Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
5 Nov 2014agm notice● Neutral
Austin withdraws AGM Resolution 8.1 because Chairman Richard Cottee will not take part in the 2015 employee share plan, as in 2014. Administrative change only.
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.
30 Oct 2014quarterly activities report▲ Good
The September quarter report said Austin was on track to turn cash-flow positive in November. Four Texas wells had produced over 206,000 BOE, debt finance negotiations were ongoing, and a Pierre shale well was planned for the coming quarter.
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.
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.
