AKK (ASX) announcement

Originally posted by pewal ↑

Drilling start imminent on Eagle Ford (USA) shale project
? Austin’s largest ever USA drilling campaign to commence next week
? First well - Krueger #1 – set to spud before the end of October
The Board of Austin Exploration Limited (ASX: "AKK") - on behalf its wholly owned US subsidiary Aus-Tex Exploration Inc- is pleased to provide another positive update on its ~5,000 acre (93.5% working interest) Eagle Ford Shale Project, Burelson County, Texas, USA.
Austin has been advised that the Cooper 1000HP rig # 11 is expected to arrive on location next week, following a minor delay due to contractor commitments.
Krueger #1- the first well to be drilled by the rig - will be completed and fracced as a vertical well. Initially, three vertical wells will be drilled at which time the formation characteristics will be thoroughly analysed by the Aus-Tex geological and engineering teams. The well demonstrating the strongest hydrocarbon potential will be the first well to be re-entered for a multi-stage horizontal “highway” frac.
Austin’s Chief Executive Officer, Guy Goudy, said drilling site preparations, including the water well, and the mouse and rat holes, had been completed with assembling of the rig expected to take approximately four days at which time drilling into the Company’s first Eagle Ford shale prospect will begin.
“Drilling to total depth is expected to take approximately 10-12 days and the Company will keep the market continually informed as to the status of the program, including any significant events that may be encountered whilst drilling towards target depth,” he said.
“Our primary targets are the Eagle Ford formation, a hydrocarbon bearing sequence expected to be intersected at ~8,700 feet, and the Austin Chalk, which is expected to be intersected at ~8,300 feet.
“Other potential hydrocarbon bearing formations that are expected to be intersected include the Taylor Sand formation (~6,500 feet), the Buda lime formation (~9,000 feet) and the Georgetown Lime formation (~9,100 feet).”
The Eagle Ford Shale, with an interpreted thickness of 300 feet, is the source rock for the Austin Chalk, and is a hydrocarbon producing formation of significant importance due to its ability to produce both