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31/10/16
11:28
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Originally posted by bevter
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Quarterly Highlights • Completed successful drilling of a back-to-back three well program targeting production from the Pierre formation at the Company’s flagship Pathfinder property in Colorado • Three wells were operated and drilled by Austin’s team on budget for approximately USD$1.5 mil in the prolific DJ Basin. Florence Field has produced more than 15 million barrels of oil • Hydrocarbons were evident in all three wells drilled, flow testing operations scheduled to start in the first week of November • A discovery in this drilling phase could provide near-term cash flows and unlock significant production potential for Austin • Successfully completed a strategic 491 acre acquisition in Florence Colorado, expanding the flagship Pathfinder property to 15,773 acres • Completed a Placement to raise AUD$1.65 mil to advance development of Pathfinder oil and gas project and strengthen balance sheet
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Bevter
1.3m left in the kitty. Doesn't buy much time. Not enough to drill two more wells and in reality not enough to drill even one after costs to complete these ones and corporate costs are included.
Buckle in for next CR post Christmas
Jan/Feb