Waiting a couple weeks gives us time to accumulate, this project gets better and better each annoucement.
The Board of Austin Exploration Limited (ASX: "AKK") is pleased to announce a further expansion of its United States oil and gas interests with the acquisition of a 50% interest in what will be Austins largest new oil prospect. The Armstrong prospect area acquired by Austins wholly owned US subsidiary, Aus-Tex Exploration Inc. is located in the city of Natchez and the State of Mississippi. The first well to be drilled on the prospect will be the Ellislie Plantation #1, which is on schedule for an early March spud date. The Company has negotiated an option to drill two additional wells on the same geologic trend should the first well result in commercial production. These three wells represent the 16th, 17th and 18th wells to be drilled by the operator. Fourteen of the fifteen previous wells each produced an average of 2,550 barrels per month. Similar to the previous wells, the next three wells will target the Wilcox formation. Aus-Tex Exploration will spend approximately US$500,000 on drilling each well.
AKK Price at posting:
4.8¢ Sentiment: Buy Disclosure: Held
