Austin Exploration has struck oil from its sixth Eagle Ford well in Texas.
The Australian-based firm said that its Seaducer #1H well at Burleson County in Texas had been drilled to a total depth of 16,022 feet with a 6,394 foot lateral leg.
It has a daily production rate of 960 barrels of oil per day with roughly 90% liquids content.
Mark Hart, chief executive, said: “‘Six from six really is an excellent outcome for the company and its shareholders.
“The Eagle Ford Shale has the lowest production costs of any non-conventional oil basin in the United States and remains economic in this current low oil price environment.
“In response to the drop in the oil price the company has halted any major expenditures, we have stripped out more than a million dollars in overheads including significant company wide salary reductions.”
The Seaducer #1H well is the sixth production well at Austin’s Birch Eagle Ford project, and is being operated through the inclusion of the Company’s acreage in its farm-out program in Texas.