Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
6 May 2008drilling scheduled▲ GoodMajor
Seismic review identified a fault as the first drilling target at PEL 105 in the Cooper Basin. Consultants estimate possible (P10) recoverable volumes of up to 6.2 Bcf gas and 1.04 million barrels of oil/condensate. Pirie #1 well is expected in Q3 2008, with 100 km of 2D seismic.
18 Apr 2008drilling result▲ Good
Two more Park City wells, PC9 and PC10, flowed gas and oil while drilling, taking the total to nine wells, four with oil shows. Acid stimulation starts next week, giving the first gas deliveries to the plant, which is coming online. No production rates yet.
11 Apr 2008drilling result▲ Good
Aus-Tex PC8 reached 383.4 m with 24 m of pay across three zones and the best wellhead pressure yet at Park City. The field's processing plant is expected online within 30 days, with about 15 maiden wells hoped to be ready then.
31 Mar 2008drilling result▲ GoodMajor
Austin reports seven Park City wells drilled, all with deliverable gas, and PC5 showing a 30 m oil column, the second oil-and-gas well. Wells are due for connection within 60 days. Flow rates for several are still to be tested; the oil column claim was clarified the next day.
27 Mar 2008drilling result▲ GoodMajor
Austin says the first three Park City wells are commercial. The third, PC3, flowed 320 Mcf/day pre-stimulation, with 960 expected after acid treatment. Two more wells are near target depth and five more are permitted. Wells are renamed Aus-Tex PC1 onward. Post-acid figures are forecasts.
11 Mar 2008drilling spud● Neutral
Fourth Park City well, George Houchin 2A, has spudded. Austin also launches a web service with weekly project updates. It quotes a 56.25% net revenue interest, lower than the earlier 65.625%, without explaining the change in this release.
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.
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.
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.
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.
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.
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.
