Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 July 2015drilling result● NeutralMajor
Pathfinder well C18#4, a deviated Pierre well drilled to 4,210 ft, intersected wet natural gas and a resistivity spike, but has not yet flowed oil. Austin holds 50% and did not pay drilling costs. Gas tests follow; this updates the pending C18#4 status.
9 July 2015drilling result▲ Good
Kentucky well Robards Lauenstein Community #4 was drilled in-house and is producing oil under natural pressure, at a cost expected under US$100,000. Flow rates are not yet known. Austin expects payback in under a year.
5 May 2015drilling result● Neutral
Pierre exploratory well C18 #3 was drilled through the Pierre formation with no drilling or safety problems; logs are being evaluated, so no oil result yet. 3D seismic continues, and nine more locations are being identified.
16 Apr 2015drilling progress report▲ Good
A 3D seismic program has started at Pathfinder, and drilling has recommenced in section 18. Austin has completed the Participation and Joint Operating Agreements for the Pierre Energy JV announced 23 March. No results yet.
23 Mar 2015farm in farm out agreement▲ GoodMajor
Austin forms a JV with Pierre Energy Partners on Pathfinder: Pierre carries drilling of C18#3 and C18#4 in April-May, earning 50% of their oil. Austin pays completion costs. A 10-well deal for 50% of the Pierre formation is under negotiation, not yet agreed.
17 Dec 2014drilling spud● Neutral
Two shallow Pierre wells, C18#3 and C18#4, spudded at Pathfinder, Colorado, satisfying lease-retention commitments. Drilling halts for wildlife rules until mid-April 2015. Austin has cut about $1m of overhead including salaries amid low oil prices.
4 Dec 2014drilling result▲ Good
Seaducer #2H, the sixth Birch Eagle Ford well, was drilled to 16,022 ft with a 6,934 ft lateral and fracced in 27 stages. Flow-back starts shortly, and Curington A's 30-day rate is due. Planned depth was about 16,700 ft, so it finished shallower.
2 Oct 2014drilling spud▲ Good
Seaducer #2H, the sixth Birch Eagle Ford well with Halcón, has spud, planned to about 16,700 ft with a 7,500 ft lateral. Austin says its share is already funded. Completion of fifth well Curington A #1H began 1 October.
27 Aug 2014drilling result▲ Good
Curington A #1H, the fifth Birch Eagle Ford well, reached 16,620 ft measured depth with a 7,000 ft lateral, drilled on budget. Completion starts soon. Results for Kaiser 2H and Nemo 1H are expected within days.
26 Aug 2014resource reserve update● Neutral
Replying to an ASX query, Gustavson supplies the assumptions behind the Birch reserves, including $9m per horizontal well and Austin's 30% working interest after the carried wells. Supporting disclosure for the 25 August upgrade; no new reserve figures in the text seen.
25 Aug 2014resource reserve update▲ GoodMajor
Gustavson moves all Birch Eagle Ford resources into reserves: Austin net 12,687,266 BOE, total property 61,031,300 BOE. Austin's net NPV is US$401.56m (3P) and NPV10 US$91.61m, at $80 oil. Proved only (1P) is NPV0 US$64.71m, NPV10 US$22.32m.
18 Aug 2014drilling scheduled▲ GoodMajor
Austin is preparing two shallow Pierre wells at Pathfinder, C-01#1 and C-25#1, to about 4,000 ft, due to complete in Q4 2014. They would meet its lease drilling obligations. It says it is fully funded for current drilling and the debt facility is progressing well.
4 Aug 2014drilling spud▲ GoodMajor
Curington 'A' #1H, the fifth Birch Eagle Ford well, has spud, planned to about 18,700 ft. Comstock Resources operates it via the Halcón farm-out program, and Austin says it is fully funded for its share. Completion is underway on three other wells.
1 July 2014drilling result▲ Good
Red Bud #1H, Austin's first participation Eagle Ford well, reached target depth of 17,465 ft. Completion operations are about to begin, and results will be announced when available.
24 June 2014drilling result▲ GoodMajor
Austin's first Pierre well, C-18#1 at Pathfinder, hit oil at about 4,500 ft that flowed naturally to the surface. Management calls it a likely large, naturally fractured, over-pressured reservoir. No flow rate or test data yet.
16 June 2014drilling spud● NeutralMajor
Red Bud #1H, the fourth Birch Eagle Ford well, is drilling. It is Austin's first paid participation well, with a 20.2119% working interest, since Halcón's three carried wells are done. Austin targets closing the US$40m debt in the third quarter.
10 June 2014drilling result▲ Good
Nemo 1H, the third and final carried Halcón well, reached target depth of 16,735 ft. Completion work starts on both Kaiser 2H and Nemo 1H. Results come later.
30 May 2014resource reserve update▲ GoodMajor
Gustavson upgrades Birch: P50 oil rises 87% to 22.41 MMbbl and gas 34% to 67.02 BCF. Reserves are now classed as proven, with 27 wells booked (2 producing, 25 undeveloped). Austin says this lets it progress the US$40m debt facility.
26 May 2014drilling result▲ Good
Kaiser 2H, the second Halcón-carried Eagle Ford well, reached target depth of 18,057 ft. Nemo 1H is still drilling, and completion of both wells starts after Nemo finishes. No production results yet.
1 May 2014drilling spud▲ GoodMajor
Austin spudded C-18#1, its first Pierre shale well at Pathfinder, a shallow (3,000-4,000 ft) well it says can cost under US$1m. It also bought out the 15% partner for a 1.55% royalty, no cash, giving 100% working interest and 75% net revenue.
23 Apr 2014drilling spud▲ GoodMajor
Halcón has spudded the second and third Birch wells (Kaiser 2H and Nemo 1H) together, after Stifflemire's 1,066 BOEPD result. Austin remains carried. It plans to pursue debt and has re-engaged Gustavson to update reserves, expected to be proven.
25 Mar 2014drilling result▲ Good
Halcón's Stifflemire #1H (~17,000 ft, 8,000 ft lateral, 30-stage frac) is completed and flowing back. Halcón has asked that the initial rate stay confidential for 45 days. Mississippi #4 is being perforated in a 13.5 ft oil column, with testing to follow.
11 Feb 2014drilling result▲ GoodMajor
Mississippi #4 reached 6,400 ft with oil shows in the Campbell and Parker sands, plus the Wilson sand; cores show a 6.5 ft Campbell oil column. Casing is set for production. Halcón's Stifflemire #1H is now drilling its horizontal section. No flow rates yet.
31 Jan 2014drilling result▲ Good
All five new vertical Kentucky wells are drilled, logged and cased, with oil indicated in each. Stimulation design is due in about 30 days, then fracturing. This is the three-well program upsized to five, aiming for at least 40 BOPD; no production results yet.
22 Jan 2014drilling spud▲ Good
Austin spudded Mississippi #4, its fourth Mississippi well and second on the HiLo Prospect (50% interest, 36% net revenue), targeting 6,500 ft. Prior wells flowed 82, 135 and 248 BOPD; completion is aimed for the March quarter. This is the well flagged in December as Bourke #5.
23 Dec 2013drilling spud▲ GoodMajor
Drilling has started on the Stifflemire #1H, the first of three Eagle Ford horizontal wells Halcón is drilling with Austin free-carried on the Birch project. This is the long-awaited start of the farm-out program; a fourth carried well follows with PetroMax in 2014.
10 Dec 2013drilling scheduled▲ Good
Austin says its largest drilling campaign starts this month, with Halcón's Eagle Ford drilling due within weeks. The Bourke #5 well in Mississippi (50% interest, about $350-400k) is expected to spud in two to four weeks. Kentucky output reached 28 barrels a day.
29 Oct 2013farm in farm out agreement● NeutralMajor
Austin cancelled the April letter of intent to farm out 30% of Pathfinder and is instead talking to several US companies about long-term development funding. It plans its first Pierre shale well there in early 2014. Mercator gas contract work continues.
21 Aug 2013resource reserve update▲ GoodMajor
Gustavson's updated report puts Birch (Texas) P50 at 11.98 million barrels of oil and 50.06 BCF gas, up 26% and 19% on the 2012 report. Kentucky P50 is 517.3 thousand barrels of oil and 1,104 MMCF gas.
14 Aug 2013farm in farm out agreement▲ GoodMajor
Austin closed the 645-acre Birch farm-out with PetroMax Operating, which fully funds the first horizontal well (US$8-9m); later wells split 70/30 in PetroMax's favour. Drilling is expected in first half 2014. With Halcón, four carried wells total US$32-36m.
