15 Sept 2006drilling progress report▲ Good
Ezell #4-H horizontal section reached 2,934 ft, with significant background gas still showing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Sept 2006drilling progress report▲ Good
Ezell #4-H horizontal section reached 1,752 ft as of 11 September, with significant background gas continuing.
11 Sept 2006drilling progress report▲ Good
Ezell #4-H reached 4,174 ft vertical and began drilling horizontally, with 1,565 ft drilled by 10 September. It encountered gas and flared it off, an early encouraging sign.
31 Aug 2006drilling spud▲ GoodMajor
Drilling has started on the Ezell #4-H sidetrack at Polecat Creek, Texas, the company's first well since listing. It re-enters an abandoned well, targeting about 4,000 ft vertical and 3,000 ft horizontal in the Georgetown Limestone; four wells are planned for 2006-07.
31 July 2006asset acquisition disposition▲ GoodMajor
Austin acquired an 80% interest in a second Louisiana prospect, St. Gabriel II, an existing Shell well with 8 billion cubic feet of gas and 250,000 barrels of oil potential. It pays 100% of costs until recouped, then 80/20 with its partner.
20 July 2006drilling progress report● Neutral
Work has begun on Austin's first well at the Polecat Creek Prospect in Limestone County, Texas, with a rig preparing the existing borehole. Estimated potential is 180,000 barrels of oil and 180mmcf of gas per well; the drilling rig is due within 28 days.
5 June 2006capital raising announcement● NeutralMajor
Austin Exploration, an early-stage oil and gas explorer, offers 50 million new shares at $0.20 to raise $10 million, with up to $2 million more in oversubscriptions and a $9 million minimum. This is its initial public offer.
What it means for a shareholder
50.0m new shares at A$0.200 to raise about A$10.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.