0202 GMT [Dow Jones] Austin Exploration (AKK.AU) soars 62% to 34 cents after announcing
oil and gas find in Kentucky. Heavy crude oil and gas has naturally flowed to the surface
at a well in the Park City field, which Austin Managing Director David Schuette says
confirms its commercial viability. "The natural flow of oil to the surface is highly
encouraging and one heck of a start for this project," he says. Big advantage is
that the field can be easily plugged into nearby infrastructure, delivering the gas into
pipelines and oil to a nearby refinery. Austin planning to drill more than 40 wells in
the region this year; further success would provide more support for the oil and gas
junior. (APW)
Contact us in Singapore. 65 64154 140;
[email protected]
(END) Dow Jones Newswires
February 21, 2008 21:02 ET (02:02 GMT)
Copyright (c) 2008 Dow Jones & Company, Inc.
Friday 22 February 2008 13:02:03:840 AEST
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