Austin Exploration (ASX: AKK)
With oil prices steadily creeping north, one $6.5 million capped ASX explorer has outlined a pathway to $400M revenue over 10 years, via its onshore US acreage.
This ASX company has managed to secure virgin acreage in the world’s second oldest oil basin, right next door to an onshore project that has delivered 15.5 million barrels of oil in the past.
It’s currently in the midst of a funded three well drilling campaign, with its first well already brining up oil.
This tiny ASX stock had over $2 million in the bank at the end of the last quarter. With further drill results imminent, its time we took a closer look at this micro cap oiler.
In the near term, this ASX company is targeting revenues upwards of $10 million by the end of 2017, and its set out a plan to achieve this by drilling 10 wells, flowing at 1000 barrels per day, assuming an oil price of $45/barrel.
Beyond this, the company’s ground is ripe for further expansion, and could see 350 production wells drilled across its acreage.
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Assuming success over the coming weeks and months on its drill campaign, this ASX explorer could be at the start of unlocking significant cash flow…