Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Sept 2014annual report● Neutral
Annual report for year to 30 June 2014. The chairman says the Halcón free-carry stage is complete and Austin intends to fund its roughly $3m per Eagle Ford well with debt, with an announcement hoped soon. Text is truncated, so financial figures are not seen.
2 Sept 2014investor presentation● Neutral
September presentation repeats known facts: first three Eagle Ford wells' 30-day results, the Gustavson reserves with NPV US$401.56m and NPV10 US$91.61m, and Pathfinder plans. It says well six is to start in September. No new results in the text seen.
2 Sept 2014well test result▲ GoodMajor
Nemo 1H, the third Halcón-carried Birch well, made 18,390 BOE in its first 30 days, averaging 613 BOEPD (91% oil). That completes the three carried wells; Red Bud 1H and Curington A #1H are still in completion.
2 Sept 2014well test result▲ GoodMajor
Kaiser 2H, the second Halcón-carried Birch well, made 20,550 BOE in its first 30 days, averaging 685 BOEPD (91% oil). This is below Stifflemire's 25,890 BOE, though Halcón says the acreage is de-risked and results repeatable.
27 Aug 2014drilling result▲ Good
Curington A #1H, the fifth Birch Eagle Ford well, reached 16,620 ft measured depth with a 7,000 ft lateral, drilled on budget. Completion starts soon. Results for Kaiser 2H and Nemo 1H are expected within days.
26 Aug 2014resource reserve update● Neutral
Replying to an ASX query, Gustavson supplies the assumptions behind the Birch reserves, including $9m per horizontal well and Austin's 30% working interest after the carried wells. Supporting disclosure for the 25 August upgrade; no new reserve figures in the text seen.
25 Aug 2014resource reserve update▲ GoodMajor
Gustavson moves all Birch Eagle Ford resources into reserves: Austin net 12,687,266 BOE, total property 61,031,300 BOE. Austin's net NPV is US$401.56m (3P) and NPV10 US$91.61m, at $80 oil. Proved only (1P) is NPV0 US$64.71m, NPV10 US$22.32m.
18 Aug 2014drilling scheduled▲ GoodMajor
Austin is preparing two shallow Pierre wells at Pathfinder, C-01#1 and C-25#1, to about 4,000 ft, due to complete in Q4 2014. They would meet its lease drilling obligations. It says it is fully funded for current drilling and the debt facility is progressing well.
11 Aug 2014production update▲ GoodMajor
The Pathfinder gas processing plant began producing on 9 August, so heavy gas sales start as the first revenue from the project, with Austin getting a share of proceeds under the confidential GPA deal. Pipeline talks continue; flow-back is underway on three Texas wells.
4 Aug 2014drilling spud▲ GoodMajor
Curington 'A' #1H, the fifth Birch Eagle Ford well, has spud, planned to about 18,700 ft. Comstock Resources operates it via the Halcón farm-out program, and Austin says it is fully funded for its share. Completion is underway on three other wells.
31 July 2014price query● Neutral
ASX queried a rise from 1.2c to 1.5c with higher volume. Austin said it knows of no unannounced information, noted a broker research note on Halcón (its Eagle Ford farm-out partner), and confirmed it complies with the listing rules.
9 July 2014other● Neutral
Independent Investment Research has started coverage of Austin; the report is on the company website. The announcement carries no operational or financial news.
1 July 2014drilling result▲ Good
Red Bud #1H, Austin's first participation Eagle Ford well, reached target depth of 17,465 ft. Completion operations are about to begin, and results will be announced when available.
30 June 2014production update▲ Good
C-18#1 hit a second oil pocket in the Niobrara that also flowed to surface. The Pathfinder plant is due to run in July, with first revenue in August. Kentucky reached 31.3 BOPD, and Mississippi's four wells make about 85 BOPD.
26 June 2014capital raising announcement▲ GoodMajor
A placement of the SPP shortfall, 171,790,241 shares at 1.0c, raises $1,717,902 through lead manager DJ Carmichael. With the SPP's $4,350,459, total equity raised is $6,068,361 before costs, alongside the US$40m debt still under negotiation.
24 June 2014drilling result▲ GoodMajor
Austin's first Pierre well, C-18#1 at Pathfinder, hit oil at about 4,500 ft that flowed naturally to the surface. Management calls it a likely large, naturally fractured, over-pressured reservoir. No flow rate or test data yet.
16 June 2014drilling spud● NeutralMajor
Red Bud #1H, the fourth Birch Eagle Ford well, is drilling. It is Austin's first paid participation well, with a 20.2119% working interest, since Halcón's three carried wells are done. Austin targets closing the US$40m debt in the third quarter.
10 June 2014drilling result▲ Good
Nemo 1H, the third and final carried Halcón well, reached target depth of 16,735 ft. Completion work starts on both Kaiser 2H and Nemo 1H. Results come later.
6 June 2014capital raising announcement▲ GoodMajor
Austin closed its share purchase plan having raised $4,350,459 through 435,045,900 shares, with support from over 70% of shareholders. The funds are to support Birch Eagle Ford development, and the fourth Halcón well was expected to start in coming weeks.
What it means for a shareholder
435m new shares at about A$0.010 to raise about A$4.4m. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.00567% to 0.00455% of the company. To keep it you'd need 24,679 more shares - about A$247 at the issue price.
Create a free account to see this worked out for your own holding.
30 May 2014resource reserve update▲ GoodMajor
Gustavson upgrades Birch: P50 oil rises 87% to 22.41 MMbbl and gas 34% to 67.02 BCF. Reserves are now classed as proven, with 27 wells booked (2 producing, 25 undeveloped). Austin says this lets it progress the US$40m debt facility.
27 May 2014regulatory community update▲ Good
The first Pathfinder gas processing plant is in transit to the site, ahead of schedule. GPA pays for all the equipment, following the March agreement. Talks continue on the north-south pipeline to the CIG pipeline.
26 May 2014drilling result▲ Good
Kaiser 2H, the second Halcón-carried Eagle Ford well, reached target depth of 18,057 ft. Nemo 1H is still drilling, and completion of both wells starts after Nemo finishes. No production results yet.
16 May 2014capital raising announcement● Neutral
SPP offer documents sent to shareholders. The plan aims to raise up to $6m at 1.0c, up to $15,000 each, with the 1.0c price an 11.16% discount to the 5-day VWAP. Funds would cover Austin's 30% share of Birch wells after the third.
15 May 2014flow test result▲ GoodMajor
Stifflemire 1H averaged 863 BOEPD (86% oil) over its first 30 days, 25,890 BOE total, below the 1,066 BOEPD initial rate. Austin says it supports pursuing debt funding. Two more Halcón wells are being drilled.
12 May 2014investor presentation● Neutral
May 2014 company update supporting the share purchase plan. It repeats known items: Stifflemire 1,066 BOEPD, Pathfinder 100% interest, the Mizuho debt push, and the 2013 Gustavson resource figures. No new results are visible.
12 May 2014capital raising announcement● NeutralMajor
Austin launched a share purchase plan at 1.0c per share, up to $15,000 per holder, closing 2 June, to fund its share (US$2.4-2.7m) of the fourth Eagle Ford well. It is a bridge until the debt package. The price is below February's 1.1c placement; total size not stated.
8 May 2014debt financing▲ GoodMajor
Austin engaged Mizuho Securities USA to raise US$40m of debt for Colorado and Texas development, and has begun due diligence. It expects to close in 90-120 days. This is only an engagement to arrange funding, not a committed facility.
1 May 2014drilling spud▲ GoodMajor
Austin spudded C-18#1, its first Pierre shale well at Pathfinder, a shallow (3,000-4,000 ft) well it says can cost under US$1m. It also bought out the 15% partner for a 1.55% royalty, no cash, giving 100% working interest and 75% net revenue.
23 Apr 2014drilling spud▲ GoodMajor
Halcón has spudded the second and third Birch wells (Kaiser 2H and Nemo 1H) together, after Stifflemire's 1,066 BOEPD result. Austin remains carried. It plans to pursue debt and has re-engaged Gustavson to update reserves, expected to be proven.
26 Mar 2014flow test result▲ GoodMajor
Stifflemire #1H, the first Halcón-carried Eagle Ford well on the Birch project (Austin 30%), flowed at 1,066 BOEPD, 87% oil. Austin says it should lift proved reserves and help it obtain debt funding. The first big result from the farm-out.
