Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
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.
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.
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.
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.
20 July 2006drilling progress report● Neutral
Work has begun on Austin's first well at the Polecat Creek Prospect in Limestone County, Texas, with a rig preparing the existing borehole. Estimated potential is 180,000 barrels of oil and 180mmcf of gas per well; the drilling rig is due within 28 days.
