9 Mar 2011drilling progress report● Neutral
Harrison No. 3 reached 5,100 ft and is setting surface casing. Next it drills to about 11,500 ft for intermediate casing; planned total depth stays 13,600 ft. No new result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Mar 2011other▼ Bad
S&P quarterly rebalance notice lists Antares (AZZ) as removed from the S&P/ASX 300 after the close on 18 March 2011. This reverses the September 2010 addition. Third-party notice, not a company announcement.
3 Mar 2011drilling spud▲ GoodMajor
Drilling began on Harrison No. 3 at Oyster Creek (Antares 67.5%, Slawson operator), now at 2,412 ft with planned depth of 13,600 ft. It targets the F41, Anomolina C and B sands seen in Harrison No. 2, which makes 222 boe/d.
25 Feb 2011security holder rights change▲ Good
Antares cancelled 16,333,110 shares under its on-market buy-back, started after the Yellow Rose and Bluebonnet sale. It reduces shares on issue; the buy-back itself is new to the story.
31 Jan 2011other▲ Good
December quarter report confirms the Yellow Rose and Bluebonnet sale closed 15 December for USD200m. Donnell 457 No. 1H averaged about 1,025 boe/d over 90 days. Harrison No. 3 is to start shortly with a rig contracted; acquisition search continues.
7 Jan 2011admin correction● Neutral
Amendment to the earlier notice: the record date for the 31 January 2011 note interest ($0.0504 per note) changes to 21 January. No other change.
7 Jan 2011other● Neutral
Administrative notice: convertible note (AZZG) interest of $0.0504 per note is payable 31 January 2011, record date 24 January. No new information.
23 Dec 2010other▲ GoodMajor
Sale closed 15 December 2010, giving Antares USD156.2m. It aims to become an ASX top-10 oil and gas company by market cap by end-2011 via buying producing assets, with a purchase agreement expected in Q1 2011. First Term Assignment cheque banked.
23 Dec 2010other● Neutral
Revised Securities Trading Policy lodged, updated for new ASX Listing Rule requirements, effective 1 January 2011. Administrative; no business information.
29 Nov 2010other▲ Good
September quarter report: Yellow Rose and Bluebonnet sale pending. Petrohawk's Donnell 457 No. 1H averaged about 1,180 boe/d in its first full month, and Dilworth No. 1H (over 8,000 ft lateral) awaits frac. Harrison No. 3 expected to spud Dec/Jan; new ventures under evaluation.
29 Nov 2010asset acquisition disposition▲ GoodMajor
Chesapeake agreed to buy Yellow Rose and Bluebonnet (23,180 net acres) for USD200m cash, closing expected by 15 December. Antares' share is USD156.2m (about A$0.58/share per the company). This resolves the sale process; Antares keeps its 8,900-acre Term Assignment.
29 Nov 2010other● Neutral
Following the sale, Antares says it is evaluating North American resource plays and producing assets with development upside. It restates its self-imposed share price targets of A$1.00 by end-2011, A$1.50 by 2012 and A$2.00 by 2013. No deal announced.
10 Nov 2010listing compliance notice● NeutralMajor
Trading in AZZ and AZZG, suspended since 27 October 2010, is extended to 30 November. The company says this guards against misinformation during the Yellow Rose and Bluebonnet sale. A buyer shortlist is set; it expects to sign a binding contract or withdraw by then.
11 Oct 2010price query● Neutral
ASX queried a rise in the share price from 43 to 51 cents. Antares said it knew of no undisclosed information and pointed to Talisman and Chesapeake Eagle Ford leasehold acquisitions as a possible cause. It confirmed it is in compliance with the listing rules.
7 Oct 2010other● Neutral
Administrative notice: the convertible note (AZZG) quarterly interest of $0.0504 per note is payable 29 October 2010 (record date 22 October). No new information.
15 Sept 2010drilling result▲ GoodMajor
No. 7H reached 15,417 ft with over 4,500 ft of Eagle Ford drilled and strong shows throughout. The data room for the Yellow Rose and Bluebonnet sale is open with strong interest, tentatively closing 20 October. Operational updates on these projects stop meanwhile.
10 Sept 2010half year report● Neutral
Half-year report to 30 June 2010. It confirms the sale process for Yellow Rose and Bluebonnet, carried at A$34.57m, and says the financial impact cannot yet be determined. Financial statements are truncated, so no profit or cash figures are given.
9 Sept 2010drilling result▲ GoodMajor
Petrohawk completed the Donnell 457 No. 1H, the first Term Assignment well, at 563 bo/d and 3,628 mcf/d (1,168 boe/d) over 24 hours. This resolves the frac thread; Antares gets a post-payout back-in interest. Petrohawk is now drilling the Dilworth No. 1H, planned at over 8,000 ft lateral.
8 Sept 2010drilling progress report● Neutral
No. 7H is at 14,100 ft with continuous high gas readings through the Eagle Ford. Planned depth is about 15,000 ft. No flow result yet.
8 Sept 2010investor presentation● Neutral
Good Oil Conference presentation. It says Antares and San Isidro have hired Tudor Pickering Holt to sell their 24,000-acre Yellow Rose and Bluebonnet leasehold and production, with about 230 locations. Seven wells tested, four producing. Confirms the sale process; no price. The slides shown are truncated.
3 Sept 2010other▲ Good
S&P index announcement: Antares (AZZ) will be added to the S&P/ASX 300 after the close on 17 September 2010. This meets the company's earlier stated target of joining that index. Third-party notice, not a company announcement.
2 Sept 2010drilling progress report● Neutral
A whipstock was set at about 10,000 ft and horizontal drilling began on No. 7H, now at 11,776 ft with high gas readings. Thirty cores are being analysed. No flow result yet.
25 Aug 2010drilling result▲ Good
Logs from No. 7H's 10,965 ft pilot hole show the Eagle Ford is 161 ft thick with porosity over 15% and strong mudlog shows. Up to 30 sidewall cores are being taken, then a lateral of over 4,500 ft will be drilled.
18 Aug 2010drilling progress report● Neutral
No. 7H has been drilled to 4,860 ft, where surface casing is being set and cemented. The pilot hole and coring plan is unchanged. No new result.
12 Aug 2010drilling progress report● Neutral
The Nabors F07 rig has moved to the No. 7H site, with drilling to start shortly. A pilot hole through the Eagle Ford will gather logs and cores. No new result.
4 Aug 2010drilling result● Neutral
No. 6H finished drilling, with casing cemented at 14,792 ft and a lateral over 4,000 ft. The rig is about to move to No. 7H, which will have a pilot hole and core sampling to inform future fracs.
2 Aug 2010asset acquisition disposition● NeutralMajor
Antares received an unsolicited written expression of interest in its McMullen County leases: Yellow Rose and Bluebonnet (about 24,000 acres) plus the Petrohawk term assignment (about 9,000 acres). With San Isidro it is hiring Tudor Pickering Holt to run a sale process. A possible exit from its core assets; no price yet.
21 July 2010drilling progress report● Neutral
No. 6H is past 10,000 ft, having drilled over 7,000 ft in a week, and has set surface casing. A bit trip is under way for directional tools. No new result; quarterly report promised with well results.
14 July 2010drilling spud● Neutral
No. 6H spudded and is past 3,000 ft, planned to over 14,500 ft with a roughly 4,000 ft lateral. No. 4H is flowing to sales on a restricted 14/64" choke while still cleaning up, with results called encouraging. No rate given; results due in the quarterly.
7 July 2010other● Neutral
Administrative notice: the quarterly interest payment on the convertible notes (AZZG) is $0.0504 per note, payable 30 July 2010 (record date 23 July). No new information.