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Australis Touts Latest TMS Well Results; Oil Production Above Type Curve

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Australis Oil and Gas has reported an update on its TMS drilling program. This program included a rig contract commitment to a six well program. Five wells have now been drilled and operations are currently underway on the sixth well.

Highlights

• Stewart 30H-1 (Well #1) continues to produce at oil flow rates materially above the TMS Type Curve having produced over 116,000 bbls in 150 days of production. The Bergold 29H-2 (Well #2) has had artificial lift installed and has re-commenced production at a significantly increased rate of 180 bbls/day.

• Taylor 27H-1 (Well #3) and Williams 26H-2 (Well #4) have delivered strong IP30 results. Taylor delivered 1,024 bbl/d exceeding the type curve by 17%. Williams delivered 361 bbl/d exceeding the type curve by 16% when normalized for its shorter lateral length.

• Drilling of the Quin well (Well #5) has allowed Australis to successfully test a number of variations to the 2014 drilling design that have clearly improved previous drilling operations including well bore stability. The well will be completed with a shorter than targeted lateral length due to third party equipment failures, unrelated to the TMS geology.

Well Performance - Oil Output

The Taylor 27H–1 well has now been on production for over 60 days. The IP30 for this well was 1,024 bbl/d which is 17% above the TMS Type Curve. The well has a completed lateral length of 6,555 ft which is 91% of the average length of wells included in the TMS Type Curve population. When normalized to this length, which allows a direct comparison, the well produced at 1,125 bbl/d which would be 29% above the TMS Type Curve.