Austin keeps head above water

AUSTIN Exploration has closed the sale of its Birch property in Texas in an all-cash deal for $A1.5 million to help avoid it becoming yet another tragedy in the conga line of dozens of US companies that have fallen prey to low oil prices.

The Birch property sale was part of a $1.9 million package that included a financing agreement to cut its debt and boost its cash position and balance sheet.