Winchester Energy Acquires oil field in Texas
- Winchester Energy (WEL) acquires a 100 per cent working interest in the Varn oil field in Texas
- The oil field reportedly comprises proven and probable reserves of 1.07 million barrels of oil equivalent made up of over 93 per cent oil
- WEL says the payment of US$415,000 (A$585,000), and the drilling of all required wells, constitute an up-front gross acquisition and development cost of US$5.61 (A$7.92) per barrel
- The company has also signed a memorandum of understanding with Cryptotherm, a liquid cooling solutions company, to commence a feasibility study in the area
- Shares in WinchesterEnergy were trading grey at 1.5 cents each just before midday AEDT
