11 Oct 2013other● Neutral
Quarterly interest of $0.0504 per AZZG convertible note will be paid 31 October 2013 (record date 23 October). Routine administrative notice.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
10 Oct 2013drilling progress report● Neutral
Cozart 11 No. 1 has spud (Northern Star, PTD 12,400 ft) and SLKT No. 1 has spud at Southern Star (PTD 10,600 ft). Nova 33 No. 2 (19.2%) is drilling below 5,515 ft. Debnam 22 No. 1 awaits pumped production; Robinson No. 2 still flowing back.
7 Oct 2013capital raising announcement▲ GoodMajor
Antares placed 5m more convertible notes at $2.00 to institutions, raising $10m and taking notes on issue to 15m ($30m face). Funds are for faster drilling at Northern Star and the Southern Star northern extension.
30 Sept 2013drilling progress report● Neutral
Debnam 22 No. 1 (100%) completed a 16-stage frac and is being cleaned out; Cozart 11 No. 1 to spud 2 October (PTD 12,400 ft). SLKT No. 1 and Barnes No. 1 are next at Southern Star. Robinson No. 2 is still flowing back with surges.
11 Sept 2013half year report▲ Good
Half-year to 30 June 2013 shows a net profit of $20.889m, against a $1.174m loss a year earlier. The text shows $13.745m of this came from a discontinued operation (the Hawkville sale, an inference). Cash was $7.5m.
3 Sept 2013investor presentation● Neutral
Good Oil Conference presentation repeats the USD300m Permian sale, 10m notes, 255m shares and USD41m Macquarie debt outstanding. Cites 1P 14.6 and 2P 51.6 MMboe. Mostly known facts, little new.
2 Sept 2013asset acquisition disposition● NeutralMajor
Addendum details the USD300m Permian sale: shareholder approval is required, with a meeting expected November 2013. Price adjustments are capped at 10%, Macquarie liens must be released, and the buyer stays unnamed. Pro-forma cash is about A$302.6m.
26 Aug 2013asset acquisition disposition▲ GoodMajor
Antares signed a binding agreement to sell all its Permian assets for USD300m, with closing expected 15 January 2014 subject to conditions. This firms up the June letter of intent; the buyer is not named.
14 Aug 2013drilling progress report● Neutral
Robinson No. 2 had an 11-stage frac and is flowing back to tanks; results to come. Robinson No. 1 averages 131 boepd after 140 days. Debnam 22 No. 1 is drilling below 12,060 ft.
31 July 2013capital raising announcement▲ Good
The placement of 2.98m convertible notes at $2.00 ($5.96m) is finalised, with 10m notes now on issue. The text says the 67c conversion strike is a 42% premium to the 47c close.
31 July 2013drilling progress report● Neutral
Debnam 22 No. 1 deepening has started, drilling below 11,500 ft toward 12,300 ft. Robinson No. 2 frac slips to mid-August. Billie Jo 33 No. 2 frac is complete. Nova 33 No. 2 (19.2%) spud planned mid-August.
22 July 2013capital raising announcement▲ GoodMajor
Antares raised $5.96m by placing 2.98m convertible notes at $2.00 each to institutions, taking notes on issue to 10m ($20m face value). Funds are for faster drilling at Northern Star and the Southern Star northern extension.
12 July 2013security holder rights change● NeutralMajor
Noteholders passed the resolution and the trust deed amendment was executed. Maturity extends ten years (to 30 Oct 2023, not 31 Oct as first said), cap is $100m, and each note converts into three shares. Resolves the 5 July proposal.
10 July 2013drilling progress report▲ Good
Robinson No. 2 reached TD at 10,570 ft with a liner run; frac planned early August. Billie Jo 33 No. 2 (20%) is being fracced. Rig moves to deepen Debnam 22 No. 1 to 12,300 ft. Robinson No. 1 at 132 boepd.
9 July 2013other● Neutral
Quarterly interest on the AZZG convertible notes of $0.0504 per note will be paid 31 July 2013 (record date 23 July). Routine administrative notice.
5 July 2013security holder rights change● NeutralMajor
Antares asked convertible noteholders to approve changes: maturity extended from 31 Oct 2013 to 2023, issue cap raised from $60m to $100m, and conversion raised from one share to three per note. Interest stays 10%. Needs 75% approval.
4 July 2013drilling progress report● Neutral
Robinson No. 1 averages 130 boepd after 90 days. Robinson No. 2 is drilling below 9,600 ft with good shows. Debnam 22 deepening follows. No new results of substance.
26 June 2013asset acquisition disposition▲ GoodMajor
Antares signed a non-binding letter of intent to sell all its Permian assets for USD300m, with a binding agreement to be negotiated within 60 days. This would be a sale of its core business, far beyond the USD10m Hawkville sale; buyer not named.
24 June 2013director officer appointment● Neutral
Vicky McAppion resigned as Company Secretary but remains a director. Graeme Smith of DWCorporate replaces her immediately. Administrative change.
17 June 2013drilling progress report▲ Good
Robinson No. 1 averages 127 boepd over 80 days with a low gas-oil ratio. Robinson No. 2 (100%) spud 15 June, targeting 10,500 ft. Nova 33 No. 1 (20%) was fracced and is producing. Billie Jo 33 No. 2 (20%) reached TD at 10,163 ft.
12 June 2013other● Neutral
Cancellation of 1,100,939 shares under the on-market buy-back, lodged with ASIC. Routine; the text gives no new share total.
28 May 2013drilling progress report▲ Good
Robinson No. 1 is improving, with 60-day average 107 bopd (122 boepd) and a lower gas-oil ratio than its neighbours. Debnam 22 will now be deepened and completed. Rigs are being readied for Cozart 11, Pettaway 7 and Robinson No. 2.
20 May 2013other● Neutral
Cancellation of 899,061 shares under the on-market buy-back, lodged with ASIC. Routine; the text gives no new share total.
10 May 2013asset acquisition disposition▲ GoodMajor
The USD10m sale of the non-core Hawkville interests has completed, as expected in early May. This resolves the April agreement; the text gives no detail on use of proceeds.
19 Apr 2013asset acquisition disposition▲ GoodMajor
Antares signed an agreement to sell its non-core Hawkville interests for USD10m, closing expected early May subject to conditions. This continues the exit from legacy Eagle Ford exposure and sharpens the Permian focus.
10 Apr 2013drilling progress report▲ Good
Cozart 19 No. 1 made 210 boepd in March, the best initial oil producer among Antares' northern vertical wells, and leaves weekly reporting. Robinson No. 1 now makes 61 bopd with first WTG gas sales on 2 April. Nova 33 awaits its frac.
8 Apr 2013other● Neutral
Notice that the quarterly interest on the AZZG convertible notes, $0.0488 per note, will be paid 30 April 2013 (record date 22 April). Routine administrative notice.
28 Mar 2013annual report▲ GoodMajor
2012 annual report: 2P reserves rose 96% to 53,201 Mboe and 3P to 66,827 Mboe, finally delivering the delayed reserve update. Revenue was A$26.5m (up 197%) and production 224 Mboe. Macquarie debt is about USD45m, down from a USD60m peak.
27 Mar 2013drilling progress report● Neutral
Cozart 19 No. 1 averaged 214 boepd in March; pump valve failures were fixed and the WTG gas hookup is near. Nova 33 No. 1 (20%) reached 10,305 ft with good shows, and Robinson No. 1 makes 43 bopd. Billie Jo 33 No. 2 is set for May, Breitburn taking 80%.
21 Mar 2013investor presentation● Neutral
Euroz institutional presentation in Houston repeating known facts: 1P 14.1, 2P 24.8 MMboe, December 2012 output 1,929 boepd, over 5,000 boepd targeted in 2015. Says the year-end 2012 reserve report is due in the first quarter of 2013. No new results.