Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 July 2010drilling progress report▲ Good
Yolanda Villarreal #1 at North Carrizo has reached target vertical depth and the first lateral is nearly done. Two oil shows (85 ft and 100 ft) were seen in the secondary B Zone. The main E Zone lateral follows, with about 15 more days of drilling expected.
28 June 2010drilling progress report▲ Good
Yolanda Villarreal #1 has drilled 4,260 vertical feet with no issues. An oil and gas show was seen on the mudlog at 3,123 ft in the San Miguel sand, outside the chalk targets. The first chalk target, B Zone, is due this week.
18 June 2010drilling spud▲ GoodMajor
Yolanda Villarreal #1 at North Carrizo spud on 16 June, with drilling expected to take 30 days. Plans are 2,500 ft laterals in the B Zone and E Zone. Aus-Tex holds 45% WI to casing point, 36% after, and 27.36% NRI.
3 June 2010drilling scheduled● Neutral
Site build-out has begun for North Carrizo's Yolanda Villarreal #1, with Precision rig #305 to move in and spud expected late next week. Targeted rates are 250-950 bopd. Aus-Tex's interest after casing point is now stated as 36%, not the 40% announced in May.
22 Apr 2010drilling progress report▲ Good
Ellislie Plantation #1 is now on pump, with all major infrastructure complete. Fluid rates will be stepped up over about 30 days toward 1,000-1,500 barrels a day, with an oil cut of 8% or more expected. No oil rate is reported yet.
7 Apr 2010drilling progress report● Neutral
Ellislie #1 is awaiting a pumpjack due end of the week, with saltwater injection well work started 29 March. Pump testing is expected next week, with production 7-10 days after the injection well is done. Operator expects about a 7% oil cut; core oil measured 47 degrees.
26 Mar 2010drilling progress report▲ Good
At Ellislie Plantation #1 the completion rig arrived 19 March and the Benbrook sand was perforated at 6,455.5-6,460.5 ft. Tubing is run, with pipeline right of way cleared and tank battery pad work begun. Production infrastructure is on schedule; no flow rate yet.
18 Mar 2010drilling progress report▲ Good
Production casing is set at Ellislie Plantation #1, and a completion rig is due around 19 March. The Benbrook sand will be perforated at 6,455.5-6,460.5 ft. The company expects three to four weeks to reach production, including laying 1.7 miles of pipeline.
10 Mar 2010drilling result▲ GoodMajor
Core tests at Ellislie Plantation #1 found 21 of 29 sidewall cores oil-saturated. The Armstrong sand averages 27% porosity and 555 millidarcies, the Benbrook 27% and 433. This supports the logs; production casing is being set ahead of completion.
10 Mar 2010drilling result▲ Good
Ellislie Plantation #1 reached 6,585 ft. Sonic logs support oil in the Armstrong sand and hydrocarbons in the deeper Benbrook sand. Production casing is being set. A positive early sign, pending core analysis.
8 Mar 2010drilling progress report● Neutral
Drilling at Ellislie Plantation #1 is ahead of schedule at 5,933 ft with no difficulties, re-entering the original wellbore. Total depth of 6,540 ft is expected shortly, followed by logging, coring and testing. No results yet.
5 Mar 2010drilling progress report● Neutral
Day 1 report for Ellislie Plantation #1: site preparation is complete, the rig is erected, and spud is set for 5 March. Daily reports will follow. No drilling results yet.
3 Mar 2010drilling scheduled● Neutral
The rig is on site at Armstrong, with spud of Ellislie Plantation #1 due Thursday this week. The well will go to 6,540 ft to test the Armstrong and Benbrook sands, taking 7-10 days through completion. A second location is secured if it succeeds.
4 Feb 2010resource reserve update▲ GoodMajor
Independent report on Sebree's 157 acres gives 132,000 barrels ultimate recoverable and 379,000 barrels proved undeveloped (100% basis; Aus-Tex holds 50%). Management values the recoverable oil at US$7.92m at a flat US$60. This resolves the pending Sebree reserve report.
11 Jan 2010drilling result● Neutral
Russell 1A, the first Sebree well completed under the KOS deal, swabbed one barrel of oil per hour and is expected on pump shortly. Russell 2 is averaging 8.5 bopd, below the 10-22 bopd earlier cited. Three more wells are targeted by end-March.
7 Jan 2010resource reserve update▲ GoodMajor
Independent report on Park City's roughly 857 acres: oil 290 Mbbl proven and 623 Mbbl probable; gas 121 MMcf proven and 879 MMcf probable, plus 9.79 Bcf in place. Management values these at US$50.2m oil and US$34.9m gas at assumed prices. Atmos plant reopening now late January.
2 Nov 2009farm in farm out completion● Neutral
Adelaide Energy's own announcement of the same PEL 105 deal: it gains 50%, drills Pirie #1 in early 2010, and cites potential above 20 million barrels of oil equivalent in place (P10). Terms match Austin's release; no new information.
2 Nov 2009farm in farm out completion● NeutralMajor
Adelaide Energy takes a 50% interest in PEL 105 for $250,000 cash, with the farm-in work program deemed complete. It operates Pirie #1 and carries Austin for the first $1.75m of well costs. Austin owes $400,000 if the well is dry. Conditional on SA Government approval.
29 Oct 2009drilling progress report▲ Good
Management says Park City phase one is complete and all four oil wells are producing. It forecasts stable output of 5-10 bopd per well after initial 15-25 bopd. It aims for two wells a month from December and says positive cash flow is expected by end of January 2010; these are company forecasts.
1 Sept 2009drilling result▲ GoodMajor
Fourth Park City well, Harlin Tarter #1, tests above 29 bopd, lifting cumulative flow to over 82 barrels per day. All four wells in the first completion program succeeded. A phase two drilling plan is being prepared during September, and 22 barrels were sold to the refinery on 26 August.
24 Aug 2009drilling progress report▲ Good
Park City oil flow to storage passes 53 barrels per day, with Tarter #2 testing above 32 bopd on pump. Fourth well due this week. Refinery confirms pick-up of stored oil on 26 August; August sales are paid in September. Gas plant hoped available early September.
19 Aug 2009drilling progress report▲ Good
Park City four-well completion program is ahead of schedule: three wells confirmed as oil producers, with Spillman #1 and #2 together flowing 17-22 barrels of oil per day. The fourth well is due in August. First oil pickup is set for 26 August.
13 Aug 2009drilling progress report▲ Good
Second Park City oil well, Spillman #2, completed with oil present, but no flow rate yet. Third well, Tarter, is under way. The company says wells cost under US$50,000 to complete, though these are management economics claims.
20 Nov 2008drilling scheduled▲ GoodMajor
Austin adds a 160-acre Giddings Field lease with three producing wells. Spudding of the ODC #4 re-completion and deepening to the Georgetown formation is expected within days, run by Bruington Operating. Austin holds 70% WI (43.75% NRI) in the Georgetown; Newtak and California Services take 30%.
26 Aug 2008drilling scheduled● Neutral
Austin agrees to an acid stimulation of the Polecat Creek Ezell 4-H well (35% WI), now making about 50 mcf/day and 1-2 barrels of oil/day. It costs Austin US$12,506.55; the operator hopes for 300-500 mcf/day. Earlier carried as fully impaired, but the well still earned over US$100,000 this fiscal year.
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.
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.
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.
