Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 July 2015drilling result▲ Good
Kentucky well Robards Lauenstein Community #4 was drilled in-house and is producing oil under natural pressure, at a cost expected under US$100,000. Flow rates are not yet known. Austin expects payback in under a year.
2 July 2015director officer appointment● Neutral
Robert Lees of CoySec Services becomes Company Secretary from 1 July 2015, replacing David Nairn who retired on 30 June. The Australian registered office moves to Clarence Street, Sydney. Administrative change only.
16 June 2015asset acquisition disposition● NeutralMajor
Austin hired Meagher Energy Advisors to run a tender for a possible sale of its 30% interest in the 5,040-acre Birch Eagle Ford project, with bids due 8 July. No sale decision has been made. The stated aim is to focus funding on Colorado, reversing earlier hopes of resuming Texas drilling.
28 May 2015director officer appointment● NeutralMajor
Guy Goudy becomes Managing Director and CEO from 1 July 2015, and Dr Mark Hart moves to Non-Executive Chairman. Austin says this follows a succession plan announced in March 2012. It reverses Hart's CEO and MD resumption of just two months earlier.
5 May 2015drilling result● Neutral
Pierre exploratory well C18 #3 was drilled through the Pierre formation with no drilling or safety problems; logs are being evaluated, so no oil result yet. 3D seismic continues, and nine more locations are being identified.
28 Apr 2015debt financing▲ GoodMajor
Austin secured a $1.5m reserves-based loan from ANB Bank, interest-only monthly and secured against company assets. Funds are for low-cost conventional wells in Colorado, Kentucky and Mississippi. It is Austin's first loan of this type, after the larger US$40m debt effort was cancelled.
16 Apr 2015drilling progress report▲ Good
A 3D seismic program has started at Pathfinder, and drilling has recommenced in section 18. Austin has completed the Participation and Joint Operating Agreements for the Pierre Energy JV announced 23 March. No results yet.
27 Mar 2015other● Neutral
Austin was named runner-up for E&P Company of the Year in the Gulf Coast region (behind EOG Resources) and a semi-finalist in the Rocky Mountains region. It is an industry award with no effect on wells, reserves or finances. A multi-well Pierre drilling program is scheduled for April.
24 Mar 2015well test result▲ Good
Seaducer #1H, the sixth Birch Eagle Ford well, produced 18,604 BOE in its first 30 days, extending Austin's six-from-six record in Texas. The Texas program stays halted until oil prices recover; the well is fully funded.
23 Mar 2015farm in farm out agreement▲ GoodMajor
Austin forms a JV with Pierre Energy Partners on Pathfinder: Pierre carries drilling of C18#3 and C18#4 in April-May, earning 50% of their oil. Austin pays completion costs. A 10-well deal for 50% of the Pierre formation is under negotiation, not yet agreed.
19 Mar 2015director officer appointment● NeutralMajor
Chairman Richard Cottee retires effective 21 April 2015. Philip McCarthy and Stuart Middleton join as Sydney-based non-executive directors from 15 April. Dr Mark Hart resumes the roles of Chairman and Managing Director.
13 Mar 2015half year report● Neutral
Half-year to 31 December 2014 report: best-ever quarter and first cash-flow-positive quarter despite WTI falling 58%. Six of six Eagle Ford wells are producing, and drilling is idled until an expected Q3/Q4 2015 restart. Financial figures not shown in the truncated text.
12 Jan 2015well test result▲ Good
Seaducer #1H, the sixth Birch Eagle Ford well, recorded a 24-hour initial rate of 960 BOEPD (90% oil), TD 16,022 ft. Austin has halted major spending after the oil price drop and says it has no debt. Resolves the Seaducer thread.
17 Dec 2014drilling spud● Neutral
Two shallow Pierre wells, C18#3 and C18#4, spudded at Pathfinder, Colorado, satisfying lease-retention commitments. Drilling halts for wildlife rules until mid-April 2015. Austin has cut about $1m of overhead including salaries amid low oil prices.
10 Dec 2014production update▲ Good
Austin reported record Kentucky oil production of 48 BOPD in 2014, up from 0.7 BOPD in 2011. The Kentucky unit controls over 4,000 acres, mainly in western Kentucky's Illinois Basin, and provides low-risk cash flow.
8 Dec 2014well test result▲ Good
Curington A #1H, the fifth Birch Eagle Ford well with Halcón, produced 19,600 BOE in its first 30 days, averaging 653 BOEPD (92% oil). This follows the earlier 996 BOEPD initial rate and resolves the pending 30-day figure.
5 Dec 2014regulatory community update▲ Good
Austin finished an access road at its 100%-owned 11,560-acre Pathfinder project in Colorado, giving access to about 3,800 acres (six 640-acre sections). It prepares for the next drilling stage, but no well result or production change.
4 Dec 2014drilling result▲ Good
Seaducer #2H, the sixth Birch Eagle Ford well, was drilled to 16,022 ft with a 6,934 ft lateral and fracced in 27 stages. Flow-back starts shortly, and Curington A's 30-day rate is due. Planned depth was about 16,700 ft, so it finished shallower.
3 Dec 2014capital raising announcement▲ GoodMajor
Lanstead Capital, a UK investor, takes a 19.8% stake: A$4.513m for 59m shares at 7.65c, plus 5.9m fee shares, with a two-year hold. An equity swap lets Austin receive more or less than the amount depending on share price against a 10.2c benchmark. A proposed debt program was cancelled.
19 Nov 2014security holder rights change● Neutral
The 10-for-1 share consolidation approved at the AGM is complete, leaving 262,962,790 ordinary shares on issue. Normal trading resumes the next day. This closes the consolidation thread opened in October.
7 Nov 2014well test result▲ GoodMajor
Curington A #1H, the fifth Birch Eagle Ford well, recorded an initial rate of 996 BOE per day (91% liquids), TD 16,620 ft with a 7,095 ft lateral. Red Bud is now producing and sixth well Seaducer is drilling at 16,700 ft. Resolves the Curington completion thread.
7 Nov 2014well test result▲ Good
Duplicate of the earlier 7 November release: Curington A #1H, the fifth Birch Eagle Ford well, initial rate 996 BOE per day (91% liquids). Seaducer, the sixth well, is drilling at 16,700 ft. No new information.
4 Nov 2014debt financing● NeutralMajor
Austin postpones the large debt facility, pending clarity on oil prices and drilling programs. It has instead secured an incremental revolving facility with CHASE Bank at a 3.5% margin to fund scheduled Eagle Ford drilling. This ends the GEMCORP/US$40m effort for now; facility size not stated.
3 Nov 2014production update▲ GoodMajor
Austin said it had turned cash flow positive on a monthly basis, helped by the Red Bud well in Texas, record Kentucky output, higher Colorado oil production and Mississippi output, plus cost control after the oil price drop. Excess cash will fund more drilling.
29 Oct 2014production update▲ Good
Four Birch Eagle Ford wells have produced over 226,000 BOE gross (90% oil). Austin says 1,680 acres are now held by production and it expects to turn cash flow positive shortly. Curington is in flow-back and Seaducer is drilling. Working interests range from 30% down to 3.59%.
15 Oct 2014debt financing● NeutralMajor
Austin closed an unsecured A$2m bridging facility at 12% a year, drawable at its election, to meet Eagle Ford drilling calls and two shallow Pierre wells at Pathfinder while the US$40m facility is finalised. Three more Eagle Ford wells expected to spud in coming weeks.
9 Oct 2014security holder rights change● NeutralMajor
Austin proposes a 10-for-1 share consolidation, subject to shareholder approval at the 7 November 2014 AGM. Management says it aims to attract longer-term institutional investors. Share count and option terms would adjust under ASX rules; this follows the 1.0c placements.
2 Oct 2014drilling spud▲ Good
Seaducer #2H, the sixth Birch Eagle Ford well with Halcón, has spud, planned to about 16,700 ft with a 7,500 ft lateral. Austin says its share is already funded. Completion of fifth well Curington A #1H began 1 October.
1 Oct 2014debt financing▲ GoodMajor
Austin agreed commercial terms with GEMCORP CAPITAL on a $40m debt facility, subject to due diligence and credit committee approval. It would fund Eagle Ford drilling with Halcón and Pathfinder. This replaces Mizuho as the named lender in the long-running US$40m debt talks; not yet closed.
18 Sept 2014well test result▲ GoodMajor
Red Bud 1H, the fourth Birch Eagle Ford well, has flowed over 20,000 BOE (80% oil) under natural pressure during flow-back. Austin calls it the fourth consecutive success. This is an early flow-back figure, not a 30-day rate; it resolves the pending Red Bud result.
