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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
25 July 2011quarterly activities report● Neutral
June quarter report: 28,500+ net Permian acres, 10 wells drilled or drilling, Lonestar No. 1 above 100 boepd, Big Star at 13,125 net acres. Shares on issue are 267.5m after 32.8m bought back at 41.3c average. Mostly recaps recent updates.
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.