Austin Exploration Ltd shares fly on oil discovery in Colorado -...

Austin Exploration Ltd shares fly on oil discovery in Colorado - * (AU)


//Austin is well funded to ramp up operations after closing a A$1.73 million underwritten renounceable entitlement offer earlier this month.

The new oil discovery is likely to be commercial is timely as Austin is aiming to achieve profitability by being a low cost oil producer in a depressed oil market.//

//Bullishly, the recovered crude oil has a green colouration which is the same type of oil found in neighbouring oil fields, which have produced 15 million barrels of oil.

Austin has ordered production facilities, which include a pump-jack, tank batteries and flow lines. Testing of the well will begin shortly to analyse its production capabilities.

The Pathfinder project, spread over the DJ Basin which is one of North America’s most prolific oil and gas producing basins, is large enough to accommodate more than 350 wells.


http://www.*.com.au/companies/news/...s-fly-on-oil-discovery-in-colorado-68852.html