Austin Exploration (ASX:AKK) has engaged Meagher Energy Advisors to conduct a tender process for a potential sale of its Birch project in Burleson County, Texas.
The company has received several unsolicited approaches that have no financial backing and are not capable of a transaction.
Meagher Advisors, which have closed over USD$1billion in oil and gas transactions in the last year, will test these advances and provide guidance on a potential divesture of the asset.
Austin has a 30% interest in approximately 5,040 acres in the Eagle Ford Shale in Texas.
Six Eagle Ford horizontal wells have been successfully drilled and are now in production.
Each of these has been independently estimated to have estimated ultimate recovery ranging between 450,000 to 475,000 barrels of oil equivalent.
Selling its stake in Birch would allow the company to focus its resources and funding on the development of the company’s Colorado assets.
