Austin strikes oil in Colorado // The well has been named the...

Austin strikes oil in Colorado

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The well has been named the Magellan #1 Well, which has been officially recorded with the Colorado Oil and Gas Conservation Commission.

Mr. Tim Hart, Austin’s COO, who is the drilling operator and is directly managing all well-site operations, commented: “We have been methodically de-risking our exploration which led us to the location to drill this well. To see this much oil at this early stage is a great sign and indicates that a significant hydrocarbon system is present and certainly gives us a great deal to be optimistic about.”

The company looks forward to further updating shareholders on its drilling and well testing activities at Pathfinder in the near future.


Adapted from a press release by Louise Mulhall
Published on 26/05/2016


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