Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Apr 2008drilling result▲ Good
Aus-Tex PC8 reached 383.4 m with 24 m of pay across three zones and the best wellhead pressure yet at Park City. The field's processing plant is expected online within 30 days, with about 15 maiden wells hoped to be ready then.
4 Apr 2008capital raising announcement▲ GoodMajor
The private investment is now finalised and funding has started, with better terms: the investor's payments and royalties (5% and 4.375%) start only on 1 January 2009. Austin keeps 65.625% net revenue interest through 2008, then 56.25%. Releases say US$5M; earlier ones said A$5m.
1 Apr 2008admin correction▼ Bad
Austin clarifies that the 30 m oil column at PC5 was found by the logging company, from natural accumulation, not a measured pay zone. Logs show 78 ft of oil and gas pay, mostly New Albany Shale; flow testing is still to be scheduled. This tempers the 31 March release.
31 Mar 2008drilling result▲ GoodMajor
Austin reports seven Park City wells drilled, all with deliverable gas, and PC5 showing a 30 m oil column, the second oil-and-gas well. Wells are due for connection within 60 days. Flow rates for several are still to be tested; the oil column claim was clarified the next day.
27 Mar 2008drilling result▲ GoodMajor
Austin says the first three Park City wells are commercial. The third, PC3, flowed 320 Mcf/day pre-stimulation, with 960 expected after acid treatment. Two more wells are near target depth and five more are permitted. Wells are renamed Aus-Tex PC1 onward. Post-acid figures are forecasts.
25 Mar 2008flow test result▲ GoodMajor
First Park City flow test, Wilkerson 2A, gave an absolute open flow of 265 Mcf/day, with 150-200 Mcf/day expected after acid treatment. First gas sales are hoped for by June. Company calls it a success, consistent with its pre-acquisition expectations.
14 Mar 2008debt financing● NeutralMajor
The A$5m letter of intent is non-recourse funding secured on Park City cash flow, entitling the investor to up to A$10m over 3 years. It also brings 16.8m options at $0.25 for 3 years and overriding royalties of 5% and 4.375%, cutting Austin's net revenue interest to 56.25%. Not binding.
14 Mar 2008half year report▼ Bad
Half-year accounts to December 2007 fully impair St Gabriel II, Polecat Creek, Jeter, SW Edwards and Lil' Bit, and 50% of St Gabriel I costs. They confirm the shift to development and the Park City agreement. Dollar figures were not readable in the extract.
11 Mar 2008capital raising announcement▲ GoodMajor
Austin signed a non-binding letter of intent for a A$5m investment from a private Australian group to fund the first year of Park City development. Terms were not given in this release; details followed on 14 March.
11 Mar 2008drilling spud● Neutral
Fourth Park City well, George Houchin 2A, has spudded. Austin also launches a web service with weekly project updates. It quotes a 56.25% net revenue interest, lower than the earlier 65.625%, without explaining the change in this release.
25 Feb 2008drilling spud● Neutral
Third Park City well, Harlin Stice 1A, has spudded, with drilling expected to take about 10 days. Oil from the Doyle 2A well will be sold to Barrett Oil Purchasing, with gas to go to Atmos Energy Marketing once separators are installed.
22 Feb 2008drilling result▲ GoodMajor
The Doyle 2A well at Park City flowed gas, then heavy crude oil, naturally to surface from a 366 m target depth. The company calls it commercially viable, but a pump and tanks are needed and no production rate has been tested yet.
14 Feb 2008investor presentation● Neutral
Shareholder presentation pitches Austin's 'rebirth' as a gas developer on Park City, claiming 39 Bcf recoverable and about 44 wells by end 2008. Shares were A$0.17 against a 52-week high of $0.83; 52.0m shares listed, 112.2m fully diluted. Impact figures are company forecasts.
14 Feb 2008asset acquisition disposition▲ GoodMajor
Austin says it has concluded contract negotiations for Park City, Kentucky, with two wells drilled and testing. It will earn a 75% working interest and 65.625% net revenue interest per well, with up to 44 wells targeted by end 2008. This completes the 23 January option exercise.
29 Jan 2008director officer appointment● Neutral
Director Donald Reck has resigned from the board to retire, but stays as Chief Geologist until a successor is found. An executive search is under way.
24 Jan 2008asset acquisition disposition▲ GoodMajor
Austin has formally exercised its option to acquire the Park City gas project in Kentucky after due diligence. Management says there is enough gas for at least 10 years of drilling and cites an average 300mmcf per well. No price or funding is given.
9 Jan 2008investor presentation● Neutral
Re-release of the 29 November AGM presentation, with the same content on the Park City option and the shift to development. No new information.
3 Jan 2008asset acquisition disposition● Neutral
Austin extended its Park City due diligence by three weeks to 21 January because of the field's 8,000 acre size and number of leases. It says it is satisfied so far and is acquiring its interest from DMS Partners, which has drilled one well.
11 Dec 2007drilling progress report● Neutral
St Gabriel 1 reached 10,790 feet; Drillmar judges a drilling break at 10,640 feet enough to test the main W sands, with background gas doubling to 800-1000 units. The well will be cased and logged. This is an encouraging sign, not a result.
6 Dec 2007drilling progress report● Neutral
St Gabriel 1 was drilling ahead at 9,207 feet on 5 December, against a 10,800 foot target. Austin holds a combined 20% interest under the Drillmar farm-out. No results yet.
30 Nov 2007drilling spud● Neutral
Drillmar has finished site work and begun deepening St Gabriel 1 in Louisiana, which stopped in March 500 feet short of the 10,800 foot target. Austin keeps a combined 20% after payout; results are to follow.
29 Nov 2007asset acquisition disposition▲ GoodMajor
Austin acquired an option over the Park City gas field in Kentucky, offering a 63% net revenue interest in wells to be drilled, with four wells funded in phase one. It announced a shift from exploration to developing known resources. Option expires 31 December 2007 pending due diligence.
29 Nov 2007investor presentation● Neutral
AGM presentation repeats the shift to development and the Park City option terms, with plans to review PEL 73, fund 2D seismic there and 3D seismic at PEL 105. Slides show all five resolutions passed with large for-votes.
15 Nov 2007drilling scheduled● Neutral
Drillmar has confirmed a drilling schedule to deepen St Gabriel 1, with site construction under way and drilling due shortly. This follows the rig's expected early-November arrival. Austin keeps a combined 20% after payout; resource range of 1.82-5m barrels of oil is unchanged.
8 Nov 2007drilling result▼ BadMajor
Testing at both Jeter Branch and Lil' Bit gave results too small to develop, and both wells will be plugged and abandoned as dry holes. Together with SW Edwards, the three recent US wells have all failed. The AGM is set for 29 November.
31 Oct 2007drilling progress report● Neutral
Lil' Bit drilling has passed 5,400 feet at over 800 feet a day, and target depth is expected within days. No results yet.
31 Oct 2007drilling progress report● Neutral
A rig has reached Jeter Branch after delays and testing of the pay zones is due shortly. Austin confirms it is operator with 50% working interest. The well reached 6,300 feet on 5 September; side wall cores recovered oil at 5,500 feet.
25 Oct 2007drilling spud● Neutral
Drilling has begun at the Lil' Bit prospect in Kenedy County, Texas, farmed into in September, with a turn-key crew drilling to about 7,100 feet. Company-stated potential is 6-9 Bcf gas for the project. Results to be announced on testing.
12 Oct 2007drilling scheduled● Neutral
Drillmar is finalising preparations to re-enter and deepen St. Gabriel 1, with the rig expected on site around the first week of November. Drilling stopped in March 500 feet short of 10,800 feet. Resource range of 1.82-5m barrels of oil is unchanged.
9 Oct 2007farm in farm out agreement▲ GoodMajor
Austin acquired Hughes and Hughes Australia's interest in PEL 105 and farmed out 50% to Adelaide Energy, which becomes operator and funds the first well. A work program of 150 sq km of 3D seismic and one well within a year follows, with three more wells by end 2009.
