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Austin Exploration makes progress at oil and gas project in Colorado
Austin Exploration (ASX:AKK) has achieved solid operational progress in identifying oil and gas at its 15,773-acre Pathfinder project in Colorado, U.S.
Austin’s exploration program on the Pierre formation has confirmed an extension of the petroleum system that was responsible for producing over 16 million barrels of oil on the adjacent property.
This follows the company’s successful 2016 three-well program that targeted oil from the Pierre formation, where hydrocarbons were discovered in all three wells.
Austin’s engineers have been closely monitoring and testing the three Pierre formation wells over the North American winter.
The presence of gas at the Pathfinder Project supports higher reservoir pressures and a lack of oil depletion, which is potentially an indication that oil reserves remain in virgin territory at Pathfinder.
Furthermore, the recent increase in test production combined with new acquisitions have enabled a significant reduction in haulage costs for Austin.
The haulage cost per barrel has been reduced from $11.50 to $5.50, with the oil produced being sold to Suncor Refining at Commerce City in Colorado.
Austin is moving towards further drilling programs to unlock the multi hundred million-dollar potential of its world class oil and gas project.
The company’s methodical de-risking approach to field development has positioned it to become a significant oil and gas producer in Colorado.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/175418/austin-exploration-makes-progress-at-oil-and-gas-project-in-colorado-175418.html
