Shares in Austin Exploration Limited
(ASX:AKK) have jumped more than 20 per cent after announcing it has hit oil in Kentucky.
The Australian-based oil and gas exploration company says the well was successfully drilled and is currently producing oil under natural pressure.
Flow rates have yet to be determined as production facilities will be installed over the course of the next few weeks.
Managing Director and CEO Guy Goudy says the well will pay back in less than a year and provide profitable cash flows for 20 years.
Austin Exploration reported a net loss of $20.78 million in the first half of the 2015 financial year.
