The decision follows a move late last year to acquire a major net revenue interest in the field.

Austin's managing director David Schuette said he was "exceptionally encouraged" about the economic impact this gas field would have on the company.

"Information reviewed during the due diligence process indicates that enough gas is present to allow the company to drill production ready wells for at least 10 years from the Park City field," he said.

"The combination of very low cost drilling and average 300 million cubic feet production from each well provides Austin with an ideal risk reward situation."

Park City is one of Kentucky's newest commercial gas fields and its processing and gas distribution opportunities have attracted the participation of some major US energy corporations.

Delivery pipelines and processing capabilities are already in place.

Austin has other projects in the US, and gas and oil exploration projects in South Australia's Cooper Basin.