll over numbers to reveal the
facts
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TXO plc acquires for refurbishment inactive wells, previously shut
in due to low oil price, on-shore USA. Using modern working
practices and up-to-date technology, notably submersible pumps, the
company reopens and reworks the wells, bringing them back into
production.
The company owns interests in 85 leases with a total of 348 wells in
the East Texas Oilfield, of which 106 are 50% owned and 242 are 100%
owned. Reserves as at 31 March
2005 have been estimated at 10.4million barrels of oil.
Production for the year ended 31 March 2006 amounted to 53,751
barrels of oil an increase of 66% over the previous year's 32,468
barrels.
The company intends to acquire further wells when opportunities
arise and market conditions allow.
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