Ann: Strong gas flows continue on Marco Polo & Columbus, page-3

Strong gas flows continue on Marco Polo & Columbus • Gas continues to be flared on both wells to relieve high pressures to safely allow for flow testing operations • Presence of high pressures indicates potential for meaningful oil discovery • Flow testing to commence when high pressures have subsided • Austin is well positioned as potentially one of the lowest cost oil producers in North America Austin Exploration Limited (ASX: AKK) (“Austin” or “the Company”) is pleased to announce that its recently drilled Marco Polo #1 and Columbus #1 wells continue to produce high volumes of gas. The Company is preparing to commence flow testing these wells for oil production when the gas has been flared sufficiently to bleed off the high pressures. Austin’s recent commercial oil discovery on the Magellan #1 well confirmed a material extension to the Florence oilfield that has produced 15 million barrels of oil from the Pierre formation. Drilling has revealed that the Pierre formation at Pathfinder is thicker and deeper than the established production region to the East of Austin’s property. Commenting on the strong gas flows, Austin’s Executive Chairman, Guy Goudy said: “We continue to experience very high pressures at the Marco Polo and Columbus wells in Colorado and while it is early days at the Pathfinder property, we are highly encouraged by the potential to deliver significant oil production and look forward to commencing flow testing as soon as possible. “The very high gas that continues to emanate from the Marco Polo and Columbus wells indicates the significant potential in this oilfield for oil discoveries and flow testing will commence when it is safe to do so. This is a very exciting time for the Company as we transition to development at Pathfinder and we are now well placed, with an experienced team in place, and a high value asset base to position Austin as potentially one of the lowest cost oil producers in North America in the near term.”