Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Oct 2010quarterly activities report● Neutral
September 2010 quarterly. Pirie-1 is now projected for March 2011. North Carrizo has flowed 8,495 barrels to 24 Oct, with a peak of 256.7 bopd. Armstrong makes 62 bopd. Park City makes 2-5 bopd. Sebree is due to restart in December. Seychelles farm-in of up to 4% is noted.
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.
29 July 2010quarterly activities report● Neutral
June 2010 quarterly. PEL 105 Pirie-1 spud now expected end of 2010. PEL 73 (Stansbury Basin) is impaired after the operator said it would offer the licence to another operator. North Carrizo drilling is done, with completion estimated August 2010. Cash figures are not visible in the text.
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.
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.
30 Apr 2010quarterly activities report● Neutral
March 2010 quarterly report, with updates to 23 April. It lists five assets and repeats Ellislie #1 going on pump. It cites Armstrong recoverable reserves of 240,000 barrels, with no formal third-party report planned. Cash figures are not visible in the truncated text.
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.
