Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
26 June 2012admin correction● Neutral
Corrects the 6 June option expiry notice: quotation of the listed options expiring 6 July 2012 ceases on 29 June, not 28 June as stated. Administrative correction only.
13 June 2012drilling scheduled▲ Good
Pathfinder C 11-12 #1, Austin's first horizontal Niobrara well (85% interest), is set to spud this month. Colorado permits were received 31 May and Les Wilson Rig #30 is contracted. Cost savings now reported at about A$914,000, up from A$746,000.
6 June 2012security holder rights change▼ Bad
ASX waiver means no expiry notices will be sent for 163,295,975 listed options (5.5c) expiring 6 July 2012. The share price was 1.9 cents, below the exercise price, and exercise is not underwritten, so they may lapse unexercised. Inference: little chance of exercise.
16 May 2012director officer appointment● Neutral
Chairman Richard Cottee, newly appointed CEO of Central Petroleum, says he stays on as Austin's non-executive chairman with no reduction in commitment. Reassurance about his dual role.
10 May 2012drilling progress report▲ Good
Krueger #1 was put on production on 1 May 2012, with one day over 100 bbl/d and four over 60. Niobrara 1 is to spud in late June, Bourke #4 next week. The company says it has cut A$746,000 of costs against its A$500,000 target, and the A$25m raising completed on 28 April.
7 May 2012director officer appointment● Neutral
Director Mark Hart bought 120 ADRs on the US OTCQX market, equal to 12,000 shares, for A$414, taking his direct holding to about 2.75m shares. Small, administrative.
30 Apr 2012quarterly activities report● Neutral
March quarter report: Krueger #1 still being flow tested, A$25m raised, and 500 Squared restated. It now says 500 bopd by 30 June 2013, not December 2012. Next quarter plans Eagle Ford wells 2 and 3, Bourke #4 and a Niobrara horizontal.
18 Apr 2012investor presentation● Neutral
Q2 2012 investor presentation repeats known themes: 40 MMbbl P50 resources each at Eagle Ford and Niobrara, 11 wells planned in 12 months, the A$20m placement plus A$5m SPP, and Project 500 Squared (500 bopd by 31 December 2012). Nothing new.
17 Apr 2012other● Neutral
Launch of a new company website, with the chairman quoted. It restates that A$25m was recently raised and that Krueger #1 flowed 95 boe in its initial test. No new information.
30 Mar 2012other▲ GoodMajor
Chairman Cottee's first address announces 'Project 500-squared': cut A$500,000 of non-technical costs by 30 June 2012 and reach about 500 bopd. Management is reshuffled: Hart becomes President and CEO, Goudy Deputy President, Lonny Haugen acting CFO. He says he wants no further option issues.
22 Mar 2012director officer appointment● NeutralMajor
Richard Cottee joined as non-executive chairman on 22 March 2012. Subject to shareholder approval, he is to receive 5m shares and 15m options (5.5c, July 2013); Hart and Goudy get 10m options each, plus a performance rights plan tied to 2012 targets.
14 Mar 2012half year report● Neutral
Half-year report to 31 December 2011: Krueger #1 reached its 9,325 ft target with seven hydrocarbon zones, and US operations remained cash flow positive. Austin holds 50% of PEL 105 with operator Beach Energy, following Beach's takeover of Adelaide Energy in December 2011.
14 Mar 2012flow test result▲ GoodMajor
Krueger #1, the first Eagle Ford well (93.5% interest), flowed 95 barrels of oil equivalent per day on a 24-hour test, about 75% oil, above the 60 bopd high case. Taylor Sand testing follows in April. Two more verticals and a horizontal are planned.
2 Mar 2012capital raising announcement● Neutral
Share purchase plan offer documents mailed to eligible Australian shareholders: up to A$15,000 each at 2.9 cents, targeting up to A$5m, closing 27 March 2012. Same price as the A$20.01m placement announced 22 February. Completes the paperwork for the earlier raising.
23 Feb 2012admin correction● Neutral
Share purchase plan record date corrected to 21 February 2012 from 20 February, as shares were in a trading halt on those days. A general meeting on the raising will be held in March.
22 Feb 2012capital raising announcement▲ GoodMajor
Austin plans to raise up to about A$20m via a placement of up to ~690m shares at 2.9 cents with 1-for-2 free options (5.5c, July 2013), plus a A$5m share purchase plan. Funds a multi-well program: Eagle Ford, Niobrara horizontals and a Mississippi well. Described as oversubscribed.
What it means for a shareholder
690m new shares at A$0.029 to raise about A$20.0m. That's 49% dilution: every existing holder's slice gets 49% smaller. If you held A$1,000 of shares (34,483 at the issue price), your slice goes from 0.00487% to 0.00247% of the company. To keep it you'd need 33,636 more shares - about A$975 at the issue price.
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20 Feb 2012investor presentation● Neutral
Presentation for the capital raising, describing the company as highly leveraged. Cites 42.6 MMbbl Eagle Ford and 40 MMbbl Niobrara P50 resources, 11 wells planned over 12 months, and 60 boe/d December production covering overheads. Mostly repeats known themes.
13 Feb 2012drilling scheduled▲ Good
Austin will drill Bourke #4, its third Mississippi project, on the HiLo Prospect in Adams County (50% WI, 36% NRI), costing about US$560,000. Targets 140,000-190,000 barrels recoverable, initial rate about 80 bopd, online in second quarter 2012.
31 Jan 2012quarterly activities report● Neutral
December quarter report: Krueger #1 drilled to 9,325 feet with production testing imminent; US operations still cash flow positive. A$1m raising and Cottee appointment noted. It states Austin holds 100% of PEL 105 after Adelaide Energy was bought by Beach.
31 Jan 2012capital raising announcement● Neutral
The January placement is increased on demand to 44 million shares at 2.7 cents with attaching options, raising A$1.188m before costs, up from A$1.08m. Funds are for US exploration; no shareholder approval needed.
What it means for a shareholder
44.0m new shares at A$0.027 to raise about A$1.2m. That's 5.9% dilution: every existing holder's slice gets 5.9% smaller. If you held A$1,000 of shares (37,037 at the issue price), your slice goes from 0.00524% to 0.00493% of the company. To keep it you'd need 2,304 more shares - about A$62 at the issue price.
Create a free account to see this worked out for your own holding.
31 Jan 2012drilling progress report● Neutral
Krueger #1 analysis shows seven hydrocarbon-bearing zones; production testing moves to February, later than the end-January guidance, because a more detailed completion plan was needed. Gas expected from Taylor Sands and oil from Eagle Ford; roads and pads begin for wells two and three.
25 Jan 2012director officer appointment● Neutral
Director Chris Hodge, appointed in 2011, has resigned for personal reasons, effective 24 January 2012. Little wider impact stated.
25 Jan 2012director officer appointment● Neutral
Final director's interest notice for Chris Hodge, who ceased as director on 24 January 2012. Shows he held about 1.9m shares (including via super fund) and 1m options. Administrative.
24 Jan 2012capital raising announcement● NeutralMajor
Placement of 40 million shares at 2.7 cents with free attaching options (exercisable 5.5c, expiring July 2013) to raise A$1.08m for US exploration. Company says it is on track to secure a reserves-based debt and equity facility.
24 Jan 2012director officer appointment▲ GoodMajor
Richard Cottee, former Queensland Gas Corporation managing director and most recently Nexus Energy CEO, to become non-executive chairman from 24 February 2012. Dr Mark Hart steps down as chairman but stays as president and executive director; Guy Goudy remains CEO.
13 Dec 2011drilling result▲ GoodMajor
Krueger #1, the first Eagle Ford well (93.5% interest), reached 9,325 feet, 125 feet deeper than planned, with oil and gas shows in the Eagle Ford (8,829-9,102 ft) and Georgetown. Frac and flow testing now targeted for end of January 2012. Shows are not flow results.
7 Dec 2011drilling progress report● Neutral
Krueger #1 was drilling the top of the Eagle Ford at about 8,900 feet on 6 December, with the 9,200-foot target expected within 48 hours. Production casing was run to the top of the Eagle Ford after the Austin Chalk circulation problems, delaying progress. Logging follows.
6 Dec 2011other● Neutral
Austin began trading on the OTCQX International Premier market in the US on 5 December as ADRs under AUNXY, each representing 100 ordinary shares. This follows the 11 November plan; S&P coverage is said to be coming.
