https://www.miningweekly.com

Austin hits oil in Colorado

Austin hits oil in Colorado

Photo by Bloomberg

24th June 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

PERTH (miningweekly.com) – The share price of ASX-listed Austin Exploration jumped more than 9% on Tuesday after the company announced an oil discovery at its well in Colorado, in the US.

MD and CEO Mark Hart said that the early flows were significant, with drilling at the well intersecting a large, naturally fractured and over-pressured oil reservoir.

The discovery was made at 4 500 ft.

This was the first well that Austin had attempted to produce oil from, and Hart said that the company had taken the decision to drill slowly to intensify the engineering design focus for future well design efficiency.

Austin controls some 11 000 acres in Colorado, and has an interest in 5 000 acres in Texas.

The company’s shares were trading at a high of A$0.013 a share on Tuesday, up from an opening price of A$0.012 a share.

Edited by Creamer Media Reporter

Comments

Latest News

Ironveld smelter
Ironveld ramp-up slower than expected
28th March 2024 By: Darren Parker

Showroom

Actom image
Actom

Your one-stop global energy-solution partner

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.182 0.217s - 88pq - 2rq
Subscribe Now