Pathfinder #1 and Birch #3 wells Pathfinder #1 in Colorado and Birch #3 in Texas Further to the announcement released to the ASX on November 28, 2012 Austin Exploration advises that clean-up operations at both wells are continuing to flow back a mix of frac fluids and crude oil. The Company wishes to be clear that the oil flow numbers quoted were from the early stage in the flow-back of the drilling and fraccing fluids. Both wells are performing in a typical fashion for unconventional oil reservoirs and the Company is pleased that the oil to water cut is increasing on a daily trend. As such, these figures provide no indication of the final oil flows that should be expected from the wells. The clean-up process normally takes about 100 days and the Company expects to be in a position to announce initial production rates in the first quarter of 2013. Media Contact – Australia Martin Debelle Citadel +61 2 9290 3033 +61 409 911 189 [email protected]
AKK Price at posting:
2.4¢ Sentiment: Buy Disclosure: Held