Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Feb 2009director officer appointment● NeutralMajor
Chairman Paul Teisseire, a director since May 2006 and chairman since October 2007, retires to spend time on other business and family interests. Director Dominic Pellicano, an accountant, becomes chairman immediately.
20 Nov 2008drilling scheduled▲ GoodMajor
Austin adds a 160-acre Giddings Field lease with three producing wells. Spudding of the ODC #4 re-completion and deepening to the Georgetown formation is expected within days, run by Bruington Operating. Austin holds 70% WI (43.75% NRI) in the Georgetown; Newtak and California Services take 30%.
11 Nov 2008regulatory community update● Neutral
The court sets a 19 November hearing on Austin's injunction motion against Park City operator RET, which must respond by 13 November. The judge will decide whether to rule on the filings or hear further evidence. No ruling yet.
5 Nov 2008capital raising announcement● NeutralMajor
A private Houston-based investor takes a AU$1 million placement of 5 million shares at A$0.20, well below the $0.31 of the recent share purchase plan and placement. The money is restricted to Moses Austin recompletions; further capital raising is said to be under way.
What it means for a shareholder
5.0m new shares at A$0.200 to raise about A$1.0m. That's 8.7% dilution: every existing holder's slice gets 8.7% smaller. If you held A$1,000 of shares (5,000 at the issue price), your slice goes from 0.0095% to 0.00867% of the company. To keep it you'd need 475 more shares - about A$95 at the issue price.
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5 Nov 2008well test result▲ GoodMajor
Acid stimulation of Polecat Creek Ezell 4-H (35% WI) lifted gas from 15 mcf/day to a post-treatment high of 190 mcf/day plus 5 barrels of oil/day. Austin expects it to stabilise at 200-350 mcf/day. Treatment cost US$12,506.55. Early results, while the well is still unloading fluid.
23 Oct 2008regulatory community update▼ BadMajor
Austin asks a US federal court for a preliminary injunction against Park City operator RET, to force an audit and place gas revenues in a court-managed account. It alleges breach of duty and misrepresentation. It also launches a 90-day plan with other investors, including removing RET as operator. A sharp break with the operator.
17 Oct 2008annual report● Neutral
Printer version of the 2008 annual report released on 30 September, with the same chairman's report and operations overview. No new information (text is truncated).
3 Oct 2008production update● Neutral
Weekly update: 18 Park City wells drilled, gas to AKK's interest of 8,446 mcf since 1 July. The operator RET has not achieved timely New Albany shale fracs, so well-count forecasts await three fracs. PEL 73 hydrocarbon sensing fieldwork is finished; a Moses Austin spud is still due in October.
30 Sept 2008annual report● Neutral
2008 annual report for the year to 30 June. The chairman cites US$5M of further private investment and a AU$2.4m share purchase plan, the Park City first gas sales on 1 July 2008, and PEL105 drilling on schedule for early 2009. Text is truncated, so no financials are visible.
19 Sept 2008investor presentation● Neutral
First regular portfolio update: 18 Park City wells drilled, six selling gas (7,555 mcf net since 1 July). First Moses Austin well expected to spud in October; PEL 105 spud now planned Jan-Feb 2009. Park City well count forecast to be revised.
26 Aug 2008production update▲ Good
Park City now has three wells selling gas after the Hennion #1 well rose from 17.5 to about 100 mcf/day with a redesigned acid treatment. Net sales were about 2,273 Mcf in July and 3,437 Mcf in August. Two fracced wells and an oil well are due online soon.
26 Aug 2008drilling scheduled● Neutral
Austin agrees to an acid stimulation of the Polecat Creek Ezell 4-H well (35% WI), now making about 50 mcf/day and 1-2 barrels of oil/day. It costs Austin US$12,506.55; the operator hopes for 300-500 mcf/day. Earlier carried as fully impaired, but the well still earned over US$100,000 this fiscal year.
6 Aug 2008asset acquisition disposition▲ GoodMajor
Austin acquires 731.88 acres of mineral rights in the Giddings Field, Texas, as the new Moses Austin project, with a 78.3% net revenue interest. A vertical re-entry and deepening of one of five existing wells is planned this calendar year. A new US oil and gas area for the company.
5 Aug 2008other● Neutral
Administrative notice of a new US office address and contact details in Austin, Texas. The Australian addresses are unchanged. No operational or financial content.
28 July 2008production update● Neutral
Clarifies the morning's release: two Austin wells are online. One flowed 494 mcf/day initially and is now about 270, unstimulated; the other rose from 22-28 to about 110-120 mcf/day after acid. Austin will now report flows monthly or quarterly.
28 July 2008director officer appointment● Neutral
Dominic Pellicano, an accountant and lawyer, joins the board; he is a director of Newtak, which has substantial financial interests in Park City. Founding director Neville Martin retires because of his board seat at another listed company that has a farm-in with Austin.
28 July 2008production update▲ GoodMajor
First Park City gas sales: 420 mcf/day average since 1 July, with first Austin income expected in 60 to 90 days. Drilling stays paused to complete 17 wells, and the 2008 target is cut from 44 wells to 35. A second plant is under discussion.
24 July 2008drilling scheduled▲ Good
Two third-party studies of PEL 73 (16.666% WI) point to possible fault-trapped closures. Austin will run a 'Direct Hydrocarbon Sensing' study, set drill sites by end of 2008 and expects drilling in 2009. Earlier test well showed an 8 m hydrocarbon show; no new well result.
4 July 2008other● Neutral
Administrative notice: ASX-imposed escrow on the company's unlisted options ends on 20 July 2008. The options stay unlisted and nothing new is issued. No change to the company's operations or finances.
27 June 2008production update▼ BadMajor
Austin and operator RET suspended Park City development drilling to focus on connecting 17 of the 19 wells drilled, and decided to connect naturally flowing wells before stimulating them. Only one well was connected and the plant was being repaired. Last week's acid stimulation at Wilkerson 2A failed, and the 44-well 2008 target was repeated.
20 June 2008capital raising announcement● NeutralMajor
Austin plans a placement of up to 14.5m shares at $0.31 (up to $4.5m) to institutions and private investors, plus up to 5m more within three months. The SPP raised about $2.5m. Shareholder approval is sought at a meeting around 30 July 2008.
What it means for a shareholder
14.5m new shares at A$0.310 to raise about A$4.5m. That's 22% dilution: every existing holder's slice gets 22% smaller. If you held A$1,000 of shares (3,226 at the issue price), your slice goes from 0.00613% to 0.0048% of the company. To keep it you'd need 889 more shares - about A$276 at the issue price.
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20 June 2008drilling progress report▼ Bad
Four more Park City wells (PC15-18) were logged, bringing the total drilled to 18. Acidizing of PC1, begun 26 May, produced only 10 Mcf of gas, so the company plans to re-acidize with a different contractor and acid, or fall back to a New Albany Shale frac before end of June. It said it was broadly in line with its gas sales timetable.
20 May 2008drilling result▲ Good
PC13 is the 12th successful Park City well. On a neighbouring investor's well, acid stimulation lifted flow from 29 to over 300 Mcf/day. Austin's PC1 (265 Mcf/day natural) is scheduled for acid treatment and connection this week.
14 May 2008drilling result▲ Good
Park City well PC12 is the 11th successful well of 12 drilled, flowing commercial gas naturally. The plant made its first gas sales, to Texas Gas Transmission, though not from Austin's wells. Austin's own stimulation, connection and first sales are still pending.
9 May 2008capital raising announcement● Neutral
SPP booklet gives terms: $0.31 per share, parcels of $1,000 to $5,000, opening 14 May and closing 30 May 2008, shares trading from 11 June. Repeats the Park City progress and the US$5 million investor funding. Detail of the 9 May announcement.
9 May 2008capital raising announcement● NeutralMajor
Austin offers eligible Australian and NZ shareholders a share purchase plan at $0.31 per share, a 10% discount to market, up to $5,000 each. Proceeds fund Park City development and general administration. No total target size is stated.
7 May 2008production update● Neutral
Park City pipeline and gas processing plant are now operational, a few weeks later than expected. Twelve wells are completed or being drilled. Stimulation, connection and first gas sales slip to the week of 20 May 2008, versus June hoped earlier.
6 May 2008drilling scheduled● Neutral
Re-release of the 6 May PEL 105 announcement (via Adelaide Energy): fault target, up to 6.2 Bcf gas and 1.04 million barrels possible (P10), Pirie #1 well in Q3 2008. Same content, no new information.
6 May 2008drilling scheduled▲ GoodMajor
Seismic review identified a fault as the first drilling target at PEL 105 in the Cooper Basin. Consultants estimate possible (P10) recoverable volumes of up to 6.2 Bcf gas and 1.04 million barrels of oil/condensate. Pirie #1 well is expected in Q3 2008, with 100 km of 2D seismic.
18 Apr 2008drilling result▲ Good
Two more Park City wells, PC9 and PC10, flowed gas and oil while drilling, taking the total to nine wells, four with oil shows. Acid stimulation starts next week, giving the first gas deliveries to the plant, which is coming online. No production rates yet.
