Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Apr 2011quarterly activities report● Neutral
March quarter report recaps the April Permian deals, the Harrison No. 3 discovery (131 ft of pay) and the buy-back of 7.47m shares at 38.1c average. 275m shares are on issue. It lays out the Permian focus and second-quarter work plans; no new information beyond the earlier announcements.
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.
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.
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.
