cap raising ann

Austin to Raise $25 Million to Fund High Impact Multi-Well Drill Program at its
Significant Eagle Ford, Niobrara Shale and Mississippi Wilcox Projects
· 2 new vertical wells and 1 horizontal well to be drilled at Austin’s Eagle Ford Shale
Project
· Austin’s recently drilled Eagle Ford well to be tested back to back with the next Eagle
Ford well
· 2 new horizontal wells to be drilled at Austin’s Niobrara Shale Project
· 1 new vertical well to be drilled at Austin’s Mississippi Wilcox Project
Austin Exploration Limited (“Austin” or “the Company”) (ASX: AKK) is pleased to advise that it has
resolved to raise up to approximately $20 million through a placement of up to approximately 690
million fully paid ordinary shares (“Shares”) to domestic and international institutional and
sophisticated investors (“Placement”). The Placement is being undertaken at an issue price of 2.9
cents per Share, together with a 1 for 2 free attaching listed option, exercisable at $0.055 cents,
expiring on 6 July 2013 (AKKOA). Hartleys Limited is Broker to the Offer.
In addition, Austin will undertake a shareholder share purchase plan (“SPP”) which will be capped at
$5 million, allowing Austin shareholders registered on Monday 20 February 2012 to subscribe for
Shares up to the amount of $15,000 each. The issue price of Shares under the SPP will also be 2.9 cents
per Share.
The Placement, which was strongly oversubscribed, is a considerable milestone for the Company,
which together with the appointment of Mr Richard Cottee as the new Chairman of Austin on the 22nd
March 2012 provides a strong financial platform to expand activities across the Company’s Eagle Ford
and Niobrara acreage.
The Company intends to use funds raised pursuant to the Placement and SPP to undertake the
following activities:

Drill and complete two vertical wells on the Company’s Eagle Ford Shale Project, and complete
the recently drilled well on the Eagle Ford Shale Project;

Drill and complete a single horizontal well in the most prospective of the first three vertical
wells drilled on the Company’s Eagle Ford Shale Project;

Drill and complete two horizontal wells on the Company’s Niobrara Shale Project; and

Drill and complete one well at Austin’s Mississippi Wilcox project.