The Board of Austin Exploration Limited (AKK) - on behalf its wholly owned US subsidiary AusCo Petroleum Inc is pleased to advise on the following operational update:
Birch Prospect, Texas. (93.5% of 5000 acres) Birch #3 Schwartz/Galbreath Well:
The well continues to flow-back drilling fluids to the surface under natural pressure. Approximately 50,000 barrels of drilling fluids were used to drill the 4000 ft horizontal leg of this well. Although it takes more time, it is preferable that the well expel these fluids naturally rather than being lifted out by a pump jack. Austinís engineering team continues to monitor the well around the clock in expectation that oil production is imminent. Results will be communicated to the market as soon as they become available.