Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Apr 2007drilling progress report● Neutral
Oyster Creek surface facilities are being built, with first sales tentatively targeted for mid-May. Ilse-1 testing awaits partner agreement, Garcitas C-1 is assessing the first stimulated zone, and Yellow Rose seismic is about 15% done.
11 Apr 2007drilling progress report● Neutral
Partner Adelphi reports the Ilse-1 rig was released 4 April, a test program is due for partner review within days, and a Lower Wilcox fracture stimulation is expected. Pipeline access talks are under way. Antares holds 25%. No new result.
11 Apr 2007drilling progress report● Neutral
Scott-2 will be tied to the sales pipeline with Harrison-1, expected May 2007. Garcitas C-1 fracture stimulation of the lowest Wilcox sand has begun, and C-2 is cased with the rig released. Yellow Rose seismic is under way, with Antares exposed to about USD1.25m.
10 Apr 2007farm in farm out agreement▲ GoodMajor
Antares takes a 50% interest in the new Gemini project in Wharton County, Texas, with operator Lighthouse Exploration. The first 8,000 ft well, Castor, targets 5-15 BCF potential. Minimum commitment is about USD 0.85m; interest falls to 45% at first sales.
4 Apr 2007drilling progress report▲ Good
Garcitas Ranch C-2 reached its programmed depth of 12,530 ft with gas shows as strong as expected, similar to C-1; logs are being run. Scott-2 production testing has begun, and Ilse-1 is cased for a later test.
4 Apr 2007drilling progress report● Neutral
Partner Adelphi repeats Ilse-1 (Antares 25%) status: casing tested, logs run, production tie-back string cemented, and the test program is still being agreed. No new result.
28 Mar 2007drilling progress report● Neutral
Harrison-1 awaits pipeline permits. Scott-2 is being prepared for testing. Garcitas C-1 is readied for fracture stimulation once a pipeline is built. Garcitas C-2 is at 9,530 ft, preparing to drill into the main Wilcox objectives.
27 Mar 2007drilling result▲ GoodMajor
Ilse-1 stopped at about 17,000 ft, short of the planned 17,300 ft, because of over-pressure and safety concerns. Preliminary logs show 10-50 ft of possible hydrocarbon sands in the Lower Wilcox plus Upper Wilcox zones. Testing is yet to be decided.
21 Mar 2007drilling result▲ GoodMajor
Harrison-1 testing is complete; dual completion expected at 4-6 MMcf/d and 100-300 bbl/d condensate, with about six weeks to connect a pipeline. Garcitas C-1 shows possible reservoir damage needing stimulation. Lonesome Dove-1 will be plugged and abandoned after the shallow oil re-completion failed.
14 Mar 2007drilling progress report● Neutral
Partner Adelphi reports Ilse-1 drilled to a provisional 17,000 ft and is preparing wireline logs to evaluate shows. It may be deepened to the planned 17,300 ft depending on the logs.
7 Mar 2007drilling result▼ Bad
Lonesome Dove-1 will not be sidetracked: the primary target channel is too far away, so a second well is needed. This resolves the earlier sidetrack option negatively. Scott-2 is cased and its rig released; Ilse-1 has elevated gas readings at 15,652 ft.
7 Mar 2007drilling progress report● Neutral
Partner Adelphi reports Ilse-1 (Antares 25%) drilling at 15,652 ft with elevated gas readings over 70 ft near the upper primary target. Significance unknown until logged. Also covers Adelphi's own Sugarloaf-1, unrelated to Antares.
28 Feb 2007drilling result▲ Good
Scott-2 reached 12,800 ft; preliminary logs indicate gas and possibly condensate pay in the primary Frio Anomalina A and B sands, in line with pre-drill expectations. Casing and testing follow. Harrison-1 testing has begun; Ilse-1 is at 13,890 ft.
21 Feb 2007drilling progress report● Neutral
Harrison-1 production testing has started, taking up to two weeks. Scott-2 is at 12,305 ft with good gas and oil shows. Ilse-1 logs show possible gas in non-primary zones. Operator proposes Garcitas C-2, 1,500 ft from C-1, spudding early March.
14 Feb 2007drilling progress report● Neutral
Scott-2 reached 10,867 ft and 7-inch casing is set at 10,865 ft, with drilling to 12,800 ft planned. Ilse-1 is at 12,994 ft. Harrison-1 still blocked by mud. An early second Garcitas well is under discussion.
7 Feb 2007drilling progress report● Neutral
Harrison-1 still awaiting testing as rain keeps the site too muddy. Scott-2 is at 9,286 ft. Garcitas Ranch C-1 is cased at 12,568 ft; deteriorating hole conditions prevented sidewall cores or formation tests, and the rig is released.
31 Jan 2007drilling result▲ GoodMajor
Garcitas Ranch C-1 reached 13,030 ft; Middle Wilcox gas sands met pre-drill expectations. Casing will be run ahead of testing. The operator declared a 'tight hole', so further details are limited. Management says more wells will be needed.
31 Jan 2007drilling progress report● Neutral
Partner Adelphi reports Ilse-1 cased at 10,636 ft and switching to oil-based mud before drilling ahead toward 17,300 ft. No result.
29 Jan 2007drilling spud● NeutralMajor
Scott-2 (Antares 67.5%) spudded 25 January in an adjacent fault block to Harrison-1, with surface casing set at 2,582 ft. Minimum cost is about USD 1.85m dry. Oyster Creek potential is quoted at 4-20 BCF.
24 Jan 2007drilling progress report● Neutral
Garcitas Ranch C-1 is drilling at 12,255 ft toward 13,000 ft. Harrison-1 testing is delayed by rain damage to the site, and Scott-2 spud is expected this week. Ilse-1 finished its 10,636 ft hole section.
24 Jan 2007drilling progress report● Neutral
Partner Adelphi reports Ilse-1 finished the 12¼-inch section at 10,636 ft; logs and casing come next. Planned total depth is 17,300 ft.
17 Jan 2007drilling progress report● Neutral
Harrison-1 is being prepared for production testing, and Scott-2 spud is expected within days. Ilse-1 is at 9,209 ft, slowed by rig repairs. Garcitas Ranch C-1 is at 10,700 ft; the logs are covered in the separate release.
17 Jan 2007drilling result▲ GoodMajor
Garcitas Ranch C-1 (Antares 23.5%) hit strong gas shows at 10,700 ft in a secondary Upper Wilcox target. Logs show 120+ ft of good net sand, and gas samples were confirmed. The primary objective is still about 1,500 ft deeper.
17 Jan 2007drilling progress report● Neutral
Partner Adelphi reports Ilse-1 at 9,209 ft, 2,023 ft in the week despite rig repairs. Target depth is expected to be reached next month.
10 Jan 2007drilling progress report● Neutral
Harrison-1 is cased at 12,798 ft with gas sands confirmed by sidewall cores; production testing is planned within 10 days. Scott-2 is to spud in two weeks. Lonesome Dove-1 is suspended and the rig released.
10 Jan 2007drilling progress report● Neutral
Partner Adelphi reports Ilse-1 drilling at 7,186 ft. No new result.
8 Jan 2007drilling result● NeutralMajor
After a trading suspension, Antares reports Lonesome Dove-1 missed its reservoir sands at 10,500 ft, with only shale gas shows; a sidetrack may follow. Harrison-1 reached 12,805 ft with gas sands, will be completed for testing, and follow-up Scott-2 (67.5%) is committed.
3 Jan 2007drilling progress report● Neutral
Partner Adelphi reports Ilse-1 drilling at 5,325 ft, 2,325 ft in the week, after rig repairs were finished. Target is 17,300 ft. No result.
27 Dec 2006drilling progress report● Neutral
Lonesome Dove-1 reached 10,000 ft, past the 9,500 ft plan. Log calibration suggests the main objective has probably not been reached, so partners will drill a further 500 ft. No result yet.
27 Dec 2006drilling progress report● Neutral
Harrison-1 sidetrack reached 11,500 ft and 7-inch casing was cemented. Lonesome Dove-1 drilled to 10,000 ft and logs are being checked against seismic. Ilse-1 repairs are nearly done; Garcitas Ranch C-1 at 3,150 ft after surface casing.
