Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
13 May 2013other▲ Good
Austin cites Halcon's Eagle Ford results nearby (7 wells averaging 894 boe/d) as validating its 100% Birch acreage, and says several companies have approached to buy Birch. It is pursuing farm-out talks; Gustavson P50 for Birch quoted at 16.5 million boe.
7 May 2013material agreement▲ GoodMajor
Austin signed a Heads of Agreement with Mercator Energy, which would fund and build Pathfinder gas gathering and processing, in return for a share of the NYMEX gas price. Stage one is expected in 6-9 months. Austin also bought out its third (30 June) commitment well.
3 May 2013asset acquisition disposition● NeutralMajor
Austin agreed to sell its 50% of PEL 105 (Cooper Basin) to PNC AUST for $1.25m, due 30 September 2013, or alternatively $1.75m in shares of a PNC-related listed company. Proceeds are earmarked for US gas gathering; this ends the Beach JV exposure and Pirie-1 spending.
3 May 2013asset acquisition disposition● Neutral
Buyer-side notice from Tellus Resources: PNC agreed to buy Austin's 50% of PEL 105 for $1.25m cash or $1.75m of Tellus shares (PNC's choice), by 30 September 2013. It is conditional on Tellus shareholder approval of acquiring PNC and a formal sale agreement.
29 Apr 2013farm in farm out agreement▲ GoodMajor
Austin signed a non-binding letter of intent to farm out 30% of Pathfinder to a new partner. Austin would be carried on the next two horizontal wells (capped at US$12m), keep a 55% interest and stay operator. A 90-day exclusivity period for final due diligence has begun.
17 Apr 2013capital raising announcement● Neutral
Mailing of the Share Purchase Plan offer: Australian holders on the 8 April record date can buy up to $15,000 of shares at 1.6c, a 15% discount to the 1.8c five-day VWAP. Offer closes 13 May 2013. Terms only; nothing new.
9 Apr 2013capital raising announcement● NeutralMajor
Austin launches a Share Purchase Plan to raise up to $8m at 1.6c per share, after a $1.471m placement at the same price, to cover about $2.7m of drilling commitments. It also reports farm-out talks for Pathfinder and a possible Birch horizontal well in July.
2 Apr 2013investor presentation● Neutral
April road show presentation repeating known facts: 547 boe/d, 403 boe/d Pathfinder, 85% of Pathfinder and 100% of Birch. Says recurrent costs are covered by 120 boe/d of production. No new results.
21 Mar 2013production update▲ GoodMajor
Austin says it hit its Project 500-Squared targets: 547 boe/d gross company-wide, three months ahead of schedule, and over $1m of overheads removed. Pathfinder contributes 403 boe/d of this, and the well is still stabilising. Figures are gross, not Austin's net share.
19 Mar 2013other● Neutral
Cleansing notice for 4,050,000 shares issued for nil consideration to non-executive directors under the Performance Plan approved at the 28 November 2012 AGM. Administrative; no cash raised.
15 Mar 2013half year report● Neutral
Half-year report to 31 December 2012. The directors' report says all nine 2012 wells flowed hydrocarbons and Austin controls 100% of Birch from January 2013. Financial figures are not in the extract.
14 Mar 2013flow test result▲ Good
Pathfinder #1 flowed 403 boe over 24 hours on 13 March (211 bbl oil plus 1.15 MMscf gas). The well will now go on pump, and a gas compression unit is being installed, with a pipeline about 5 miles away as the longer-term route.
7 Mar 2013flow test result▲ GoodMajor
Pathfinder #1 flowed 341.7 boe over a 12-hour natural test (210.4 bbl oil, 131.3 bbl gas equivalent), with gas above expectations. This follows January's unquantified flows. Austin plans to compress and sell the gas, and the chairman says the result could open debt funding.
24 Jan 2013flow test result▲ GoodMajor
Pathfinder C11-12 No.1 HZ averaged 350-400 boe/d over a three-day high-pressure test. Austin calls this proof the field is economic and has shut the well in to build commercial production facilities, possibly including a gas line within five miles.
21 Jan 2013flow test result▲ GoodMajor
Pathfinder #1 is flowing oil and wet gas naturally to surface at about 66 MCF per hour after the well was opened on 20 January; gas exceeded the flaring equipment, so new equipment was installed. Oil volume cannot yet be quantified; at least 30 days of monitoring are needed.
14 Dec 2012other● Neutral
Clarifies that the oil flow numbers in the 28 November update came from the early clean-up stage and are no indication of final rates. Clean-up takes about 100 days; initial production rates for Pathfinder #1 and Birch #3 are now expected in Q1 2013.
28 Nov 2012other● Neutral
AGM chairman's address: over A$1m of costs saved, net oil production 110 bopd versus 50 bopd a year earlier, and 8 verticals, 2 horizontals drilled since March. Says a true assessment of drilling is expected in Q1 2013 and asks for patience. Mostly repeats known facts.
28 Nov 2012well test result▲ Good
Pathfinder #1 completed its 16-stage frac and has recovered about 600 barrels of 37-39 API oil since 20 November, plus unexpected gas that is being flared. Birch #3 is making 15.5 bopd and 150 MCF/d, slower than expected to clear drilling fluids. No formal IP rates yet.
15 Oct 2012investor presentation● Neutral
Investor presentation repeating known facts: Gustavson resources (Pathfinder P50 21.76 MMbbl, Birch 9.53 MMbbl), 110 bbl/d production and about A$1.05m costs cut. Says full evaluation of the Colorado and Texas discoveries is due by end of November 2012. No new results.
28 Sept 2012drilling result▲ GoodMajor
Pathfinder C 11-12 #1 (85% interest) drilled a 4,100 ft horizontal leg to 9,870 ft with no problems and hydrocarbon shows throughout. Frac expected by end October, oil results by November AGM. Birch #3 still flowing back drilling fluids. Beach plans to drill Pirie-1 on PEL 105 in Q1 2013; Beach funds the first $1.75m.
24 Sept 2012admin correction● Neutral
Re-lodges the FY2012 annual report to fix a typo: the current-year Options Reserve total changes to $4,071,324 from $3,829,794. No other change; no new operational information.
21 Sept 2012drilling progress report● Neutral
Birch #3 is still recovering drilling fluids under natural pressure. Oil is expected to flow in coming days, after which a 24-hour initial rate will be reported. No oil result yet.
21 Sept 2012annual report● Neutral
FY2012 annual report: chairman says about A$25m was raised in Feb-Mar 2012 and almost A$1m of costs cut, against a A$500,000 target. The 500 bopd goal is stated as by 30 June 2013, settling the earlier inconsistency. Financial statements are not in the extract.
14 Sept 2012flow test result▲ Good
Birch #3 in Texas (93.5% interest) is reported flowing gas at 800,000 'MCF' on day one, above a 500,000 high case. Oil flow testing follows. The unit was wrong and corrected in the next release; the result is described as unconfirmed.
14 Sept 2012admin correction● Neutral
Corrects the Birch #3 release, replacing 'MCF' with 'cubic feet': day-one gas of 800,000 against a 500,000 high case. The correction changes the unit, which is a material difference, and does not add new information.
31 Aug 2012other● Neutral
Announces that Hartleys has started research coverage of Austin, with the report available on the company website. No new operational or financial information.
29 Aug 2012resource reserve update▲ GoodMajor
Gustavson's independent report puts P50 ultimate recovery at 31.28 MMbbl oil and 66.53 Bcf gas across Pathfinder and Birch (P90 22.3 MMbbl, P10 45.87 MMbbl). It is the first independent estimate for the two projects. Company says it is funded for the June 2013 drilling commitments.
28 Aug 2012drilling result▲ GoodMajor
Pathfinder C 11-12 #1 reached 5,920 ft with logs the company calls excellent, showing about 200 ft of potential Niobrara pay. It will drill a second Niobrara well from the same pad before completing the horizontal. Specific log numbers are withheld; flow rates are not yet known.
23 July 2012well test result▲ GoodMajor
Bourke #4 in Mississippi (50% interest) flowed 248 bbl/d on a 24-hour test, beating pre-drill expectations and the earlier wells' 135 and 82 bbl/d. Talks on a fourth well are advanced. This moves Project 500 Squared forward.
2 July 2012drilling spud▲ GoodMajor
Pathfinder C 11-12 #1 spudded 30 June, the first Niobrara horizontal well (85% interest), planned to about 9,100 ft with a 4,000 ft horizontal leg. Austin is operator for the first time. Cash is over A$22m; the second Eagle Ford vertical and Bourke #4 are also drilling.
