Tuesday, March 31, 2020

Austin Starts Drilling on Marco Polo #1 Well

August 11, 2016

Drilling Operations Underway on the MarcoPolo #1 well targeting oil production from the Pierre Shale Formation Photo Austin

Austin Exploration Limited (ASX: AKK) (Austin or the Company)  announced that the Math Energy Drill rig has been successfully mobilised to the Marco Polo well site and the second phase of drilling on the Marco Polo #1 well has commenced.

The second phase of drilling involves drilling a deviated well bore that has been designed by Austin’s engineers to intersect multiple fracture networks and to maximise the oil pay-zone thickness of the reservoir. Upon drilling completion, the three wells will be sequentially flow tested with a view to simultaneously bringing them on to production.

The multi-wellprogram has been designed to significantly reduce drilling costs and maximise operational efficiencies.

The three well program is being conducted in three phases:

Phase 1 – Sequentially drilling the upper vertical sections on the three wells –SUCCESFULLY COMPLETED
Phase 2 – Sequentially drilling the deviated well bore sections on the three wells –UNDERWAY
Phase 3 – Sequentiallyflow testing the three wells –NEXT PHASE

Austin is the operator of the Pathfinder project and controls a 100% working interest that covers 15,282 gross acres.

The property lies over the DJ Basin which is one of North America’s most prolific oil and gas basins.

The Company looks forward to providing material updates on the drilling program as they occur.


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