Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2012quarterly activities report▲ Good
September quarter net production 87,871 bo (+17.9%) and 471,415 mcf (+48.8%); receipts A$6.365m. Single-day record 2,722 boepd; 2,500 boepd target reached on a gross daily basis. 1,184,336 shares bought back at 38.9c; 257m on issue, 7m still to buy.
25 Oct 2012drilling progress report▼ Bad
Cozart 19 No. 1 Fusselman test results did not warrant delaying the Wolfberry frac, which moves to 9 November; the data will inform later drilling. Resolves the Fusselman test as unremarkable. Alamo No. 2 still pumping; Ray No. 6 frac 31 October.
19 Oct 2012well test result▲ Good
First 24-hour IP rates: Dagwood No. 1 (50%) 120 bopd (180 boepd), McCann No. 2 (50%) 167 bopd (over 250 boepd), McNew No. 2 over 200 bopd (over 300 boepd), assuming 3,000 scf/bo gas ratio. Resolves the pending IP threads; Alamo No. 2 pumping.
11 Oct 2012drilling progress report● Neutral
Ray No. 6 frac slipped again to 31 October. McNew No. 2 flowing back over 100 bopd; Dagwood No. 1 over 110 bopd. Cozart 19 No. 1 being swabbed after acidizing. No official IP rates yet.
8 Oct 2012other● Neutral
Notice that the quarterly interest on the AZZG convertible notes, $0.0504 per note, will be paid 31 October 2012 (record date 23 October). Routine administrative notice.
3 Oct 2012drilling progress report● Neutral
Ray No. 6 frac moved to 24 October; Cozart 19 No. 1 Wolfberry frac now 7 November after the Fusselman zone was acidized. The reserve update due 30 September is delayed to include recent Southern Star wells, with a results presentation.
27 Sept 2012drilling progress report● Neutral
Dagwood No. 1 flowing back over 100 bopd; McCann No. 2 now flowing oil after four days of frac fluid recovery. Alamo No. 2 frac under way. Cozart 19 No. 1 Fusselman test under way. Official IP rates still pending.
27 Sept 2012other● Neutral
Administrative notice: Antares moved its West Perth office to 20 Kings Park Road with a new phone number. No business substance.
26 Sept 2012debt financing● Neutral
Antares drew a fifth USD12.5m from its USD200m Macquarie facility (LIBOR+4%, 36 months), larger than earlier USD10m draws. Funds Southern Star plus Northern Star and Big Star development. Continues staged drawdowns; by arithmetic this implies about USD52.5m drawn in total (inference).
26 Sept 2012production update▼ Bad
August net output was 2,109 boepd, down from 2,435 in July (oil 27,448 bo, gas 162,513 mcf), attributed to no new wells and workovers. Current rate is over 2,300 boepd. Ray No. 6 frac now set for 1 November, later than mid-October.
20 Sept 2012drilling progress report● Neutral
Dagwood No. 1 (50%) and McCann No. 2 (50%) fracs done; Alamo No. 2 frac set for 26 Sep, Ray No. 6 mid-October. Cozart 19 No. 1 Fusselman test due in several weeks, Wolfberry frac late October. No new rates.
13 Sept 2012drilling progress report● Neutral
Dagwood No. 1 frac done and flowing back; McCann No. 2 frac finishing. Alamo No. 2 frac set for 26 Sep, Ray No. 6 for mid-October. Cozart 19 No. 1 frac is late October and Debnam 22 No. 1 slipped to mid-November. No new rates.
13 Sept 2012half year report● Neutral
Half-year to 30 June 2012: revenue A$10.755m (vs A$3.478m), net loss A$1.174m versus a A$0.8m profit a year earlier. Borrowings rose, total liabilities A$58.4m; net assets A$87.0m (A$88.7m at end-2011).
5 Sept 2012investor presentation● Neutral
Good Oil Conference presentation by the CEO. It restates 2,435 boepd production, reserves 1P 14.1, 2P 24.8 MMboe and Southern Star held by production. It says a reserve update as at 30 June will come by 30 September. Little new.
30 Aug 2012security holder rights change● Neutral
Antares cancelled 1,000,000 shares bought back on-market for about A$394,000. Shares on issue fall to 257,000,000. The buy-back continues.
29 Aug 2012drilling result▲ GoodMajor
With Alamo No. 2 drilled, all drilling needed to hold the Southern Star project by production is complete. Four drilled wells (Dagwood No. 1, McCann No. 2, Ray No. 6, Alamo No. 2) still await fracs. Resolves the lease-holding goal.
22 Aug 2012production update▲ Good
July net output was 2,435 boepd, up from 2,026 in June (oil 34,429 bo, gas 175,973 mcf). Company now expects the 2,500 boepd target 'in the near term', where it had earlier said by year-end 2012.
17 Aug 2012drilling progress report● Neutral
McCann No. 2 finished drilling at 10,280 ft with hydrocarbons logged; frac set for 26 September. Cozart 19 No. 1 logs and 60 sidewall cores completed. McNew No. 2 flowing 90 bopd. IP rates still pending.
9 Aug 2012drilling progress report● Neutral
Dagwood No. 1 reached 10,297 ft and Cozart 19 No. 1 reached 12,557 ft; Alamo No. 2 started drilling. Debnam 22 No. 1 frac slipped from late August to late October. IP rates for Coyote No. 2, McNew No. 2 and Alamo No. 1 are still pending.
2 Aug 2012drilling progress report● Neutral
Coyote No. 2 pumping equipment installed, IP pending. Dagwood No. 1 is at 8,387 ft, McCann No. 2 at 4,000 ft, Cozart 19 No. 1 at 11,404 ft. McNew No. 2 flowing 66 bopd. No new IP results.
30 July 2012quarterly activities report● Neutral
June quarter net production was 74,536 bo and 316,858 mcf; receipts A$4.035m. Cash fell to A$5.047m from A$8.934m, with USD40m of Macquarie debt now drawn. July output about 2,400 boepd net; 258m shares after buy-backs.
26 July 2012drilling progress report● Neutral
Coyote No. 2 ten-stage frac completed. Dagwood No. 1 (50%) and McCann No. 2 (50%) started drilling, Cozart 19 No. 1 is at 4,803 ft. McNew No. 2 is flowing 50 bopd. No official IP rates yet.
26 July 2012debt financing● Neutral
Antares drew a fourth USD10m from its USD200m Macquarie facility (LIBOR+4%, 36 months), funding the Permian drilling program to hold Southern Star by production by 31 Dec 2012. Continues the staged drawdowns; the Quarterly Report later shows USD40m drawn in total.
20 July 2012production update▲ Good
June net output was 2,026 boepd, up about 12% from 1,816 in May; first half of July averaged over 2,386 boepd. The company maintains its 2,500 boepd end-2012 target.
19 July 2012drilling progress report▲ Good
Aloe Vera lease now makes 284 bopd (up from ~100) and Yucca lease averaged 262 bopd over 10 days. Coyote No. 2 and Ray No. 6 finished drilling (10,263 and 10,306 ft); Debnam 22 No. 1 reached 11,482 ft with hydrocarbons logged; Cozart 19 No. 1 spud.
13 July 2012security holder rights change● Neutral
Antares cancelled 1,950,000 shares bought back on-market for about A$750,000. Shares on issue fall to 258,000,000 from 259.95m. The buy-back continues.
13 July 2012well test result▲ Good
Aloe Vera lease now produces 228 bopd, up from about 100, after Aloe Vera No. 3 connected. Yucca lease produces 284 bopd, up from about 75, after Yucca No. 2. Alamo No. 1 frac is done. Debnam 22 No. 1 is near 11,200 ft.
9 July 2012other● Neutral
Administrative notice: convertible note interest of $0.0504 per note is payable 31 July 2012, record date 23 July. No new substance.
6 July 2012drilling progress report● Neutral
Ray No. 6 spud 30 June, 0.3 miles from Ray No. 5, which averaged over 500 boepd in June. Yucca No. 2 flowing at 80% oil cut and Aloe Vera No. 3 at 50%. Debnam 22 No. 1 drilling at 7,076 ft. No official IP rates yet.
28 June 2012drilling spud● Neutral
Debnam 22 No. 1 started drilling in Northern Star (planned depth 11,500 ft, frac 15 August), the first follow-up to the Archer 16 result. Coyote No. 2 reached 10,263 ft. McNew No. 2 frac is done; Aloe Vera No. 3 and Yucca No. 2 still flowing back.
