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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 July 2007quarterly activities report● Neutral
June quarter report; the text is largely garbled. The cash flow table shows quarter receipts of A$22k and an A$4.5m committed carry facility, but the cash balance cannot be reliably read.
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.
27 June 2007agm notice● Neutral
The Chairman did not put any resolutions to the 26 June EGM, including the director elections and the option grants at $0.55. Board election matters are deferred to the next AGM.
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.
29 May 2007agm notice● Neutral
Notice of an extraordinary general meeting on 26 June 2007 to elect Teisseire and Davies as directors and approve option grants at A$0.55 to directors, including 2.5 million to Schuette and 2 million to Davies.
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.
31 Jan 2007quarterly activities report● Neutral
December quarter report restates the A$11.5 million non-dilutive financing and a 65% St Gabriel I interest, with drilling started 25 January. The company says it is fully funded for its drilling programs. Polecat Creek production is proceeding and PEL 105 is under review.
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.
15 Sept 2006drilling progress report▲ Good
Ezell #4-H horizontal section reached 2,934 ft, with significant background gas still showing.
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.