Austin Exploration Limited says that testing programs have been completed at the Lil’ bit and Jeter Branch prospects. The results were too insignificant to move forward into the production phase and Austin and the operator have agreed to plug and abandon these wells as dry holes.

David Schuette, Austin Managing Director, said: “We are disappointed by the results of these two prospects; however, the company will continue to move forward with other opportunities available to us as a result of our ongoing efforts to develop new business plays for the company and our shareholders. “The world oil and gas industry is large enough for a company like Austin to acquire opportunities that bring both new investment and no per-share dilution to the Company. “We look forward to spending time with our shareholders at the November 29th annual general meeting to be held in Adelaide, “ Mr Schuette said.

Tags: Austin Exploration Limited