AKK 0.00% 0.3¢ austin exploration limited

price moving st **riel looming

  1. RM
    7,029 Posts.

    St. Gabriel Prospect

    IBERVILLE & ASCENSION PARISHES, LOUISIANA, USA

    The St. Gabriel Prospect, within the St. Gabriel Field, is located over a producing Gulf Coast salt dome, 12 miles from the city of Baton Rouge, Louisiana, approximately 1,000 feet from an established gas pipeline. The prospect has two untested fault blocks, developed from a new 30 square mile 3D Seismic Survey, is ready to drill. The first well to be drilled has an estimated recoverable potential of 5 million barrels of oil and 36 billion cubic feet of gas.

    A recent well drilled by Goodrich Petroleum Corporation in an adjacent fault block reports 60 feet of pay and 28% porosity.

    http://www.austinexploration.com.au/index.html

    The area has been very productive and the two wells have the potential to be company changers. Market cap in the order of 60-80m would not be out of the question. The company has more projects in its stable and have been in an acquiring mood.

    Regards RM
 
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