Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 May 2012well test result▲ Good
Initial rates reported: Cottonwood A No. 1 313 boepd (22-day), Live Oak No. 2 289 boepd (16-day), Aloe Vera No. 2 177 boepd (24-day). Ray No. 5 made 178 boepd on day two. Aloe Vera No. 3 and Yucca No. 2 finished drilling; Archer 16 is above 40 bopd.
2 May 2012well test result▲ Good
Cottonwood A No. 1 hit a peak 24-hour rate of 325 bopd, about 542 boepd with gas (earlier estimate near 500). Live Oak No. 2 peaked above 400 bopd, the best oil rate in Southern Star. Ray No. 5 and Archer 16 are flowing back.
27 Apr 2012production update● Neutral
March net output fell to 1,027 boepd from 1,154 in February, which the company attributes to expected gas curtailment. It expects new wells to lift output from mid-April, and still targets 2,500 boepd by end-2012. Cottonwood A is estimated at 400 boepd.
26 Apr 2012well test result▲ GoodMajor
Cottonwood A No. 1 produced 267 bopd, estimated over 400 boepd with gas, the best rate Antares has achieved in Southern Star. Live Oak No. 2 made over 150 bopd. Archer 16 No. 1 frac is done and Ray No. 5 is being fracked.
19 Apr 2012flow test result▲ Good
Cottonwood A No. 1 and Aloe Vera No. 2 each now produce over 100 boepd while still cleaning up. Live Oak No. 2 flows over 150 boepd. CR-21 No. 4 hit TD at 10,293 ft; Archer 16 cores show good Wolfcamp quality and its frac is underway.
12 Apr 2012drilling progress report● Neutral
CR-21 No. 4 is drilling near 10,055 ft. Yucca No. 1 frac is underway, Live Oak No. 2 frac is complete, and Cottonwood A No. 1 and Aloe Vera No. 2 are still flowing back with rising oil cut. No rates are given yet.
5 Apr 2012other● Neutral
Administrative notice: convertible note interest of $0.0488 per note is payable 30 April 2012, record date 20 April. Slightly lower than the previous $0.0504 quarterly payment.
4 Apr 2012security holder rights change● Neutral
Unquoted performance rights lapsed (666,667 and 2,500,000) as vesting conditions were not met. Directors' holdings fall accordingly; shares stay at 260m, with 7.5m convertible notes and 5m performance rights remaining.
2 Apr 2012debt financing● Neutral
Antares drew a third US$10m from its US$200m Macquarie facility, bringing the total drawn to US$30m. It still plans US$50m drawn by end-2012 to fund the 30-well program, which would hold all of Southern Star by production.
30 Mar 2012resource reserve update▲ Good
Reserve summary for 31 Dec 2011 shows 1P up 2,209% from 674 Mboe in 2010, 2P up 1,795% and 3P up 2,068%, using $95.25/bbl oil. Gives per-share cash-flow values on 260m shares. Headline volumes are in the annual report and evaluation.
30 Mar 2012annual report▲ GoodMajor
2011 annual report: 1P reserves 15,566 Mboe (up 2,209%), 2P 27,195 Mboe, 3P 42,621 Mboe. Sales revenue A$8.92m (+131%); production 145,602 boe. US$30m drawn on Macquarie facility; 260m shares after buy-back. The A$1.00 share price target for end-2011 was missed. No new shares planned for two years.
30 Mar 2012resource reserve update● Neutral
Full independent-style reserve and resource evaluation as of 31 Dec 2011, explaining SPE-PRMS definitions. The excerpt shown contains definitions only; the figures appear in the companion summary and annual report (1P 15,566 Mboe, 2P 27,195 Mboe).
29 Mar 2012drilling progress report● Neutral
Archer 16 No. 1 (Northern Star) reached TD of 11,362 ft, with frac due 18 April. Ray No. 5 reached 10,311 ft, frac 25 April. Live Oak No. 2 frac is underway and Yucca No. 1 frac is set for 11 April. No production rates yet.
23 Mar 2012production update● Neutral
February net output averaged 1,154 boepd, up slightly from 1,138 in January; no new wells came online in 2012. Management expects new-well output from April and still targets 2,500 boepd by end-2012. March gas is expected lower due to gas gathering curtailment.
22 Mar 2012asset acquisition disposition▲ GoodMajor
Antares bought Dinero's 1.3-2.7% working interests across most Southern Star leases, plus 224 net acres (320 gross) in western Howard County worth eight more drilling locations. No price given. It adds a little control and acreage to Southern Star.
21 Mar 2012drilling result▲ Good
Yucca No. 1 reached TD of 10,342 ft, with hydrocarbons logged in several zones, and will be fracked mid-April. Cottonwood A No. 1 and Aloe Vera No. 2 are flowing back with no rates yet. Archer 16 No. 1 may stop at about 11,200 ft.
14 Mar 2012drilling progress report● Neutral
Three rigs are now running together, a company first. Yucca No. 1 is at 8,394 ft, Ray No. 5 at 3,017 ft and Archer 16 No. 1 at 4,803 ft with intermediate casing being set. No new results.
12 Mar 2012drilling progress report● Neutral
Cottonwood A No. 1 frac is done and Aloe Vera No. 2 is being fracked. Yucca No. 1 is at 7,147 ft, Ray No. 5 is about to spud, and Archer 16 No. 1 will make three rigs running at once, a company first.
29 Feb 2012production update▼ Bad
January net output averaged 1,138 boepd, down from 1,204 in December and 1,242 in November. Coyote No. 1 first produced in mid-February at 70 boepd, and Live Oak No. 1 is awaiting repairs, leaving the field about 100 boepd.
29 Feb 2012drilling progress report● Neutral
Yucca No. 1 has started drilling at Southern Star. Halliburton will frac Cottonwood A No. 1 and Aloe Vera No. 2 the week of 5 March. Archer 16 No. 1 is still expected to start in March.
23 Feb 2012drilling result▲ Good
Live Oak No. 2 reached TD of 10,308 ft with good shows in all main Wolfberry zones, and will be fracked in late March. Archer 16 No. 1 (Northern Star, 100%) is due to spud in March, to 12,400 ft.
15 Feb 2012drilling progress report● Neutral
Live Oak No. 2 has set intermediate casing and is drilling at about 5,400 ft. The Cottonwood A No. 1 frac is pushed to the second week of March, with Aloe Vera No. 2 to follow.
10 Feb 2012drilling result● Neutral
Cottonwood A No. 1 reached TD of 10,320 ft, the second of 24 planned 2012 Southern Star wells. Live Oak No. 2, the third, has started drilling. Fracs remain planned for early March.
2 Feb 2012drilling progress report▲ Good
Aloe Vera No. 2 reached TD of 10,282 ft in under 12 days, the first of 24 planned 2012 Southern Star wells. Windmill No. 1 is producing over 125 boepd with gas rising. Fracs for the new wells are planned for early March.
1 Feb 2012debt financing● Neutral
Antares drew a second US$10m from the US$200m Macquarie facility, after the first on 16 December. It still plans US$50m drawn by end-2012 for the 30-well program, which would hold all of Southern Star by production.
25 Jan 2012well test result▲ Good
Live Oak No. 1 (48.6%) peaked at 165 bo and 495 mcf a day, about 250 boe per day, after its early December frac. Two rigs are now drilling Cottonwood A No. 1 and Aloe Vera No. 2 at Southern Star.
18 Jan 2012drilling progress report● Neutral
Coyote No. 1 frac is complete and the well goes straight to production. Cottonwood A No. 1 drilling was delayed by snow and mud. A second rig arrives in about a week for Aloe Vera No. 2, an offset to a well with over 200 MBoe expected recovery.
12 Jan 2012production update● Neutral
December net output averaged 1,204 boepd, slightly below November's 1,242. Live Oak No. 1 is making 45 bopd while flowing back, and Coyote No. 1 is still shut in awaiting its frac.
11 Jan 2012drilling progress report▲ Good
Woodward 7 No. 1 (Big Star) completed a nine-stage frac and is being put on production; pays were indicated in several zones including Dean clastics. Coyote No. 1 gets its upper frac this week, and Cottonwood No. 2 is about to spud.
6 Jan 2012other● Neutral
Notice that the quarterly interest on the AZZG convertible notes, $0.0504 per note, will be paid on 31 January 2012. Routine administrative notice.
