What's to whine about with this???
$820 per acre. Even the moaners will be racking tiny brains to
knock this deal.
Wait for the inevitable rise in POO and we'll be laughing IMO'
"Austin significantly expands assets base in Colorado with acquisition of adjacent oil field • Highly complementary to AKK’s existing Colorado assets and a – 2,435-acre position in Florence Oilfield being acquired from Incremental Oil and Gas for US$2 million • Post-acquisition, Austin will control 100% of 18,208 acres in the prolific oil and gas producing DJ Basin in Colorado, adjacent to its flagship Pathfinder project • Steady long term production rate of ~52 barrels of oil per day delivers stable cash flow to AKK – major production declines have already occurred • Wells produce for 20+ years, some for over 100 years • Profitable wells, minimal operating costs, no-leasing fees and long-term haulage contract in place • Potential to unlock further value from field – Six development infill Pierre well locations that are ready and defined by 3D seismic • Transaction includes 3D seismic, all associated production infrastructure including pump jacks, tanks, flow lines, 10,000ft of steel production casing and an option over a further 380 acres for re-lease • AKK will now have access to over 450 future low cost drilling locations post transaction - in just the Pierre formation • AKK is undertaking AUD$3.2 million capital raising at $0.006 per share to fund acquisition • Austin will remain debt free post acquisition
