Austin Exploration begins drilling on Columbus #1 well in Australia

Austin Exploration announce that the second phase of drilling on Columbus #1 well has commenced.

The second phase of drilling involves drilling a deviated well bore that has been designed by Austin’s engineers to
intersect multiple fracture networks and to maximise the potential oil pay-zone thickness of the reservoir. Upon
drilling completion, the three wells will be sequentially flow tested with a view to simultaneously bringing them on to
production.

The three well program is being conducted in three phases:

Phase 1 – Sequentially drilling the upper vertical sections on the three wells – SUCCESFULLY COMPLETED

Phase 2 – Sequentially drilling the deviated well bore sections on the three wells – UNDERWAY

Phase 3 – Sequentially flow testing the three wells – NEXT PHASE

Austin is the operator of the Pathfinder project and controls a 100% working interest that covers 15,773 gross acres.
The Company looks forward to providing material updates on the drilling program as they occur.