Austin Exploration has announced its sixth Eagle Ford well in Burleson County, Texas, the Seaducer #1H well, is producing large volumes of oil and gas.
The well produced 18 604 boe in its first 30 days.
Repeatable well performance over the acreage
Austin's CEO and Managing Director Dr Mark Hart said: “This is another outstanding result. To hit on six from six proves that this property is de-risked and well performance is repeatable over Austin’s acreage. When including our initial three exploration wells, B1, B2 & B3, this totals nine wells that have intersected hydrocarbons on Austin’s Birch Texas property. Our Texas programme has been halted until oil prices recover and stabilise, but we certainly look forward to further drilling at this world-class property when prices recover,” Dr Hart said.
This well increases the amount of acreage for Austin that is held by production.
This well has been fully funded and the company remains focused on increasing cash flow through non-dilutive means. These Eagle Ford wells are expected to provide cash flows to Austin for the next 15 - 20 years.
Adapted from press release by Cecilia Rehn