AKK 0.00% 0.3¢ austin exploration limited

early birds club update

  1. 35,585 Posts.
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    hi guys

    just been doing some reseach on "St. Gabriel #1" next cab off the rank...

    another successful well drilled by Goodrich Petroleum Corporation in nearby lease...
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    http://phx.corporate-ir.net/phoenix.zhtml?c=83169&p=irol-newsArticle&ID=893140&highlight=

    ""South Louisiana

    As previously announced, the Company drilled and logged its Gueymard No. 1 well, its initial test well at the St. Gabriel Field in Iberville and Ascension Parishes, which encountered approximately 60 feet of net pay. The well is awaiting final completion and preliminarily tested at a gross production rate of approximately 4,000 Mcf of gas per day and 200 barrels of oil per day, with 5,000 pounds of flowing tubing pressure. The Company owns a 70% working interest in the well"
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    this is great news for Austin Exploration Limited

    they estimate their prospect 36bcf/gas & 5mmbls..(multiple wells)

    WI of 80% & NRI of 60%...

    56mm tradeable shares & $18mm market cap...

    i suspect if things are on song, she'll fly.....

    as usual DYOR..

    regards


 
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