Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 July 2008quarterly activities report● Neutral
June quarter: cash rose from $504,086 to $2,340,001, mainly from the roughly $2.5M share purchase plan. 17 Park City wells drilled; first gas sales reported. General meeting on 4 August seeks approval to raise about $5M more. Pirie #1 at PEL 105 now expected early 2009.
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.
Create a free account to see this worked out for your own holding.
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.
28 Apr 2008quarterly activities report● Neutral
March quarter report restates the shift to development at Park City (75% WI, up to 44 wells by end 2008). Only US$1m of the US$5M investment had been received by 17 April; nine wells drilled; plant and first production expected mid May and June. Net operating and investing outflow was A$1.02m.
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.
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.
