Austin Exploration’s fifth Eagle Ford well flowing

THE ROADHOUSE BOWSER: Austin Exploration (ASX: AKK) announced its fifth Eagle Ford well with Halcón Resources, the Curington ‘A’ 1H, in Burleson County, Texas is producing large volumes of oil and gas.

The Curington ‘A’ 1H produced 19,600 barrels of oil equivalent, (BOE), in its first 30 days, or an average rate of 653 BOEPD (92% Oil).

“Five from five is quite something and our sixth well, the Seaducer well, is coming along nicely,” Austin Exploration CEO and managing director Dr Mark Hart said in the company’s announcement to the Australian Securities Exchange.

“Fortunately, the Eagle Ford shale has the lowest production costs of any oil basin in the United States and remains profitable in this current low oil price environment.

“The Eagle Ford is expected to attract more energy industry investment than any other U.S. shale field.

“Independent reports have forecasted 2015 expenditures will exceed $30 billion in the Eagle Ford, nearly twice the $16.7 billion that will be spent in the Bakken Shale in North Dakota.”

Austin said its 5000 acre Birch property is large enough to accommodate more than 100 horizontal wells, adding the company was looking forward to further development in this oil basin for many years to come.