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Australian Oil Company increases sales revenue by $1,000

Australian Oil Company increases sales revenue by $1,000

CANBERRA: Australian Oil Company 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.

Australian Oil Company 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.

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.