3 Jan 2012security holder rights change● Neutral
Antares cancelled 2,924,559 shares under its on-market buy-back, lodged with ASIC. Routine continuation of the buy-back.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Jan 2012director officer appointment● Neutral
Kelli Roach joins the board as Director, General Counsel and Chief Administrative Officer. She has been outside counsel to Antares since 2003, so this is an internal legal hire to the board.
23 Dec 2011drilling progress report● Neutral
The five-stage upper frac on Simmons 27 No. 2 (Big Star, 90% before payout) is complete and will be commingled with the deeper Mississippian zones. No rates given; no more operations this year.
16 Dec 2011security holder rights change● Neutral
Antares cancelled 75,441 shares under its on-market buy-back, lodged with ASIC. Routine continuation of the buy-back.
16 Dec 2011debt financing● NeutralMajor
Antares completed the first US$10m drawdown of the US$200m Macquarie facility announced 31 October. It plans to keep drawing in US$10m steps for the 30+ well program, drawing US$50m by end-2012. Drilling has reached 16 wells.
13 Dec 2011production update▲ Good
November net output averaged 1,242 boepd, up from 778 in October and 640 in April. This is the first monthly report, with well-by-well detail. Coyote No. 1 and Live Oak No. 1 are still flowing back at zero.
8 Dec 2011drilling progress report● Neutral
Live Oak No. 1 is flowing back after plug drill-out. Simmons 27 No. 2 passed a long-term test of its deep zones and is getting a further five-stage upper frac. No rates given.
1 Dec 2011drilling result▲ Good
Woodward 7 No. 1 (Big Star) reached TD of 10,975 ft, with logs and cores indicating pay in several zones. Frac is planned for early January 2012. Live Oak No. 1 plugs are being drilled out.
29 Nov 2011investor presentation● Neutral
Presentation for Swiss investor conferences repeats known facts: 263.0m shares, US$11.7m cash at 30 September, a US$200m facility, 2P of 27 MMboe and 3P potential of 90-115 MMboe. Nothing new apart from a top-20 holder list.
28 Nov 2011production update▲ GoodMajor
Southern Star now produces over 1,400 boepd gross, passing the 1,000 target, as equipment arrived. Antares is above 1,350 boepd net to working interest. Targets: over 2,500 boepd gross by end-2012, over 4,000 in 2013, and over 2,000 net in 2012.
23 Nov 2011drilling progress report● Neutral
Live Oak No. 1 completed its 11-stage frac and plugs are being drilled out. Woodward 7 No. 1 is past 10,800 ft, close to its 11,000 ft target. No production results yet.
16 Nov 2011drilling progress report● Neutral
Coyote No. 1 acid stimulation succeeded and the well is flowing back. Live Oak No. 1 starts its 11-stage frac on 16 November. Woodward 7 No. 1 is past 6,000 ft of its planned 11,000 ft.
9 Nov 2011drilling spud● Neutral
Woodward 7 No. 1 (Big Star, 90% before payout) started drilling, with surface casing cemented and a planned depth of 11,000 ft. Coyote No. 1 is being acid stimulated in the Strawn. The Live Oak No. 1 frac is brought forward from January to the week of 14 November.
3 Nov 2011drilling progress report● Neutral
Coyote No. 1 had a limited two-stage frac on the Mississippian and Atoka zones. Good porosity in the Strawn zone will get a separate acid treatment next week. No production result yet.
31 Oct 2011debt financing▲ GoodMajor
Antares signed a committed letter of offer for a US$200m, 36-month Macquarie term debt facility at LIBOR + 4%. It funds a 30+ well program to end-2012, including 24 at Southern Star, with US$50m to be drawn by then. This addresses the falling cash (US$17m in Sept). The share buy-back and no-new-shares stance continue.
27 Oct 2011drilling progress report● Neutral
Live Oak No. 1 finished drilling at 10,300 ft with hydrocarbon intervals confirmed on logs. Cozart A No. 1R is recovering load water on a 1/8 inch choke. Woodward 7 No. 1 is due to start mid-November. No new production results.
18 Oct 2011drilling progress report● Neutral
Live Oak No. 1 is near its 10,300 ft TD, with frac planned for January. Cozart A No. 1R was fracked and is being cleaned out. Newbrough No. 1 shows encouraging shallow oil, so testing is extended. Woodward 7 No. 1 (Big Star) is due to start in several weeks.
7 Oct 2011drilling spud▲ Good
Windmill No. 1 was fracked in a 12-stage program, the largest yet at Southern Star. Live Oak No. 1 (49% WI) spudded, the eighth well since Antares took control in June 2011. Cozart A No. 1R frac is due next week.
7 Oct 2011other● Neutral
Notice that the quarterly convertible note interest of $0.0504 per note will be paid on 31 October 2011, record date 21 October. Administrative; no new information.
29 Sept 2011security holder rights change● Neutral
Antares cancelled 500,000 shares under its on-market buy-back, lodged with ASIC. Routine continuation of the buy-back.
28 Sept 2011drilling progress report● Neutral
Coyote No. 1 is below 10,120 ft near TD, and Smith No. 2 has been fracked. Windmill No. 1 frac is due next week. Newbrough No. 1 has a bridge plug isolating the shallow water zone, and the Cozart frac is now mid-October.
22 Sept 2011drilling progress report● Neutral
Coyote No. 1 is drilling below 7,614 ft with good shows. Smith No. 2 is being fracked and Smith No. 1 and Cottonwood No. 1 await higher-pressure separators. Southern Star gross output is 872 boepd, with the company still targeting over 1,000 boepd.
13 Sept 2011drilling progress report▲ Good
Windmill No. 1 reached TD at 10,332 ft with good pay quality, and Coyote No. 1 has spudded. Simmons 27 No. 2 is at 79 bopd with most load water still to recover. Cline 46 No. 1 was fracked.
12 Sept 2011half year report● Neutral
Half-year to 30 June 2011 shows a net profit of $800,000, helped by a $2.69m tax benefit, against a pre-tax loss of $1.89m. Revenue was $3.478m. This compares with a $116,000 loss a year earlier.
6 Sept 2011investor presentation● Neutral
Good Oil Conference presentation shows 263.5m shares, USD17m cash and about 35,500 gross (30,000 net) Permian acres. 3P potential is now put at 90-115 MMboe, up from 83. Cash is down from USD45m in May.
6 Sept 2011drilling progress report▲ Good
Windmill No. 1 is nearing TD with good oil shows. Simmons 27 No. 2 was fracked in deep zones and is producing 30-50 bopd with most load water still to recover. Early encouraging sign for Big Star.
31 Aug 2011production update▲ Good
Lonestar No. 1 peaked at 148 boe in 24 hours, in line with nearby wells, and averaged 109 boepd over its second 30 days. Cottonwood No. 1 peaked above 300 boepd and Smith No. 1 above 150, but both are shut in awaiting permanent facilities.
24 Aug 2011drilling spud● Neutral
Drilling began on Windmill No. 1 at Southern Star (97% WI), targeting about 10,300 ft, with Coyote No. 1 to follow. One more infill well in the Southern Star programme.
18 Aug 2011drilling progress report● Neutral
Lonestar No. 1 is up to over 110 boepd, still short of a peak rate. Cottonwood No. 1 and Smith No. 1 are cleaning up, Smith No. 2 reached 10,342 ft, Ray No. 3 is being fracked, and Windmill No. 1 starts within the week.
15 Aug 2011security holder rights change● Neutral
Antares cancelled 4,979,139 shares under its on-market buy-back, lodged with ASIC. Routine continuation of the buy-back.