Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 July 2013farm in farm out agreement▲ GoodMajor
Austin signed the Birch farm-out with Halcón Resources: Halcón funds three Eagle Ford horizontals (US$24-27m) and earns 70%, Austin keeps 30%. Austin gets $1.9m upfront, and 70% of Krueger and Schwartz Galbreath wells is sold. This closes the earlier unnamed-partner deal.
4 July 2013farm in farm out agreement▲ Good
Birch three-well farm-out is progressing: titles on the 70-plus lease tracts are confirmed good. A separate farm-out of the 645-acre block with a private Texas company is near final, which would bring the carried program to four wells, about US$32m.
31 May 2013farm in farm out agreement▲ GoodMajor
Austin agreed terms with an unnamed major US company to fund the next three Birch Eagle Ford wells (about US$24m) and earn 70%. Austin gets a $1.95m upfront payment and keeps 100% of a 645-acre parcel. Partner to be named by 30 June.
29 Apr 2013farm in farm out agreement▲ GoodMajor
Austin signed a non-binding letter of intent to farm out 30% of Pathfinder to a new partner. Austin would be carried on the next two horizontal wells (capped at US$12m), keep a 55% interest and stay operator. A 90-day exclusivity period for final due diligence has begun.
28 Sept 2012drilling result▲ GoodMajor
Pathfinder C 11-12 #1 (85% interest) drilled a 4,100 ft horizontal leg to 9,870 ft with no problems and hydrocarbon shows throughout. Frac expected by end October, oil results by November AGM. Birch #3 still flowing back drilling fluids. Beach plans to drill Pirie-1 on PEL 105 in Q1 2013; Beach funds the first $1.75m.
21 Sept 2012drilling progress report● Neutral
Birch #3 is still recovering drilling fluids under natural pressure. Oil is expected to flow in coming days, after which a 24-hour initial rate will be reported. No oil result yet.
29 Aug 2012resource reserve update▲ GoodMajor
Gustavson's independent report puts P50 ultimate recovery at 31.28 MMbbl oil and 66.53 Bcf gas across Pathfinder and Birch (P90 22.3 MMbbl, P10 45.87 MMbbl). It is the first independent estimate for the two projects. Company says it is funded for the June 2013 drilling commitments.
28 Aug 2012drilling result▲ GoodMajor
Pathfinder C 11-12 #1 reached 5,920 ft with logs the company calls excellent, showing about 200 ft of potential Niobrara pay. It will drill a second Niobrara well from the same pad before completing the horizontal. Specific log numbers are withheld; flow rates are not yet known.
2 July 2012drilling spud▲ GoodMajor
Pathfinder C 11-12 #1 spudded 30 June, the first Niobrara horizontal well (85% interest), planned to about 9,100 ft with a 4,000 ft horizontal leg. Austin is operator for the first time. Cash is over A$22m; the second Eagle Ford vertical and Bourke #4 are also drilling.
13 June 2012drilling scheduled▲ Good
Pathfinder C 11-12 #1, Austin's first horizontal Niobrara well (85% interest), is set to spud this month. Colorado permits were received 31 May and Les Wilson Rig #30 is contracted. Cost savings now reported at about A$914,000, up from A$746,000.
10 May 2012drilling progress report▲ Good
Krueger #1 was put on production on 1 May 2012, with one day over 100 bbl/d and four over 60. Niobrara 1 is to spud in late June, Bourke #4 next week. The company says it has cut A$746,000 of costs against its A$500,000 target, and the A$25m raising completed on 28 April.
13 Feb 2012drilling scheduled▲ Good
Austin will drill Bourke #4, its third Mississippi project, on the HiLo Prospect in Adams County (50% WI, 36% NRI), costing about US$560,000. Targets 140,000-190,000 barrels recoverable, initial rate about 80 bopd, online in second quarter 2012.
31 Jan 2012drilling progress report● Neutral
Krueger #1 analysis shows seven hydrocarbon-bearing zones; production testing moves to February, later than the end-January guidance, because a more detailed completion plan was needed. Gas expected from Taylor Sands and oil from Eagle Ford; roads and pads begin for wells two and three.
13 Dec 2011drilling result▲ GoodMajor
Krueger #1, the first Eagle Ford well (93.5% interest), reached 9,325 feet, 125 feet deeper than planned, with oil and gas shows in the Eagle Ford (8,829-9,102 ft) and Georgetown. Frac and flow testing now targeted for end of January 2012. Shows are not flow results.
7 Dec 2011drilling progress report● Neutral
Krueger #1 was drilling the top of the Eagle Ford at about 8,900 feet on 6 December, with the 9,200-foot target expected within 48 hours. Production casing was run to the top of the Eagle Ford after the Austin Chalk circulation problems, delaying progress. Logging follows.
29 Nov 2011drilling progress report● Neutral
Krueger #1 found hydrocarbon shows in the Austin Chalk (8,403-8,829 feet) and is now entering the Eagle Ford. Drilling through the soft, fractured chalk was slower than expected because of circulation problems, which were remedied. Completion of drilling now expected the following week.
21 Nov 2011drilling progress report▲ Good
Krueger #1 has reported gas shows in the shallow Taylor Sand (6,594-6,615 feet), described as consistent with nearby productive Taylor gas wells. This is not the main oil target; logs and core analysis are still to come. Target depth now expected by the following weekend.
15 Nov 2011drilling progress report● Neutral
Krueger #1 is progressing well: surface casing cemented at 4,323 feet and drilling resumed toward the 9,200-foot target, expected to be reached the following week. No hydrocarbon results yet.
10 Nov 2011drilling spud▲ GoodMajor
Krueger #1, the first Eagle Ford well on the ~5,000-acre project (93.5% interest), spudded 8 November, ending the delays since the original 19 September date. Planned depth is 9,200 feet, with drilling expected to take 12-15 days. Weekly updates promised.
7 Nov 2011drilling scheduled▲ Good
Rig on site and Krueger #1, the first Eagle Ford well, set to spud this week after a weeks-long wait for a rig. Coastal Rig #7 will drill it; Eagle Ford expected at about 8,700 feet. Three verticals first, then a horizontal.
20 Oct 2011drilling scheduled▲ GoodMajor
Cooper Basin PEL 105 has dried out after flooding and rig selection is starting. Pirie-1 is now expected in Q1 2012, with Adelaide funding the first A$1.75m. This ends the flood suspension; the company cites a chance of over one million barrels.
19 Oct 2011drilling scheduled● Neutral
The first Eagle Ford well, Krueger #1, is now expected to spud before end of October after a minor rig delay; the original 19 September date slipped. It will be a vertical well to about 8,700 feet, one of three initial verticals.
22 Sept 2011drilling scheduled● Neutral
Says Eagle Ford drilling is imminent. Text is largely unreadable, so rig, timing and depth details cannot be confirmed; the 19 September spud date was set earlier.
20 Sept 2011resource reserve update▲ GoodMajor
Independent expert report on the Niobrara (Pathfinder) acreage, said to confirm prospectivity. Text is mostly unreadable; the later quarterly cites 200,000–500,000 barrels per horizontal well and spacing for about 70 wells.
7 July 2011resource reserve update● Neutral
Full NI 51-101 resource evaluation of the Birch Prospect, Burleson County, dated 6 July 2011, by independent evaluators for Aus-Tex. Excerpt shows only contents pages, so no volumes appear here. Duplicate of the same-day report.
7 July 2011resource reserve update▲ GoodMajor
Independent expert report on the Birch Eagle Ford acreage; text is mostly garbled. Later releases cite 179,000–810,000 barrels per well and potential for 32 development wells. This is the reserves report due in early July.
4 Mar 2011drilling result● NeutralMajor
Bombing Range reached target depth with 11 feet of potential sand pay seen on logs; a 60-day review follows and the next step may be a horizontal well, not before US summer 2011. Cost to date US$203,625. Commencement spud set for 17 March.
26 Oct 2010farm in farm out agreement● NeutralMajor
WHL Energy announced it will acquire SEYCO Energy, which holds rights to 35 Seychelles offshore blocks. Austin has a right to farm in for up to 4% on a non-promoted 1-for-1 basis. This is a new frontier exploration thread, with no cost or commitment stated in this text.
21 July 2010drilling result▲ GoodMajor
Drilling of Yolanda Villarreal #1 is finished, with both laterals reaching target (B 2,500 ft, E 2,000 ft) and 951 ft of cumulative oil and gas shows. The rig is being removed and completion work comes next; no production rate yet.
13 July 2010drilling progress report▲ Good
Two more oil shows (27 ft and 85 ft) in the B Zone lateral bring its total to 297 ft, and gas is now flaring. The B lateral finished 11 July; drilling of the primary E Zone lateral is due to begin within 48 hours. No flow rates yet.
