Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Jan 2008quarterly activities report▼ Bad
December quarter report confirms the shift to developing known resources and says the US business had five dry holes in 2007. Cash is about A$1.9m by the figures read, down from A$3.9m. St Gabriel 1's first zone was non-commercial and another is being tested; Polecat Creek is about break-even.
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 2007agm notice● Neutral
Chairman's AGM address says the first full year began with a $10 million IPO and over US$10m of non-diluting private investor cash, but several prospects have since disappointed. He flags a shift to developing known resources via Park City, Kentucky.
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.
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.
