20 May 2011investor presentation● Neutral
Notice of an audio broadcast on Boardroom Radio with director Guy Goudy about cash flow and production. No new information in the notice.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
19 May 2011production update▲ GoodMajor
Says US operations were cash flow positive for a full quarter, a first since the 2006 listing. Armstrong #1 peaked at 195 bbl on 11 May, sold at $115 per barrel. An independent reserves report is commissioned on the first 900 Birch acres; Birch drilling is expected late July.
12 May 2011flow test result▲ GoodMajor
Armstrong #1 at Commencement began producing 6 May and was flowing 135.4 barrels of oil per day by 10 May, rising daily. Company says its investment would be recouped in under 6 months. Confirms the April discovery as commercial; talks begin on a third Mississippi project.
12 May 2011capital raising announcement● NeutralMajor
Announces a Niobrara Shale acquisition and a capital raising. Text is largely unreadable, so the size, price and acreage terms cannot be confirmed here; later releases describe Niobrara acreage with at least 85% WI and 65% NRI.
12 May 2011other● Neutral
Trading suspension lifted after the company lodged its announcement on the shale option MOU and capital raising. Administrative.
5 May 2011other● Neutral
Trading suspended at the company's request pending an announcement on an acquisition and placement. Administrative; the substance follows in later releases.
29 Apr 2011production update▲ Good
Commencement (Armstrong #1) site construction is nearly complete, with the zones to be perforated and the oil described as light crude. First pumped flow tests are expected in the first week of May, with stabilised production in June. Follows the 4 April discovery announcement.
19 Apr 2011asset acquisition disposition▲ GoodMajor
Signs an option to acquire 5,000 acres of Eagle Ford Shale (Birch Prospect, Burleson County, Texas) at US$400 per acre, for a 93.5% working interest and 70.125% NRI. Option runs to 31 July 2011; due diligence is expected within 30 days. New US shale push.
4 Apr 2011other● Neutral
Text not readable.
29 Mar 2011other● Neutral
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25 Mar 2011other● Neutral
Text not readable.
16 Mar 2011half year report● Neutral
Half-year to 31 Dec 2010. Reports a new management team, Denver move, Newtak JV awaiting shareholder approval and a US$364,000 plan to test 10 Kentucky wells. North Carrizo now makes 42 bbl/day; Pirie-1 now second half 2011. Company secretary changed to David Nairn; Pellicano resigned 17 Nov 2010.
4 Mar 2011drilling result● NeutralMajor
Bombing Range reached target depth with 11 feet of potential sand pay seen on logs; a 60-day review follows and the next step may be a horizontal well, not before US summer 2011. Cost to date US$203,625. Commencement spud set for 17 March.
28 Feb 2011other● Neutral
Text not readable.
25 Jan 2011capital raising announcement● NeutralMajor
The placement closed, with 39.9 million shares placed at 3 cents to raise $1,197,000 before costs. Confirms the 17 January announcement.
What it means for a shareholder
39.9m new shares at A$0.030 to raise about A$1.2m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (33,333 at the issue price), your slice goes from 0.0113% to 0.00992% of the company. To keep it you'd need 4,492 more shares - about A$135 at the issue price.
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17 Jan 2011capital raising announcement● NeutralMajor
Announces a placement of up to 40 million shares at 3 cents to raise $1.2m before costs, for US exploration. No shareholder approval needed, using the 15% capacity. Priced well below the earlier 5c rights issue.
What it means for a shareholder
40.0m new shares at A$0.030 to raise about A$1.2m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (33,333 at the issue price), your slice goes from 0.0113% to 0.00992% of the company. To keep it you'd need 4,504 more shares - about A$135 at the issue price.
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14 Jan 2011joint venture update▲ GoodMajor
Settles the Newtak dispute via a 50/50 Kentucky Exploration LLC joint venture holding Park City and Sebree. Newtak converts its US$2.25m loan to equity; Aus-Tex adds US$1.75m. Replaces the old participation agreement; needs shareholder and regulatory approval.
11 Jan 2011production update▲ Good
North Carrizo's Yolanda Villarreal #1 is still flowing naturally in month five at about 100 psi, with over 12,000 barrels sold. Operator believes a larger reservoir than forecast was tapped; pumping, expected to raise rates, must wait until natural flow stops.
11 Jan 2011asset acquisition disposition▲ GoodMajor
Acquires a 50% working interest (37.5% NRI) in the Commencement Prospect, Adams County, Mississippi, with the Armstrong operator; about US$500,000 to drill and complete, reserves 55,000-78,000 barrels. Bombing Range spud slips after a rig problem, now to follow Commencement.
24 Dec 2010other● Neutral
Releases a revised share trading policy for directors and senior executives, covering closed periods and insider trading rules. Administrative; no operational or financial information.
13 Dec 2010director officer appointment● NeutralMajor
Aus-Tex moves its US headquarters from Texas to Denver and hires new engineers; employment of Kenny Hill and Stan Lindsey ends. Former MD David Schuette's wrongful dismissal claim settled for no consideration. Bombing Range operations due within 10 days.
24 Nov 2010asset acquisition disposition▲ GoodMajor
Acquires a 34% working interest (25.5% net revenue) in the Bombing Range Prospect, Vernon Parish, Louisiana, with the same operator as Armstrong. Aus-Tex's well cost is about US$320,000; spud expected second week of December 2010; recoverable estimate 505,000 barrels.
19 Nov 2010other● Neutral
AGM chairman's address. North Carrizo has fallen from its 243 bopd initial flow to 50-60 bopd under natural pressure. Armstrong makes about 60 bopd. Pirie-1 drilling is hoped for in Q2 2011 after the wet season. $7.5m was raised in FY2010. Mostly repeats known facts.
26 Oct 2010farm in farm out agreement● NeutralMajor
WHL Energy announced it will acquire SEYCO Energy, which holds rights to 35 Seychelles offshore blocks. Austin has a right to farm in for up to 4% on a non-promoted 1-for-1 basis. This is a new frontier exploration thread, with no cost or commitment stated in this text.
15 Oct 2010director officer appointment● NeutralMajor
Dr W. Mark Hart, a director since 3 June 2010, is appointed CEO of Austin Exploration and Chairman of Aus-Tex. He is to receive 1,000,000 shares and 1,000,000 options (10c, expiring 30 Nov 2011), subject to shareholder approval at the 19 November AGM.
30 Sept 2010annual report● Neutral
Annual report for the year to 30 June 2010. The chairman says US operations are now cash flow positive after the Sebree, Armstrong and North Carrizo wells. The Pirie-1 spud at PEL 105 is reset to early 2011 because of flooding. Park City still awaits the Atmos plant.
6 Aug 2010admin correction● Neutral
Corrects a typo in the 5 August release: at 243 barrels a day the well yields about 7,000 barrels a month, not '3,000 BOPD per month'. Also corrects the production start year to 2010. No new operational information.
5 Aug 2010production update▲ GoodMajor
Yolanda Villarreal #1 is on production at 243 barrels of oil a day under natural pressure, since 1 August. The company says it is now cash flow positive and expects to recover the well's cost within six months. Rates are expected to settle near 300 bopd on pump.
21 July 2010drilling result▲ GoodMajor
Drilling of Yolanda Villarreal #1 is finished, with both laterals reaching target (B 2,500 ft, E 2,000 ft) and 951 ft of cumulative oil and gas shows. The rig is being removed and completion work comes next; no production rate yet.
13 July 2010drilling progress report▲ Good
Two more oil shows (27 ft and 85 ft) in the B Zone lateral bring its total to 297 ft, and gas is now flaring. The B lateral finished 11 July; drilling of the primary E Zone lateral is due to begin within 48 hours. No flow rates yet.