Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Aug 2011drilling progress report● Neutral
Newbrough No. 1 still has water problems and needs remedial work; Cozart frac is pushed to late September. Stuart 12 No. 1 is making over 50 bopd. Ray No. 3 reached TD, and Windmill No. 1 and Coyote No. 1 are planned for September.
8 Aug 2011price query▼ Bad
ASX queried a fall in the share price from $0.47 to $0.38. Antares said it knew of no undisclosed information and that a holder had sold about 5m shares, its entire stake. It said it complies with listing rules.
2 Aug 2011well test result▲ GoodMajor
Harrison No. 3 was fracked and is flowing to sales, averaging over 250 boepd (about 200 bopd and 320 mcfpd). This resolves the F41 low-permeability question. Harrison No. 2 will add a third reservoir, Anomalina B2.
20 July 2011drilling progress report▲ Good
Big Star's first well, Stuart 12 No. 1, is producing commercial oil and gas, with 75-150 boe initial rate expected. Acreage is over 17,500 gross acres. The company says 3P potential is over 30 MMboe, though no reserves are booked yet.
19 July 2011security holder rights change● Neutral
Antares cancelled 4,520,861 shares under its on-market buy-back, lodged with ASIC. Routine continuation of the buy-back.
12 July 2011drilling progress report● Neutral
Lonestar No. 1 makes about 100 boepd, with the company expecting the 132 bopd type curve; Cottonwood and Smith No. 1 are flowing back. Newbrough No. 1 is slow to clean up because of shallow water. Harrison-3's F41 reservoir showed damage or low permeability and will be fracked 26 July.
7 July 2011other● Neutral
Notice of the quarterly interest payment on the convertible notes (AZZG): $0.0504 per note, paid 29 July 2011, record date 21 July. Administrative notice, no new substance.
6 July 2011drilling progress report▲ Good
Permian land position has passed 26,500 net acres, with 30,000 expected; Big Star is now 15,000 gross acres at 75% WI. At Southern Star, Antares is drilling Ray No. 3 to offset a neighbour's well that tested 426 bo and 875 mcf in 24 hours.
28 June 2011drilling progress report● Neutral
Cozart A No. 1 (Northern Star, 100%) is past 5,000 ft toward 12,700 ft. Stuart 12 No. 1 and Cottonwood No. 1 fracs are underway, Smith No. 1 reached 10,305 ft, and Lonestar No. 1 is still cleaning up. No stabilised rates yet.
22 June 2011security holder rights change● Neutral
Antares cancelled 2,974,167 shares under its buy-back, paid about A$1.31m (roughly 44c a share, my calculation). Shares on issue fall to 273,000,000. Continues the buy-back.
21 June 2011drilling progress report▲ Good
Cozart A No. 1 started drilling (3,100 ft; 12,700 ft planned) and Simmons 27 No. 2 started at Big Star. Esmond 20 No. 1 reached 11,023 ft with shows; Smith No. 1 hit 10,305 ft. Lonestar No. 1 clean-up is called encouraging, but no stabilised rate yet.
14 June 2011drilling progress report▲ Good
Antares will drill four Big Star evaluation wells, adding Cline 46 No. 1 and Simmons 27 No. 2, citing positive indications. Smith No. 1 reached 10,300 ft, and Esmond 20 No. 1 is near its 11,000 ft depth. Newbrough No. 1 and Lonestar No. 1 are still cleaning up.
7 June 2011drilling progress report● Neutral
Big Star leased acreage has grown to about 11,000 acres, above the 10,000-acre goal. Stuart 12 No. 1 frac has slipped to 30 June; Lonestar No. 1 was fracked and is flowing back. Cozart No. 1 at Northern Star is to start in about 7-10 days.
31 May 2011drilling progress report▲ Good
Permian update: Newbrough No. 1 is still cleaning up with rising oil rates. Stuart 12 No. 1 hit 11,300 ft with shows in many zones and a frac set for 20-21 June. Big Star acreage reaches over 8,500 acres. No stabilised rates yet.
25 May 2011drilling progress report▲ Good
Antares added 4,428 contiguous acres at Northern Star, taking it to over 12,400 acres, and Big Star reaches over 8,000. Newbrough No. 1 flowed first oil during clean-up; Harrison No. 3 pressures topped 9,000 psi. Company-stated 3P potential is over 35 MMboe.
25 May 2011investor presentation● Neutral
AGM chairman's address and slides repeat the A$75.379m profit, the A$1.00 share price target for end-2011 and no planned share issues for three years. Slides show 275m shares, USD45m cash and 20.5m shares bought back. Largely known facts.
16 May 2011drilling progress report▲ Good
Multi-project Permian update: first Northern Star well Newbrough No. 1 (100%) fracked and cleaning up; Big Star Stuart 12 No. 1 spudded; Lonestar No. 1 (50%) reached 10,323 ft with good shows. Big Star leases grow to over 7,100 acres. No production rates yet.
6 May 2011security holder rights change● Neutral
Antares cancelled a further 500,000 shares under its on-market buy-back, lodged with ASIC. Routine continuation of the buy-back.
28 Apr 2011asset acquisition disposition▲ GoodMajor
Antares agreed to buy a producing Wolfberry property in Howard County, Texas, from Clear Water for USD62m cash. It brings 75.3% working interest, 12.6 MMboe proved and 27 MMboe proved plus probable reserves, and 786 boe/d from 24 wells. This is the producing-asset acquisition the company had been seeking.
27 Apr 2011farm in farm out agreement▲ GoodMajor
Antares set up a 30,000-acre area of mutual interest in the northern Midland Basin with a local operator, acquiring 75% of leases in it. Over 6,000 acres are leased, with over 10,000 expected; drilling starts June 2011 at about USD2.0m per well. It builds on the Permian entry.
12 Apr 2011drilling result▲ GoodMajor
Harrison No. 3 reached 13,453 ft and logs confirm oil and gas in all three targets (F41, Anomalina C and B). The F41 will be perforated and put on production; initial rates to be announced. This resolves the well's drilling thread; weekly updates end.
11 Apr 2011security holder rights change▲ Good
Antares cancelled 7,500,000 shares under its on-market buy-back, lodged with ASIC. This continues the buy-back that began after the Yellow Rose and Bluebonnet sale and further reduces shares on issue.
6 Apr 2011drilling progress report▲ Good
Harrison No. 3 (Antares 67.5%) is drilling at 12,712 ft through the target sands with multiple oil and gas shows. Planned total depth is 13,600 ft, with logs to follow. Shows only; no result yet.
5 Apr 2011asset acquisition disposition▲ Good
Antares added 354 contiguous net acres in the Permian Wolfberry, taking its position to over 8,000 acres. It also acquired a vertical well over 11,500 ft deep, cased, with encouraging logs, and will frac it. Price not stated.
5 Apr 2011other● Neutral
Administrative notice: convertible note (AZZG) interest of $0.0488 per note is payable 29 April 2011, record date 21 April. The per-note amount is lower than the earlier $0.0504; no reason is given.
1 Apr 2011asset acquisition disposition▲ GoodMajor
Antares signed a purchase agreement for 7,681.5 net acres in the Wolfberry trend of the Permian Basin, in the northern Midland Basin. This is its first move to redeploy sale proceeds, a new area after Eagle Ford. Price is not stated; more Permian deals are being negotiated.
31 Mar 2011annual report▲ GoodMajor
2010 annual report shows net profit after tax of A$75.379m, driven by the USD200m Yellow Rose and Bluebonnet sale. The chairman says A$31.5m was raised in 2010 and 20.5m shares bought back at under 40c; no new shares are planned for three years. Reserves detail is truncated.
30 Mar 2011drilling progress report● Neutral
Intermediate casing on Harrison No. 3 was cemented and tested at 11,500 ft; drilling ahead at 11,600 ft. The Anomolina B sand is expected at about 12,200 ft. No new result.
23 Mar 2011drilling progress report● Neutral
Harrison No. 3 is at 11,500 ft, setting intermediate casing. The first target, the Anomolina B sand, is expected at about 12,200 ft. No new result.
16 Mar 2011drilling progress report● Neutral
Harrison No. 3 surface casing was set at 5,100 ft and the well is drilling ahead at 7,700 ft. Plan unchanged: intermediate casing at about 11,500 ft, total depth 13,600 ft.
