3 Feb 2010other● Neutral
Cover note saying a Patersons broker research note is available on the company website. No substance in the announcement itself.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 Feb 2010flow test result▲ GoodMajor
Frances Dilworth No. 2H initial production is 790 bo/d plus 900 mcf/d, or 15.4 Mmcfe/d on an 18:1 basis, beating the 11.4 Mmcfe/d forecast. This confirms the Yellow Rose Eagle Ford discovery as a producer; oil content is far above neighbouring wells.
1 Feb 2010investor presentation▲ Good
February 2010 presentation themed 'The Newest Eagle Ford Producer': 246.4m shares, 7.5m notes, over 32,500 acres, and a 35+ well three-year inventory. It repeats the 15.4 Mmcfe/d result and earlier highlights; no new announcement.
28 Jan 2010drilling progress report▲ Good
Halliburton completed the frac on Frances Dilworth No. 2H, pumping about 5 million gallons of fluid and 2 million pounds of proppant. The well is cleaning up and the initial production rate will be announced later. Halliburton is also engaged for the remaining nine 2010 wells.
27 Jan 2010contract award▲ GoodMajor
Antares signed a long-term contract with Nabors for a PACE M-Series rig to drill nine horizontal Yellow Rose wells in 2010, with an option to keep the rig for 2011. The rig is due at the Frances Dilworth No. 3H in mid-February; lateral about 4,200 ft.
21 Jan 2010drilling progress report● Neutral
Halliburton is expected to finish the frac on Frances Dilworth No. 2H next week, after which the well flows to the sales line. Surface facilities are ready. Antares reaffirms the NuTech forecast of 6,000 mcf/d plus 300 bo/d. No new results.
20 Jan 2010production update▲ Good
Harrison No. 2's Anomalina C sand is now producing over 200 bo/d and 1,800 mcf/d, over 500 boe/d, up from the 8 December gas rate of 500 mcf/d. Further Oyster Creek updates will be quarterly only.
13 Jan 2010drilling scheduled▲ GoodMajor
Locations for Frances Dilworth Nos. 3H and 4H are set, with drilling targeted to finish by end of Q1 2010. Antares plans ten Yellow Rose wells producing by end 2010, ten more drilled in 2011 and fifteen in 2012. Weekly updates will follow the No. 2H frac.
11 Jan 2010other● Neutral
Notice that the convertible note interest of $0.0504 per note is payable 29 January 2010 (record date 22 January). Administrative; no new substance.
23 Dec 2009other● Neutral
Cover note saying a Patersons broker research note is available on the company website. No substance in the announcement itself.
18 Dec 2009drilling progress report● Neutral
Photo update: Halliburton arrived 12 December for the eleven-stage frac on Frances Dilworth No. 2H, using about 15,000 horsepower. Also shows the 6-inch gas line to the Petrohawk-affiliated pipeline and an EOG Eagle Ford oil discovery near Bluebonnet. No new results.
16 Dec 2009capital raising announcement▲ GoodMajor
Antares issued 5,000,000 new shares at 40 cents (about $2.0m, calculated) to Galena Asset Management, a Trafigura subsidiary, introduced by Truestone Capital. The shares are an unsolicited placement to a new top-twenty holder.
What it means for a shareholder
5.0m new shares at A$0.400 to raise about A$2.0m. That's 2.0% dilution: every existing holder's slice gets 2.0% smaller. If you held A$1,000 of shares (2,500 at the issue price), your slice goes from 0.00101% to 0.000994% of the company. To keep it you'd need 51 more shares - about A$20 at the issue price.
Create a free account to see this worked out for your own holding.
16 Dec 2009admin correction● Neutral
Section 708A notice for the 5,000,000 shares issued 15 December 2009. Administrative; no new substance.
8 Dec 2009production update▲ GoodMajor
Anomalina C sand in Harrison No. 2 (Oyster Creek, 75%) was perforated and is flowing about 200 bo/d and 500 mcf/d while cleaning up. This is the recompletion expected for 2H 2009; the lower F-41 sand has already produced over 135,000 boe.
7 Dec 2009drilling progress report▲ Good
Stage 1 of an eleven-stage fracture stimulation on Frances Dilworth No. 2H starts 8 December, expected to take about a week. A gas transportation and treating agreement with San Isidro and Petrohawk is signed so gas can be sold.
2 Dec 2009drilling progress report● Neutral
Frac tanks have arrived at Frances Dilworth No. 2H and Halliburton is due to begin pumping next week, slightly delayed by weather. The 6-inch sales pipeline is buried, so revenue can start straight after the frac.
25 Nov 2009resource reserve update▲ GoodMajor
NuTech's NuStim modelling forecast the Frances Dilworth No. 2H at an initial 6,000 mcf/d plus 300 bo/d (11,400 mcfe/d), with ultimate recovery of 6.25 Bcfe. NuTech's 2C contingent resources were restated at 802 Bcfe for Yellow Rose and 298 Bcfe for Bluebonnet.
19 Nov 2009drilling progress report▲ Good
Fracture stimulation of Frances Dilworth No. 2H is scheduled for 28 November with Halliburton, and a 6-inch gas pipeline (about 50 Mmcf/d) is being laid. Antares and its partner agreed a 175+ well Yellow Rose development plan. This moves the well toward production.
16 Nov 2009investor presentation● Neutral
November 2009 investor presentation: 241.4m shares, $9.0m cash at 30 September, 7.5m convertible notes, and over 32,500 Eagle Ford acres. Recaps known items, including the Yellow Rose 2C estimate of 840 Bcfe; Frances Dilworth No. 2H and the Petrohawk well await fracture stimulation.
16 Nov 2009other● Neutral
Cover note saying a Patersons broker research note is available on the company website. No substance in the announcement itself.
30 Oct 2009resource reserve update▲ GoodMajor
NuTech certified contingent resources for Antares's 87.5% of Bluebonnet: 2C of 298 Bcfe (1C 238, 3C 330), including 11.5 million barrels of condensate. This is a contingent resource, not booked reserves, and comes a day after the acquisition.
29 Oct 2009asset acquisition disposition▲ GoodMajor
Antares acquired the 5,754 acre Bluebonnet project in McMullen County, about four miles north of Yellow Rose, at 87.5% working interest with SIDC operating at 12.5%. Its total Eagle Ford interest is now 32,586 acres.
28 Oct 2009security holder rights change▲ Good
7,500,000 convertible notes stay listed after the 31 October reset, on unchanged terms: 10% interest, convertible at $2.00, maturing 31 October 2013. Buybacks cut the notes from 10.56m, reducing $2.00 face-value debt by $6.12m.
23 Oct 2009drilling progress report▲ Good
The 4.5 inch production casing was cemented across the full 3,400 ft lateral at the Frances Dilworth No. 2H, and the rig was released. Frac is planned as early as possible in November once the gas pipeline is ready.
21 Oct 2009resource reserve update▲ GoodMajor
NuTech certified contingent resources for Antares's 75% of 17,300 Yellow Rose acres: 2C of 802 Bcfe (1C 746, 3C 855). This is a contingent resource, not reserves, and excludes the 974 newly acquired acres.
19 Oct 2009drilling result▲ GoodMajor
Drilling of the Frances Dilworth No. 2H finished: the lateral reached about 3,400 ft, longer than the 3,000 ft planned, all in gas-filled Eagle Ford. Total depth is about 14,500 ft. Fracture stimulation is expected as early as possible in November, once the gas pipeline is in place. No flow result yet.
16 Oct 2009director officer appointment● Neutral
Mrs Vicky McAppion was appointed Company Secretary, replacing Mr Hugh Lennerts, who resigned. Both changes took effect on 16 October 2009.
16 Oct 2009director officer appointment● NeutralMajor
Chairman Richard Elliott and director William Hassell retire. Four directors join: Matt Gentry (COO), Greg Shoemaker (Chief Scientist), Vicky McAppion (also Company Secretary) and Mark Clohessy (non-executive). James Cruickshank now signs as Chairman and CEO.
16 Oct 2009drilling progress report▲ Good
The No. 2H has about 2,500 of a planned 3,000 horizontal feet in Eagle Ford, with gas readings over 1,500 units. Casing is planned for next week and the frac is expected in November. EOG and Pioneer are drilling nearby.
15 Oct 2009farm in farm out agreement▲ GoodMajor
Antares raised its Yellow Rose interest from 50% to 75% across the whole 18,274 acres, with SIDC keeping 25%. An 8-inch pipeline of about 5 miles, able to carry over 60,000 Mcf/d, will be built 50:50.