Sign up Australia
Proactive Investors - Run By Investors For Investors

Austin Exploration enjoys good flows from first Eagle Ford well, expects horizontal well to deliver more

Austin Exploration enjoys good flows from first Eagle Ford well, expects horizontal well to deliver more

Austin Exploration (ASX: AKK) believes that more exciting news is to come after production from its first Eagle Ford Shale well in Texas exceeded its pre-drill expectations.

The Krueger-1 vertical well flowed at a rate of 95 barrels of oil equivalent per day (boe/d) during a 24 hour test from the Eagle Ford following successful hydraulic fracture stimulation.

This exceeded pre-drill estimates of 60boe/d.

Production at Krueger-1 is likely to increase further after the Taylor Formation, which is currently being worked on, is brought on stream.

Once the Taylor Formation is tested, the well will be placed on mechanical pump for long term flow testing and production.

Austin also plans to re-enter 5 lesser hydrocarbon bearing zones in the future to provide additional shareholder value.

The results are a strong indicator that production could enjoy a major boost from a horizontal multi-stage frac with the company saying a 10 stage frac having the potential to provide a 10-fold uplift in production rates.

Austin will drill 2 further vertical wells at its Eagle Ford project and select the best of these 3 wells to be re-entered for horizontal drilling.

Austin holds a 93.5% working interest in the 5,000 acre Eagle Ford Shale Project, through its wholly owned subsidiary Aus-Tex Exploration.



Register here to be notified of future AKK Company articles
View full AKK profile

Austin Exploration Timeline

Newswire
November 03 2016

Related Articles

One of Iofina's plants in Oklahoma where it produces iodine from brine water taken as by product from oil fields
July 13 2016
Iofina shares have rallied over 180% since April. A new debt deal and the prospect of improving markets bode well for the AIM group's continuing recovery.
Offshore oil operations, North Sea
August 18 2016
Premier Oil told investors it now expects to produce between 68,000 to 73,000 barrels oil equivalent per day in 2016.
picture of Chinese city
September 26 2016
Green Dragon Gas is China-focused and specialises in extracting gas locked into the huge coal beds the run underneath the country.

© Proactive Investors 2016

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.