David Schuette, Austin Managing Director, said that the Lil' Bit prospect represents a significant opportunity for Austin's U.S.-based operations and that he looks forward to reaching target depth.
"This turnkey drilling operation is achieving more than 800 feet of drill depth per day. At this pace we should reach target depth and be reviewing logs by this weekend," Mr. Schuette said.
Estimates of natural gas believed to be potentially recoverable from known area prospect reservoirs are from 6 to 9 billion cubic feet of gas for the project.
Austin entered into a farm-in agreement for the 640 acre Lil' Bit prospect in September 2007, lured by its close proximity to producing wells and sound infrastructure in one of the most prolific oil and gas producing areas of Texas.
The lease is situated in the R. Ramirez Survey, approximately 17 miles east of Sarita in Kenedy County, Texas. An approximate total depth of 7,100 feet subsurface should be sufficient to adequately test the Marg Frio formation located there.
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