Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 July 2010drilling progress report▲ Good
Yolanda Villarreal #1 at North Carrizo has reached target vertical depth and the first lateral is nearly done. Two oil shows (85 ft and 100 ft) were seen in the secondary B Zone. The main E Zone lateral follows, with about 15 more days of drilling expected.
28 June 2010drilling progress report▲ Good
Yolanda Villarreal #1 has drilled 4,260 vertical feet with no issues. An oil and gas show was seen on the mudlog at 3,123 ft in the San Miguel sand, outside the chalk targets. The first chalk target, B Zone, is due this week.
18 June 2010drilling spud▲ GoodMajor
Yolanda Villarreal #1 at North Carrizo spud on 16 June, with drilling expected to take 30 days. Plans are 2,500 ft laterals in the B Zone and E Zone. Aus-Tex holds 45% WI to casing point, 36% after, and 27.36% NRI.
3 June 2010drilling scheduled● Neutral
Site build-out has begun for North Carrizo's Yolanda Villarreal #1, with Precision rig #305 to move in and spud expected late next week. Targeted rates are 250-950 bopd. Aus-Tex's interest after casing point is now stated as 36%, not the 40% announced in May.
3 June 2010director officer appointment● NeutralMajor
Dr W. Mark Hart, a US energy executive formerly of Newmont and NRG Energy, is appointed a director. The announcement links his hiring to the Cooper Basin start with Adelaide Energy, though it does not give a start date.
19 May 2010security holder rights change● Neutral
Voluntary restrictions on 9 million shares and 9 million unlisted options issued to directors and contractors (approved 30 November 2009) expire, with the holding lock lifted from 31 May 2010. Administrative, but more shares become tradeable.
13 May 2010asset acquisition disposition▲ GoodMajor
Aus-Tex acquires the North Carrizo Austin Chalk oil prospect in Dimmitt County, Texas: 45% WI to casing point, 40% after, 27.36% NRI. Reserve potential is 200,000-250,000 barrels. Well cost is about US$1.93m (100% basis), with spud scheduled early June.
5 May 2010production update▲ GoodMajor
Ellislie Plantation #1 at Armstrong tested at 82 barrels of oil a day, with all infrastructure complete and the pump enlarged. It is the first oil producer for Aus-Tex under the Armstrong deal (50% WI). Testing continues toward 1,500 barrels of fluid a day.
5 May 2010admin correction● Neutral
Re-release of the 30 April quarterly report, amended only to add an omitted Competent Person's Statement. The company apologises. No new information.
22 Apr 2010drilling progress report▲ Good
Ellislie Plantation #1 is now on pump, with all major infrastructure complete. Fluid rates will be stepped up over about 30 days toward 1,000-1,500 barrels a day, with an oil cut of 8% or more expected. No oil rate is reported yet.
16 Apr 2010joint venture update▼ BadMajor
Heavy rain in the Cooper Basin has delayed the first PEL 105 well, Pirie-1, from the planned early June spud to the December half of 2010. This pushes back the Adelaide Energy/Austin 50:50 joint venture's main Australian drilling event.
7 Apr 2010drilling progress report● Neutral
Ellislie #1 is awaiting a pumpjack due end of the week, with saltwater injection well work started 29 March. Pump testing is expected next week, with production 7-10 days after the injection well is done. Operator expects about a 7% oil cut; core oil measured 47 degrees.
26 Mar 2010drilling progress report▲ Good
At Ellislie Plantation #1 the completion rig arrived 19 March and the Benbrook sand was perforated at 6,455.5-6,460.5 ft. Tubing is run, with pipeline right of way cleared and tank battery pad work begun. Production infrastructure is on schedule; no flow rate yet.
18 Mar 2010drilling progress report▲ Good
Production casing is set at Ellislie Plantation #1, and a completion rig is due around 19 March. The Benbrook sand will be perforated at 6,455.5-6,460.5 ft. The company expects three to four weeks to reach production, including laying 1.7 miles of pipeline.
17 Mar 2010half year report● Neutral
Half-year report to 31 December 2009 with the directors' review. It repeats known projects: PEL 105 drilling from early June, Armstrong, Sebree and Park City. It says Atmos plant reopening awaits settlement of third-party litigation. Financial figures are not visible in the text provided.
10 Mar 2010drilling result▲ GoodMajor
Core tests at Ellislie Plantation #1 found 21 of 29 sidewall cores oil-saturated. The Armstrong sand averages 27% porosity and 555 millidarcies, the Benbrook 27% and 433. This supports the logs; production casing is being set ahead of completion.
10 Mar 2010drilling result▲ Good
Ellislie Plantation #1 reached 6,585 ft. Sonic logs support oil in the Armstrong sand and hydrocarbons in the deeper Benbrook sand. Production casing is being set. A positive early sign, pending core analysis.
8 Mar 2010drilling progress report● Neutral
Drilling at Ellislie Plantation #1 is ahead of schedule at 5,933 ft with no difficulties, re-entering the original wellbore. Total depth of 6,540 ft is expected shortly, followed by logging, coring and testing. No results yet.
5 Mar 2010drilling progress report● Neutral
Day 1 report for Ellislie Plantation #1: site preparation is complete, the rig is erected, and spud is set for 5 March. Daily reports will follow. No drilling results yet.
3 Mar 2010drilling scheduled● Neutral
The rig is on site at Armstrong, with spud of Ellislie Plantation #1 due Thursday this week. The well will go to 6,540 ft to test the Armstrong and Benbrook sands, taking 7-10 days through completion. A second location is secured if it succeeds.
1 Mar 2010material agreement termination▼ BadMajor
The 31 January 2010 deadline passed without shareholder approval of the Newtak settlement (US$2m cash plus shares and options). The parties must now negotiate an alternative settlement in good faith. This leaves the Newtak dispute unresolved.
25 Feb 2010investor presentation● Neutral
Conference presentation repeating known facts: the US oil projects (Sebree, Armstrong, Park City), PEL 105 drilling from early June, and a goal of positive cash flow by mid 2010. It also cites A$14m available if the 10c underwriter options are exercised. No new results.
18 Feb 2010asset acquisition disposition▲ GoodMajor
Aus-Tex acquires a 50% interest (37.5% net revenue) in the Armstrong prospect near Natchez, Mississippi, as a non-operator. Three Wilcox wells of about 6,500 ft are planned, at about US$500k each; the first, Ellislie Plantation #1, is due to spud early March. A new US oil asset.
4 Feb 2010resource reserve update▲ GoodMajor
Independent report on Sebree's 157 acres gives 132,000 barrels ultimate recoverable and 379,000 barrels proved undeveloped (100% basis; Aus-Tex holds 50%). Management values the recoverable oil at US$7.92m at a flat US$60. This resolves the pending Sebree reserve report.
2 Feb 2010production update▲ Good
Russell 1A, the first Sebree well under the KOS deal, is now on pump at about one barrel of oil an hour, expected to average 20-25 bopd. This follows its January completion and weather delays. Russell #5 is next, due mid to late February.
1 Feb 2010capital raising announcement● Neutral
Appendix 3B for 75m listed underwriter options at $0.10 (expiring 29 Jan 2011 per the form), issued at $0.002 each as approved at the 30 Nov AGM. Administrative follow-through on the rights issue underwriting.
1 Feb 2010capital raising announcement● Neutral
Final 223,823 rights issue shares (replacing withdrawn applications) and attaching options were allotted on 29 January, completing the rights issue. Issued shares now total 286,051,718.
29 Jan 2010asset acquisition disposition▲ Good
Aus-Tex acquires another 779.58 acres of mineral leases at Park City, lifting its holding to 1,637.4 acres, a 71% increase. A reserve report on the new acreage will be commissioned in due course. Price is not stated.
11 Jan 2010drilling result● Neutral
Russell 1A, the first Sebree well completed under the KOS deal, swabbed one barrel of oil per hour and is expected on pump shortly. Russell 2 is averaging 8.5 bopd, below the 10-22 bopd earlier cited. Three more wells are targeted by end-March.
7 Jan 2010resource reserve update▲ GoodMajor
Independent report on Park City's roughly 857 acres: oil 290 Mbbl proven and 623 Mbbl probable; gas 121 MMcf proven and 879 MMcf probable, plus 9.79 Bcf in place. Management values these at US$50.2m oil and US$34.9m gas at assumed prices. Atmos plant reopening now late January.
