Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Oct 2007farm in farm out agreement● Neutral
Adelaide Energy's own release confirms its farm-in to PEL 105: it can earn 50% by funding 100% of the first commitment well by October 2008, and it is operator. Repeats Austin's announcement of the same day.
24 Sept 2007drilling result▼ BadMajor
SW Edwards testing recovered no oil or gas from the 30 feet of potential pay, and the well will be plugged and abandoned as a dry hole. This ends the thread from the July spud. Focus shifts to Jeter Branch, where Austin now holds 50%.
24 Sept 2007farm in farm out agreement▲ GoodMajor
Austin farmed into the Lil' Bit prospect, a 640 acre lease in Kenedy County, Texas, taking a 25% working interest (18.75% net revenue). Company-stated potential is 1.12-1.687 Bcf net to Austin. Drilling is planned within 30 days under a fixed-cost turn-key contract.
14 Sept 2007drilling progress report● Neutral
A production rig has reached SW Edwards and testing of the 30 feet of potential pay has begun. Management expects results within about a week, then the rig moves to Jeter Branch. No results yet.
30 Aug 2007drilling result▲ GoodMajor
Logs and side wall cores at Jeter Branch show 7 feet of potential pay near 5,500 feet. Austin has become operator and says it is finalising a rise in its working interest from 30% to 50%. Testing to follow.
30 Aug 2007drilling result▲ Good
Log analysis at SW Edwards shows 30 feet of potential pay across multiple zones, and production casing is set at 12,500 feet (earlier target was 13,600 feet). A production rig is ordered to perforate and test; no flow results yet.
16 Aug 2007farm in farm out agreement● NeutralMajor
Austin farmed out St Gabriel #1, abandoned in March after high pressure, to Drillmar, which takes 100% of the obligations and will re-enter and deepen it. Austin and its private investors keep a combined 20% after payout.
16 Aug 2007drilling spud▲ GoodMajor
Drilling is underway at Jeter Branch in Caddo, Louisiana, targeting Cretaceous reservoirs to 5,450 feet. Austin holds 30%, and the well is under 2 miles from existing production. Two wells are now drilling at once.
16 Aug 2007drilling progress report● Neutral
Austin has started running 5½ inch production casing at SW Edwards after reaching 13,600 feet. Testing of identified zones follows once the cement sets. No test results yet.
8 Aug 2007drilling progress report● Neutral
Re-entry drilling at Southwest Edwards reached its target depth of 13,600 feet. Electric logging was expected within 24 hours, with a decision on running casing and/or testing to follow; no results were given.
27 July 2007drilling progress report● Neutral
SW Edwards drilling has reached 8,179 feet, which the company says is on schedule for the 13,250 foot target. No new results.
16 July 2007drilling spud▲ GoodMajor
Re-entry drilling has begun at SW Edwards in Mississippi, targeting 13,250 feet in two Rodessa sands. Austin's company-stated potential reserve is 2.86 Bcf gas and 1.096m barrels of oil. This is the start of the drilling expected since April.
3 July 2007drilling result● Neutral
Further analysis of the PEL 73 Gravestock #1 well shows an 8 m hydrocarbon show at 691-699 m, with a stated 50% chance of producible hydrocarbons. This revisits the earlier uneconomic result; Austin (16.666%) will review next steps over coming months.
29 June 2007drilling scheduled● Neutral
SW Edwards site work is complete; the rig is due to move in 4 July with operations starting 10 July. Austin's Aus-Tex is carried through completion, then holds 25%. Stated potential reserve is 2.86 Bcf gas and 1.096m barrels of oil.
27 June 2007security holder rights change● Neutral
Escrow ended for about 2.6 million shares between February and May 2007. About 52.6 million shares and 32.6 million options stay restricted until 24 months after the July 2006 listing.
21 June 2007drilling result▲ GoodMajor
Halliburton's final analysis identifies 55 feet of pay in zones above the original target at Gueymard #1, resolving the earlier ambiguity. Austin is running 5 inch casing to test them; reserves and phase two timing are still to come.
19 June 2007drilling result● NeutralMajor
Gueymard #1 could not reach the targeted P sand and below, because of an obstruction and about 300 feet of fractured casing, so a sidetrack is not achievable. Logs suggest possible hydrocarbons in upper zones, but the data is ambiguous pending further analysis.
14 June 2007drilling progress report● Neutral
Austin says it cleared the sand obstruction in Gueymard #1 and expects production log results within 48 hours. This follows the earlier logging tool problem; no results yet.
12 June 2007drilling progress report● Neutral
Austin re-entered the old Shell Gueymard #1 well and drilled to 9,420 feet, but the logging tool stuck at 1,960 feet. The sand is being washed to check for casing problems. Austin holds 50% before payout, 40% after.
4 June 2007joint venture update● Neutral
Verus cover letter forwarding a joint venture partner's release on the Gueymard #1 well. The attached progress details are not included in this text.
10 Apr 2007drilling scheduled▲ Good
Site works began for re-entering the Gueymard well (formerly St Gabriel 2), with re-entry expected within 30 days. AUS-TEX holds 40%, with Rio Bravo, Verus and private Australian interests 20% each. Resource potential is up to 9.0 Bcf gas and 370,000 barrels of oil.
10 Apr 2007director officer appointment● Neutral
Executive director Kenneth Goughnour resigned, citing personal and family obligations.
16 Mar 2007half year report▼ BadMajor
Half-year loss was $181,018. St Gabriel 1 (65% interest) was abandoned as uneconomic after abnormally high pressure. PEL 73 (one-sixth interest) found only an uneconomic show at 691-699 m and was plugged. Both ended the early drilling run in disappointment.
19 Feb 2007drilling progress report● Neutral
St Gabriel 1 hit a gas kick at 9,472 ft and intermediate casing was set, with drilling continuing toward 10,800 ft. Drilling also began at PEL 73 (Yorketown), where Austin holds a one-sixth interest.
24 Jan 2007farm in farm out agreement▲ Good
Partner Verus proceeded with farm-ins to St Gabriel 2 and SW Edwards after due diligence. St Gabriel 2 is expected to spud in late February 2007 and SW Edwards in late April. It confirms the sell-down funding Austin announced earlier.
3 Jan 2007farm in farm out agreement▲ GoodMajor
Austin arranged A$11.5 million of non-dilutive US-dollar funding by selling down interests in prospects, giving carried drilling at St Gabriel II, Jeter Branch and SW Edwards. It sold 20% of St Gabriel I, buys 5% more, and gains a 30% Jeter Branch interest.
3 Jan 2007farm in farm out agreement● Neutral
Partner Verus announced its farm-in to St Gabriel I via a Master Participation Agreement with Austin's subsidiary AUS-TEX. It earns 12.5% by paying 25% of drilling costs, reverting to 10% after payout. This confirms part of Austin's January sell-down.
14 Nov 2006director officer appointment● Neutral
All AGM resolutions passed. Three directors retired, Teisseire was re-appointed Chairman, and Paul Davies became executive director and CFO while remaining Company Secretary.
18 Oct 2006well test result▲ GoodMajor
Ezell 4-H tested at over 1.5 million cubic feet of gas and 20 barrels of oil a day, with expected net revenue of about US$8,500 a day. Austin holds 35%. St Gabriel I drilling is expected around year end and PEL 73 in early 2007.
19 Sept 2006drilling result● Neutral
Ezell #4-H finished drilling at a total depth of 6,937 ft. Completion work is expected to start in 10 to 14 days.
