Austin also announced that it has taken over as operator and that it now holds a 50% working interest in the Jeter Branch prospect.
David Schuette, Austin Managing Director, said: "We had hoped to have this rig on-site in September, but due to several obstacles with the rig, the heavy rains and a few regulatory logistics, we were delayed.
"We will be perforating the Petit formation, which is primarily a limestone in this area. The sidewall core analysis completed in August recovered oil at the 5,500-foot zone and indicated an 11-14% porosity." Schuette said.
The Jeter Branch prospect, a wildcat prospect in Caddo Parish, Louisiana, U.S., is surrounded by producing wells with the closest producing facility less than two miles away.
Within the prospect is the test well, which has an elevated and dry drill site with gas pipelines located approximately 7,000 feet from the well.
On September 5, 2007, drilling reached a total depth of 6,300 ft.
Aus-Tex, Austin's wholly owned subsidiary, originally had a carried working interest of 15% and a revenue interest of 11.1% in this well until the Austin elected to take over operatorship and increase its working interest to 50%.
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