Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
18 Mar 2013security holder rights change● Neutral
3,000,000 unquoted performance rights lapsed: 2,000,000 for unmet vesting conditions and 1,000,000 on Matt Gentry's resignation. Only 2,000,000 remain. Directors' interests were notified; ordinary shares (257m) and notes (7,018,001) are unchanged.
14 Mar 2013drilling spud▲ Good
Cozart 19 No. 1 passed 60 days at 170 bopd (194 boepd), so Debnam 22 No. 1 will be fractured to the Cozart design. CrownQuest spud Nova 33 No. 1 (20%) on 6 March, targeting about 10,300 ft. Robinson No. 1 still cleaning up.
6 Mar 2013drilling progress report▲ Good
Cozart 19 No. 1 averaged 152 bopd over its first 30 days and hit a Northern Star record of 304 bopd on day 51. Antares cites W&T's nearby Wolfcamp horizontals and estimates 3,700 MMbo in place at Northern Star; horizontal drilling is contemplated from 2014.
26 Feb 2013drilling progress report▲ Good
Cozart 19 No. 1 averaged 182 bopd for the week. Robinson No. 1 is on pump and connected to the battery. Alamo No. 1 (50%) water squeeze lifted oil from 33 to 139 bopd, resolving the water problem flagged earlier.
20 Feb 2013drilling progress report● Neutral
Cozart 19 No. 1 continues at an average 154 bopd after six weeks, with about 40% of frac water recovered. Robinson No. 1 (100%) was fractured in ten stages and will go on pump shortly; initial rates to be reported later. Debnam 22 now awaits Cozart 60-day data.
13 Feb 2013drilling progress report● Neutral
Cozart 19 No. 1 averaged 154 bopd over 30 days (max 246); oil is 38° API and waxy, and a larger pump may be needed. Robinson No. 1 (100%) reached about 10,500 ft with first-stage perfs shot; frac due late this week. Debnam 22 frac still pending.
5 Feb 2013flow test result▲ Good
Cozart 19 No. 1 finished a 22-day test: average 161 bopd, max 246, with 38° API oil and rich gas (258 bbl/MMcf NGL yield). A gas sales deal with WTG is agreed; 37% of frac fluid recovered. Robinson No. 1 frac mid-February.
31 Jan 2013quarterly activities report▲ Good
December quarter net production 78,491 bo and 400,238 mcf; receipts A$7.683m. Highlights: Southern Star extension to 4,450 net acres, Big Star acquisition (15,215 net acres), Cozart 19 No. 1 at 187 bopd, notes reset. Southern Star end-quarter 1,473 boepd.
29 Jan 2013production update▲ Good
December net output was 1,929 boepd, slightly below November's 1,955, helped by pump replacements and treatments. Cozart 19 No. 1 declared a commercial success at 187 bopd average (246 max), the best Northern Star completion so far. Nova 33 No. 1 to spud shortly.
24 Jan 2013flow test result▲ Good
Cozart 19 No. 1 averaged over 171 bopd since the last report, peaking over 212 bopd (over 225 boepd); oil 38° API with rich gas. Robinson No. 1 frac expected by mid-February. Ray No. 6 over 290 boepd. Follows earlier flowback reports.
21 Jan 2013production update▲ Good
November net output recovered to 1,955 boepd from 1,845 in October, credited to the Ray No. 6 frac. Billie Jo 33 No. 1 (20%) contributed 171 boepd. Cozart 19 No. 1 still shut in for tanks at report time.
18 Jan 2013investor presentation● Neutral
Presentation at the Houston energy conference repeating known facts: about 2,000 boepd net, 1P 14.1, 2P 24.8 MMboe, 2013 target 3,500 boepd. Notes Gentry now as a former employee. No new results.
16 Jan 2013director officer appointment▼ BadMajor
Matt Gentry resigned as Director and COO on 16 Jan 2013; no reason or successor is stated. Cozart 19 No. 1 averaged over 150 bopd on pump, with over 200 boepd; Ray No. 6 over 290 boepd. Robinson No. 1 reached 10,500 ft with hydrocarbon-bearing intervals.
8 Jan 2013other● Neutral
Notice that the quarterly interest on the AZZG convertible notes, $0.0504 per note, will be paid 31 January 2013 (record date 23 January). Routine administrative notice.
21 Dec 2012drilling progress report▲ Good
Cozart 19 No. 1 flowback rates exceeded 50 bopd; Ray No. 6 lease production approaching 140 bopd. Robinson No. 1 drilling at about 8,500 ft with extensive hydrocarbon shows. Stable rates not yet reported; Debnam 22 frac still early 2013.
11 Dec 2012well test result▲ Good
Billie Jo 33 No. 1 (20%, CrownQuest-operated) 30-day IP over 160 boepd (105 bopd). Robinson No. 1 drilling at about 3,000 ft. Ray No. 6 and Cozart 19 No. 1 flowing back with first oil. Debnam 22 frac moved to early 2013.
6 Dec 2012drilling progress report● Neutral
Ray No. 6 plugs drilled out and flowing back; Cozart 19 No. 1 had strong flowback (up to 360 bbl/hr fluid and oil) but is shut in for more tanks. Robinson No. 1, first well on the new Southern Star acreage, to spud mid-December. Debnam 22 frac still pending.
29 Nov 2012production update▼ Bad
October net output fell to 1,845 boepd from 2,005 in September, as no new wells came online. Ray No. 6 and Cozart 19 No. 1 were fracture stimulated; Ray No. 6 showing trace hydrocarbons. Billie Jo 33 No. 1 (20%) frac done and flowing back.
27 Nov 2012investor presentation● Neutral
Q4 2012 investor presentation restating known facts: about 2,000 boepd net, 1P 14.1, 2P 24.8 MMboe, 3P potential 70-100 MMboe, 2013 20-well programme targeting 3,500 boepd. Updated third-party reserve report now promised by year end, after earlier delay.
14 Nov 2012drilling progress report▲ Good
Ray No. 6 (100%) frac completed and plugs being drilled out; Cozart 19 No. 1 (100%) completed its largest Northern Star frac, 15 stages. Debnam 22 No. 1 frac now late November. Initial flow rates pending for both.
12 Nov 2012asset acquisition disposition▲ GoodMajor
Antares bought 1,120 gross (1,034 net) more mineral acres at Southern Star, taking it to 4,450 net acres and over 205 drilling locations. Deal is complete, with drilling to begin shortly. Price not stated.
7 Nov 2012drilling result▲ GoodMajor
Southern Star is now formally held by production after Alamo No. 2 flowed 166 bopd (about 250 boepd). Achieves the goal set when the project was acquired in April 2011; 55+ further wells needed on 40-acre spacing. Resolves the lease-holding thread.
6 Nov 2012production update▼ Bad
September net output was 2,005 boepd, down again from 2,109 in August (oil 26,069 bo, gas 146,123 mcf), as no new wells came on. Reported 24-hour IPs: Alamo No. 2 166 bopd (about 250 boepd), Coyote No. 2 only 77 boepd.
5 Nov 2012asset acquisition disposition▲ GoodMajor
Antares acquired the interests of Big Star Oil & Gas in the Big Star project, giving 18,786 gross (15,215 net) acres, up from about 13,125 net. Targets Lower Mississippian horizontal play where neighbour SM Energy reports 7-day IPs of 571-656 boepd. Price not stated in the text.
31 Oct 2012security holder rights change▲ Good
Convertible notes reset for another year on the same terms (10%, convertible at $2.00, maturing 31 October 2013). 481,999 notes were redeemed from the second-largest holder, leaving 7,018,001 on issue, down from 7.5m.
