Trading under the ticker “AKK,” the company’s shares opened at 22.5c, but closed back at its issue price 20c. Its shares opened slightly higher this morning at 21c.
The ASX listing follows Austin’s $10 million initial public offering, in which it offered 50 million shares at 20c each.
Following the start of trading, the company wasted no time in announcing an update to its operations in the United States.
It said a “significant amount” of work has been undertaken by a workover rig to ready its first well in the Polecat Creek Prospect, in Texas’ Limestone County, for spudding. Austin expects a drilling rig will arrive at the well site in the next 28 days.
The Polecat Creek Prospect target is a fractured limestone zone situated within the Denny oil and gas field. The prospect is estimated to contain potential oil reserves of 180,000 barrels and 180 million cubic feet of gas.
Austin also has acreage in Louisiana, as well as South Australia’s Cooper Basin and Yorke Peninsula, directly west of Adelaide.
