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Pathfinder C11-12 No.1 HZ well flows 350-400 BOEPD



Pathfinder C11-12 No.1 HZ well flows 350-400 BOEPD
• Pathfinder No.1 HZ flows a combination of oil and gas (350 – 400 boepd)
• Temporary shut-down to install commercial production facilities
Pathfinder Prospect, Fremont County, Colorado (85% of 11,500 acres)
Pathfinder C 11 – 12 No. 1 HZ Well:
Austin Exploration today advises that the Pathfinder C11-12 No.1 HZ well has achieved an average derived daily
production value of between 350-400 barrels of oil equivalent (BOEPD) at high pressure, while on temporary
high pressure testing equipment for three days.
Austin Exploration believes this result proves the field to be economic and the Company has therefore taken
the decision to temporarily shut-in the well while modifications to production facilities are made to enable the
field to commence longer term production at the earliest date possible.
The Company is now assessing a number of modifications which could include assessing the feasibility of
connecting the field to a gas lateral line situated within five miles of the field, as well as other modifications
necessary to account for the high pressure which will necessitate a minor work-over.
Austin Chairman Richard Cottee said the strong result from the Pathfinder #1 confirmed the investment in the
Niobrara region.
“With this strong pressure flow it would be wasteful of time and resources to delay further for testing, so we
will close in the well and install the ground infrastructure so we can bring the well to commercial production as
quickly as possible.
“This result confirms a productive well, a strong business case for Austin’s 11,500 acres in the Niobrara and
substantially de-risks the company’s future development path,” Mr Cottee said.
The Pathfinder C11-12 No.1 HZ well is the Company’s first horizontal well drilled into the prolific Niobrara
formation.