X Announcement Thursday 24 July 2008 Austin targets new S.A. oil and gas drilling program Proprietary Mapping System to be Deployed on Yorke Peninsula South Australia�fs Yorke Peninsula is the target of a new oil and gas drilling program expected to commence next year by Australian oil and gas developer, Austin Exploration Limited (ASX code: �gAKK�h). This follows Austin�fs announcement today that completion of a comprehensive geologic data review at its previously drilled PEL 73 prospect test well near Stansbury on the Yorke Peninsula had confirmed the likelihood of �gfault�]trapped�h geophysical features that could be prospective for oil and gas. �gTwo separate and independent third party studies have now confirmed that the PEL 73 prospect should contain numerous separate closures and stratigraphic features, with some being possibly fault�]trapped that could potentially be positive hydrocarbon reservoirs,�h Austin Exploration�fs Managing Director, Mr. David Schuette, said today. The Company will now begin an extensive and proprietary �gDirect Hydrocarbon Sensing�h study designed to pinpoint multiple drilling locations on this large South Australian prospect. Drill site locations will be determined before the end of the current calendar year, with expectations of drilling commencing during calendar 2009. �gThese two separate findings confirm that our initial hydrocarbon show of eight metres (26 feet) from our first test well was not an anomaly,�h Mr Schuette said. �gBy utilising this proven hydrocarbon sensing system we will now be able to more precisely pinpoint our next well site but more importantly increase the likelihood that this second site will find the most potentially productive location,�h he said. Independent geological assessment performed between 2001 and 2006 of the PEL 73 license area estimates a range of potential recovery from 197 million barrels of oil and 78 billion cubic feet of gas to 788 million barrels of oil and 315 billion cubic feet of gas with best potential recoverable reserves of 394 million barrels of oil and 157 billion cubic feet of gas. Austin maintains a 16.666% Working Interest in the PEL 73 prospect.
AKK Price at posting:
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