Ann: Quarterly Activities Report-AKK.AX, page-2

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