Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 July 2014quarterly activities report▲ Good
June quarter production was 650 BOEPD (250 net). Austin says it is on track to be cash flow positive in the December quarter and that the US$40m debt talks continue. It also reports it now holds 100% of Pathfinder after gaining 15% for no cash.
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.
30 Apr 2014quarterly activities report● Neutral
March quarter report recaps Stifflemire #1H at 1,066 BOEPD, Kaiser and Nemo wells spudding, the completed Pathfinder studies, the GPA gas agreement, and imminent first Pierre well drilling. Mostly repeats earlier announcements; the visible text has no financial figures.
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.
25 Mar 2014drilling result▲ Good
Halcón's Stifflemire #1H (~17,000 ft, 8,000 ft lateral, 30-stage frac) is completed and flowing back. Halcón has asked that the initial rate stay confidential for 45 days. Mississippi #4 is being perforated in a 13.5 ft oil column, with testing to follow.
21 Mar 2014other● Neutral
Austin says the Rocky Mountain company-of-the-year awards night has been held and points readers to its website for results. The announcement does not state the outcome and carries no operational or financial news.
19 Mar 2014material agreement▲ GoodMajor
Austin signed the Gas Processing Agreement with Gas Processing of America, turning the February letter of intent into a final deal. GPA funds and operates the Pathfinder plant, heavy-gas revenue is shared, and construction is expected to take 90-120 days (the LOI said ~180).
13 Mar 2014half year report● Neutral
Half-year report to 31 Dec 2013 restates known items: Stifflemire #1H drilled to 17,050 ft with an ~8,000 ft lateral and is being completed; M4 production expected March; first Pierre well planned. The visible text carries no financial figures.
24 Feb 2014other● Neutral
Austin proposes 25m performance rights for directors Hart, Goudy and Pellicano, subject to shareholder approval at the next general meeting. Vesting needs a 2c share price, 600 BOEPD for 30 days, and no safety or environmental incidents in 2014.
13 Feb 2014admin correction● Neutral
Administrative cleansing notice confirming issue of the 260m placement shares at 1.1c, raising $2.86m, on 13 February. It adds no new information.
12 Feb 2014material agreement▲ GoodMajor
Austin signed a letter of intent with Gas Processing of America to fund, own and operate a Pathfinder plant to process and sell heavy gases, with proceeds shared. Construction is about 180 days. It looks to replace the company-funded pipeline plan; not yet a definitive agreement.
11 Feb 2014drilling result▲ GoodMajor
Mississippi #4 reached 6,400 ft with oil shows in the Campbell and Parker sands, plus the Wilson sand; cores show a 6.5 ft Campbell oil column. Casing is set for production. Halcón's Stifflemire #1H is now drilling its horizontal section. No flow rates yet.
