Austin Exploration announced the mobilization of the Math Energy Drill Rig to the Columbus #1 Well pad site, along with the extensive amount of necessary machinery and equipment, has been successfully completed.
The Company expects that drilling of the deviated portion of well bore, targeting production from the Pierre formation, will commence shortly. Austin is encouraged that hydrocarbons have already been evident in drilling of the Pierre, with drilling also having encountered several zones of intense natural fracturing, all of which has been confirmed by an independent on-site geologist.
The Atlas Copco RD20 range 3 drill rig is currently undergoing routine maintenance and servicing following the drilling
of the Magellan # 1 Well and the Marco Polo #1 Well. This is an important aspect of operations as it significantly
mitigatesthe risk of mechanical failure during drilling, which can cause significant cost overruns and operational issues
if not managed correctly.
The well bore has been designed to intersect an intensive network of natural fractures that can be clearly seen from
the 3D seismic data on the Columbus #1 Well. All of the geologic attributes that are required for commercial
production in the Pierre are present in this well, and these have been identified by an independent geophysicist.
The Company is currently progressing a back-to-back drilling program with the drilling of three wells: the Magellan #1
Well, the Marco Polo #1 Well and the Columbus #1 Well. Drilling operations have now been completed on the
Magellan #1 Well and the Marco Polo # 1 Well.
The multi-well program has been designed to significantly reduce drilling costs and maximise operational efficiencies.
The Company is able to achieve this due to its strategic and comprehensive Atlas Copco RD20 drill rig fleet rental
agreement with Math Energy Drilling, where high daily rig rates and standby rates are not being incurred.
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 – Sequentially flow testing the three wells – NEXT PHASE
Austin is the operator of the Pathfinder project and controls a 100% working interest that covers 15,773 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 sequentially flow testing the three wells and updates of the drilling program will be
released to the market as they occur.