Wednesday, January 30, 2019

Australis Announces Drilling Results in the LAMS Stack Play


Australis Oil and Gas announced their 2018 4th quarter TMS well results. 
Here are the well updates in Amite County, Mississippi:

  • Stewart 30H-1: 
    • 1458 boepd (IP)
    • 1248 boepd (IP30)
    • 18/64 choke
    • 6850' completed lateral
    • 30 day cumulative: 37,425 boe (35,302 bo)
    • $10.3 million (drill, complete, tie-in, artificial lift installation)
  • Bergold 29H-2:
    • Drilling issues in the lateral
    • 2000' lateral length
    • 6 stages
    • Remedial operations underway to establish flow parameters
  • Taylor 27H-1:
    • 6800' lateral length
    • awaiting completion operations
  • Williams 26H-2:
    • Drilling lateral at 13095' MD
  • Saxby 03-10 2H:
    • Surface hole drilled
  • Quin 41-30 3H:
    • Surface hole drilled
The Stewart 30H-1 represents an excellent result. A 1458 boepd initial potential with a 30 day average of 1248 boepd and a $10.3 million well cost presents competitive economics with other unconventional plays.  The Taylor 27H-1 will be closely watched for repeatability.  The Bergold 29H-2 represents drilling inexperience in the trend. Drilling results should improve over time.  Their remaining $65 million from the Macquarie credit facility is contingent upon success.  After a 50% drop in their stock price, I'm sure their investors are hoping for continued success.





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