Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Oct 2015drilling progress report▲ Good
Completion of the Board Of Education well in Mississippi is on track, with first oil expected in November; this is the fifth oil strike in five Mississippi wells. Austin holds 50% working interest. Flow rates are not yet known. Pierre drilling in Colorado is scheduled to begin in November.
8 Oct 2015capital raising announcement● Neutral
Austin confirms the rights issue prospectus and entitlement forms were mailed to all shareholders on 7 October. The timetable is unchanged, with closing on 19 October and issue on 26 October. Administrative notice only.
6 Oct 2015capital raising announcement● Neutral
Replacement prospectus dated 6 October replaces the 24 September original for the rights issue: up to $3,326,078 at 1.5c, two-for-three, with free 3c options expiring 18 September 2017. Terms unchanged; closing date 19 October. Text truncated, so reasons for replacement are not shown.
1 Oct 2015annual report● Neutral
Corporate governance checklist lodged with the annual report for the year to 30 June 2015, pointing to pages 13 to 27 of the annual report. Administrative filing with no new operating or financial information.
30 Sept 2015annual report● Neutral
Annual report for the year to 30 June 2015. The letter cites over US$1.6m annualised cost savings (70%), the US$1.5m ANB loan, Pathfinder at 15,282 acres, and net resources above 45m BOE. Financial statements are not shown in the truncated text.
29 Sept 2015capital raising announcement● Neutral
Sample copy of the shareholder letter mailed 25 September about the rights issue. It repeats the existing terms (two-for-three at 1.5c, up to $3.326m, record date 1 October, closing 19 October). No new information.
28 Sept 2015investor presentation● Neutral
Investor presentation restating known points: low-cost vertical drilling in Colorado, Kentucky and Mississippi, two Pierre wells planned, and 57 producing wells. It cites $1.8m cash at 30 June 2015 and 332m shares on issue. A Pierre discovery is called a potential game changer.
25 Sept 2015capital raising announcement● Neutral
Prospectus for the rights issue of up to $3,326,078 at 1.5c, two shares for every three held, with free 3c options expiring 18 September 2017. It describes the shares as highly speculative. Closing date is 19 October. Text truncated.
23 Sept 2015capital raising announcement● Neutral
Re-release of the 23 September rights issue announcement with a corrected timetable: shareholder notice moves to 25 September and prospectus despatch to 7 October. Terms are unchanged: up to $3.326m at 1.5c, two-for-three.
23 Sept 2015capital raising announcement● NeutralMajor
Austin launches a non-renounceable rights issue of two new shares for every three held at 1.5c, raising up to $3.326m, with one free option (3c, expiring 18 Sept 2017) per two shares. The price is a 25% discount to 2c. $1.5m is earmarked for Pathfinder drilling.
2 Sept 2015drilling result▲ GoodMajor
The Board Of Education well in Mississippi logged two zones totalling 28 feet of oil-saturated pay, and an injection well was also drilled. Completion starts next; flow rates are not yet known. This extends Austin's record of oil in every Mississippi well drilled.
31 Aug 2015asset acquisition disposition● NeutralMajor
Austin rejected the offers received for its Texas Birch property as too low and will keep it on the market. The board says selling at very low oil prices is not in shareholders' interest. This resolves the June tender with no sale.
28 Aug 2015drilling spud● Neutral
Drilling has started on the Board Of Education well in Mississippi, where Austin holds 50% working interest and 37% net revenue interest, after four successful wells there. Funded by the ANB Bank loan. Workforce is cut from 30 to 8 staff.
31 July 2015quarterly activities report● Neutral
June quarter report recaps the 3,722-acre Pathfinder expansion (now 15,282 acres), the C18#4 hydrocarbon show, Kentucky RLC #4 under US$100k and record 50.12 BOPD in July. A further $45k of G&A savings is claimed, with Texas assets offered for divestment. Text truncated.
30 July 2015drilling result● NeutralMajor
Pathfinder well C18#4, a deviated Pierre well drilled to 4,210 ft, intersected wet natural gas and a resistivity spike, but has not yet flowed oil. Austin holds 50% and did not pay drilling costs. Gas tests follow; this updates the pending C18#4 status.
16 July 2015asset acquisition disposition▲ GoodMajor
Austin acquired 3,721 acres adjacent to Pathfinder, taking its 100%-owned Colorado DJ Basin acreage to 15,281 acres. The 3D seismic over section 18 is complete and identified several high-grade Pierre and Niobrara targets. Drilling has recommenced in section 18.
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.
30 Apr 2015quarterly activities report● Neutral
March quarter report: ANB $1.5m loan, Pierre Energy JV and 3D seismic highlighted, with overhead cut by over $1.2m a year. Focus shifts to low-cost conventional wells. A 10-well deal with Pierre for 50% of the Pierre formation is in advanced negotiation. Text truncated.
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.
30 Jan 2015quarterly activities report● Neutral
December quarter: record production of 34,050.8 BOE net and positive cash flow, with $1.5m cash. Overheads cut over US$1.2m a year (about 60%). Major drilling is halted until oil prices recover, and high-cost Kentucky and Colorado leases are idled. Text truncated.
