The Board and Management of Austin Exploration Limited (ASX: AKK) (Austin or the Company) are pleased to announce that the deviated drilling operations on the Columbus #1 well are progressing well. The curved section of the well bore was drilled successfully to plan with no well bore integrity issues or operational issues encountered. Drilling is progressing through the Pierre formation and hydrocarbons in the cuttings are being encountered which is encouraging. These drill cuttings are being analysed by an on-site independent geologist. This is an important part of the geologic process and assists in determining the potentially productive zones within the formation. Drilling Operations Progressing well on the Columbus #1 well 113 N. Santa Fe ●Florence, Colorado 81226 Suite 605, ● Level 6, 50 Clarence Street ● Sydney, NSW, 2000 2 Drilling operations are being performed internally and on 12 hour day-light shifts to keep costs as low as possible. The Company is able to perform operations in such a manner due its strategic and dedicated drill rig fleet rental agreement where high daily rates and stand-by rates are not being incurred. The Company expects that drilling operations will conclude this month with sequential flow testing of the three wells to commence immediately following drilling. The Magellan #1 well is the first of the three wells that is scheduled for flow testing. The three-Well program is being conducted in three phases which has been designed to significantly reduce drilling costs and maximise operational efficiencies: Phase 1 – Sequentially drilling the upper vertical sections on the three wells – SUCCESFULLY COMPLETED Phase 2 – Sequentially drilling the deviated well bore sections on the three wells – UNDERWAY Phase 3 – Sequentially flow testing the three wells – NEXT PHASE Austin is the operator of the Pathfinder project and controls a 100% working interest that covers 15,773 gross acres. The Company looks forward to providing material updates as they occur. On location for the drilling of the Columbus #1 well Drill cuttings being returned to the drilling pits under pressure through the blooie line
AKK Price at posting:
0.6¢ Sentiment: Hold Disclosure: Held
