There has been a lot of chatter about the new style of announcements from AKK. If we were to translate them into the old style news streams there would be dancing in the streets.
Since the previous announcement cost reductions are up to $912,000 from $746,000 the previous month. A solid improvement and significant over delivery on the $500k target.
"...keeps Austin on track to meet the announced drilling schedule as outlined in the Company’s most recent quarterly activities report. "
This implies all the drilling in the programme for this quarter is happening/going to happen. That is the 3 drills that were outlined in the quarterly:
SCHEDULED ACTIVITY- FISCAL QUARTER FOUR:
1. Birch 1 Krueger Well. Texas: COMPLETE AND PRODUCE Eagle Ford Oil formation & Taylor Sands gas formation
2. Birch 2, Stern Well. Texas: DRILL to a proposed Depth of 9300 FT and will target the Eagle Ford Shale / Austin Chalk. Frac job planned. Forecasted to commence production in the first fiscal quarter of 2012
3. Birch 3, Bennett Well. Texas. COMMENCE site work and preparations to drill third well targeting the Eagle Ford Shale/ Austin Chalk. Forecasted to commence production in the second fiscal quarter of 2012
4. Bourke #4 well Mississippi USA: DRILL to a depth of 6,400 feet. Targeting the Campbell and Parker Sands formations
5. Pathfinder #1 Well, Colorado USA: DRILL 4000ft horizontal (Total 9900ft Measured Depth) well into the Niobrara Shale. Multi stage frac planned.
6. Kentucky: Complete WWA5, WWA6, Russel #4 and Russell number #8.
AKK Price at posting:
2.0¢ Sentiment: Buy Disclosure: Held
