12 Dec 2007drilling progress report● Neutral
Freeborn-1 has only 15 ft of obstruction left to clear before testing. Outlar-1 pipeline is pressure tested, with production expected this weekend. The Harrison-2 rig is due late next week.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 Dec 2007drilling progress report● Neutral
Freeborn-1 hole clean-out is nearing completion, with logging and tie-back casing still ahead of testing. Outlar-1 pipeline is almost finished, with production expected next week. Harrison-2 drilling is due this month.
28 Nov 2007drilling progress report▼ Bad
Freeborn-1 testing is delayed because cement left in the hole after liner setting is being drilled out. A tie-back casing string must still be run before perforation. Outlar-1 start-up is still scheduled for early December.
21 Nov 2007drilling progress report● Neutral
Freeborn-1 testing is now expected the week after the 25 November holiday. Outlar-1 pipeline trenching is under way, and the Harrison-2 location is built with drilling due in December. Nothing new in substance.
14 Nov 2007drilling progress report● Neutral
A liner was run and cemented at Freeborn-1 (50%), with testing expected after the 22-25 November holiday. Outlar-1 is still waiting for its pipeline, and Harrison-2 (75%) is due to start drilling in December. No new results.
7 Nov 2007drilling result▲ GoodMajor
Freeborn-1 reached 16,030 ft. Logs show potential gas sands across four intervals between 14,180 and 14,760 ft with good reservoir quality. A liner will be run to test about 75 ft of net sand. Also, a Harrison-2 appraisal well at Oyster Creek (75%) is planned before year end.
31 Oct 2007drilling progress report▲ Good
Freeborn-1 hit a thick, apparently unconsolidated sand at 14,500-14,900 ft with strong gas shows. Sand was the main pre-drill uncertainty, but commerciality awaits logs and tests. Outlar-1 pipeline is still awaiting written approvals.
24 Oct 2007drilling progress report● Neutral
Freeborn-1 is at 12,715 ft after setting a second intermediate casing 300 ft higher than planned because of heavy mud needs. No change to the program. Outlar-1 pipeline route chosen, with the operator estimating 4-8 weeks to production.
17 Oct 2007drilling progress report● Neutral
Freeborn-1 is at 11,559 ft with high mud gas, and the Wilcox section is expected within a week. Outlar-1 is shut in awaiting a pipeline. Its unusually rich gas should favour a high-BTU sales line.
10 Oct 2007drilling progress report● Neutral
Freeborn-1 set intermediate casing at 8,659 ft, slightly shallow because of high Queen City gas. The company says the forward program is unaffected. Outlar-1 testing has just begun.
3 Oct 2007drilling progress report▲ Good
Freeborn-1 is at 8,621 ft, with high gas in the Queen City sandstones requiring heavier mud. The company calls the hydrocarbons encouraging but it is too early to judge commerciality. Outlar-1 needed a remedial cement squeeze, and testing should start soon.
26 Sept 2007drilling progress report● Neutral
Freeborn-1 has set 13 3/8 in casing at 3,026 ft and will drill toward about 9,500 ft. A service rig is on site at Outlar-1 to inspect casing and run a cement bond log before testing.
24 Sept 2007drilling spud▲ GoodMajor
Jean H. Freeborn-1 spudded 20 September on the Rowena Wilcox prospect, targeting 16,000 ft with potential over 200 BCF. Antares holds 50% with minimum dry cost about USD2.85m. Turnkey contract fixed at USD4.9m. The CEO calls it transformational if it succeeds.
19 Sept 2007drilling progress report● Neutral
Outlar-1 casing is cemented and the rig was released 15 September to move to Freeborn-1. A service rig will arrive to test the three sand sequences, starting with the lowest.
12 Sept 2007drilling result▲ GoodMajor
Outlar-1 reached 11,911 ft. Preliminary logs suggest the primary sand is hydrocarbon bearing, with two deeper sands possibly productive and very good reservoir quality. Production casing is being run ahead of testing. Early encouraging sign for the West Wharton project (30%).
5 Sept 2007drilling progress report● Neutral
Outlar-1 is at 10,091 ft with casing cemented and the rig preparing to drill ahead. Freeborn-1 is still awaiting the rig.
29 Aug 2007drilling progress report▲ Good
Outlar-1 is at 10,000 ft with gas shows in the secondary Yegua target. The primary objective is expected next week. The Freeborn-1 site is ready for the rig.
14 Aug 2007drilling spud● NeutralMajor
Outlar-1, the first West Wharton well, spudded 12 August and is drilling at 1,536 ft toward 11,500 ft. Antares holds 30% (26.25% after first sales). Minimum cost has risen to about USD1.3m dry or USD1.6m completed, under a fixed-cost contract.
25 July 2007drilling result▼ BadMajor
Zwernemann-1 on Shaeffer Ranch found only sub-commercial gas and will be plugged and abandoned, costing Antares about USD350,000 net. Oyster Creek pipeline is complete and production has started, ending the long wait. Garcitas tests were below expectations.
27 June 2007drilling progress report● Neutral
Zwernemann-1 testing is in its third logged interval. Ilse-1 stays shut in awaiting an operator recommendation, and Garcitas testing continues. Yellow Rose seismic is about 85% done, with flooding interrupting work.
13 June 2007drilling progress report▼ Bad
The Ilse-1 Lower Wilcox fracture stimulation recovered about 38% of frac fluid, with only sub-commercial intermittent gas so far. It is too early to draw conclusions. C-2 is shut in for a pressure survey and Zwernemann-1 testing is being prepared.
30 May 2007drilling progress report● Neutral
Zwernemann-1 spudded 25 May and is drilling at 3,611 ft. Ilse-1 fracture stimulation is set for 6 June. Garcitas C-1 is producing and C-2 is testing. Yellow Rose seismic is about 66% complete.
23 May 2007drilling scheduled● Neutral
Antares (50%) expects to spud the shallow Zwernemann-1 oil well on Shaeffer Ranch within three days, to about 6,100 ft. Potential is about 200,000 bbl of oil and 1.8 BCF of gas. Dry hole cost to Antares is USD225,000.
23 May 2007drilling progress report● Neutral
Ilse-1's lowest zone has been perforated, with fracture stimulation expected within days. Garcitas C-2's lowest sand was fracture stimulated and will be flow tested. C-1 is in production. Yellow Rose seismic is about 60% complete.
16 May 2007drilling progress report● Neutral
Ilse-1 is nearly ready, with a Lower Wilcox zone to be perforated and flow tested over about 14 days. Garcitas C-2 is tied in and testing has started. Yellow Rose seismic is about 54% complete.
9 May 2007drilling progress report● Neutral
Partner Adelphi repeats that the Ilse-1 pipeline should finish this week, with testing to follow. Antares holds 25%. Re-release of information already reported; no new result.
9 May 2007drilling progress report● Neutral
Ilse-1 pipeline due to finish this week, with testing to follow. Garcitas C-2 tie-in is nearly done, with testing expected next week. Yellow Rose seismic is about 50% complete.
2 May 2007drilling progress report▲ Good
Garcitas C-1 is selling gas, with its first stimulated thin sand flowing 1-3 MMcf/d with water, described as a good initial result. Ilse-1 testing awaits a pipeline after heavy rain. C-2 completion is being finalised and Yellow Rose seismic is about 40% done.
1 May 2007farm in farm out agreement▲ GoodMajor
Antares takes a 30% interest in the new West Wharton project in Wharton County, Texas, to drill a 12,000 ft Cook Mountain prospect with potential of 40-80 BCF. Minimum commitment is about USD0.9m dry hole and USD1.15m completed; interest falls to 26.25% at first sales.
26 Apr 2007drilling progress report● Neutral
The Ilse-1 test program has now been agreed by the joint venture, with test equipment to be set up once the rig is moved off. Garcitas C-1 testing continues and Yellow Rose seismic is about 25% complete.