Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Oct 2009asset acquisition disposition▲ Good
A further 474 gross acres were secured at Yellow Rose, making 974 acres added in a few days. Antares now has 50% or better in over 18,274 Yellow Rose acres and an interest in over 26,832 Eagle Ford acres in total.
13 Oct 2009drilling progress report▲ Good
The No. 2H has drilled over 1,500 ft of gas-filled Eagle Ford, with gas readings above 1,400 units. The company calls this comparable to producing regional wells.
12 Oct 2009asset acquisition disposition▲ Good
Antares agreed to acquire a working interest in another 500 gross acres at Yellow Rose, taking its Yellow Rose position to over 17,800 acres and its total Eagle Ford interest to over 26,350 acres including the Petrohawk back-in.
9 Oct 2009drilling progress report● Neutral
After a bit change the No. 2H continues drilling the Eagle Ford with high gas readings. No new result or depth figure is given.
9 Oct 2009other● Neutral
Administrative notice: the quarterly convertible note interest of $0.0504 per note will be paid 30 October 2009 (record date 23 October). No new substance.
7 Oct 2009drilling progress report▲ Good
The Frances Dilworth No. 2H hit gas-filled Eagle Ford shale at about 11,100 ft measured depth, with mudlog readings over 1,000 gas units. This is an early drilling indicator only; no flow rate has been tested yet.
5 Oct 2009drilling progress report● Neutral
The No. 2H is drilling at 11,017 ft measured depth, expected to reach the Eagle Ford within 24-48 hours. Petrohawk's Donnell 457 No. 1H frac is tentatively set for 9 November. Antares notes EOG and Pioneer activity near its acreage.
28 Sept 2009drilling spud▲ GoodMajor
Drilling began at the Frances Dilworth No. 2H (75% interest): a whipstock is set in the 7 inch casing and the window is being milled before the horizontal leg starts. This is the Eagle Ford phase following the disappointing Edwards test.
22 Sept 2009drilling scheduled▲ Good
Nabors Rig 322 arrived at the Frances Dilworth No. 2H; the drilling contract and spending approval are signed and a bridge plug is set at about 10,400 ft. Drilling is expected to start 24 September. EOG has permitted a well about 5 miles north.
16 Sept 2009capital raising announcement▲ GoodMajor
The share purchase plan closed 9 September more than 100% oversubscribed, and the board accepted all valid applications. 16,890,000 new shares were issued, which is more than the 8m shares/$2.0m originally targeted, resolving the open SPP thread.
14 Sept 2009drilling progress report▲ Good
Texas regulator approved the Frances Dilworth No. 2H drilling permit; Nabors rig 322 contract being finalised, with horizontal drilling still on schedule for September. Antares reports interest in over 25,850 Eagle Ford acres including the Petrohawk back-in.
11 Sept 2009half year report▼ Bad
Half-year to 30 June 2009: net loss of $1.98m versus $1.55m a year earlier, on revenue of $2.1m versus $3.2m. The Stewart No. 2 sidetrack was plugged and abandoned. The report says operations now focus on Yellow Rose Eagle Ford development.
4 Sept 2009drilling scheduled● Neutral
Drilling permits filed for the Frances Dilworth 2H, 3H and 4H; drilling of the 2H is expected in September. Antares reworked its valuation using 4.0 Bcf plus 200,000 bbl per well, claiming 720 Bcf and 36 Mmbo over 180 wells. These are company estimates.
1 Sept 2009investor presentation● Neutral
Good Oil Conference presentation by the CEO. It lists 224.24m shares, $11.0m cash at 30 June 2009 and 9.3m convertible notes. It repeats the 2008 profit of $601,000 and the Eagle Ford story; no new announcement visible.
31 Aug 2009drilling scheduled● Neutral
The permit for the Frances Dilworth No. 2H will be filed this week, with drilling expected to start within a month. Antares also published a notional plan of over 180 Eagle Ford horizontal wells, a company estimate rather than a booked resource.
27 Aug 2009drilling scheduled▲ Good
Plan finalised for the Frances Dilworth No. 2H: a whipstock in the 7 inch casing and an approximately 3,800 ft horizontal Eagle Ford leg heading southeast toward Petrohawk's Donnell 457 No. 1H. The 75% interest now covers up to 15 horizontal wells in the 1,280 acres.
26 Aug 2009capital raising announcement● Neutral
Share purchase plan offer documents mailed: eligible Australian and New Zealand shareholders can apply for A$2,500 to A$15,000 of shares at 25 cents, closing 9 September 2009. Follows the 5 August announcement; no new terms.
24 Aug 2009farm in farm out agreement▲ GoodMajor
Antares lifted its working interest from 50% to 75% in the first Eagle Ford horizontal well and in the 1,280 acres around the Frances Dilworth No. 2 wellbore. It holds 50% in 16,020 other acres. A roughly 4,000 ft horizontal well is being planned.
17 Aug 2009well test result▼ BadMajor
Edwards gas flow fell below Antares's own 2 Mmcf/d commercial hurdle, so it will drill a horizontal Eagle Ford leg from the Frances Dilworth No. 2 well. This sidelines the earlier Edwards resource hope. SIDC will take its 50% of the new 5,387 acres.
12 Aug 2009drilling progress report● Neutral
Frances Dilworth No. 2 begins an acid fracture of the Edwards limestone on 12 August, ending phase one testing. Early Eagle Ford core shows over 5% organic carbon, comparable to a nearby Petrohawk well that flowed 8.3 Mmcf/d. A second testing phase is yet to be decided.
7 Aug 2009other● Neutral
Administrative Section 708A notice for the issue of 26,493,750 shares on 7 August 2009, part of the placement. No new substance.
5 Aug 2009asset acquisition disposition▲ Good
Petrohawk term assignment amended: Antares's back-in after payout now covers 8,558 net acres, up about 77% from 4,840. Antares claims 480 Bcfe potential and over 20,400 Eagle Ford acres in total. Petrohawk is drilling the Donnell 457 No. 1H.
5 Aug 2009capital raising announcement▲ GoodMajor
Antares completed a $10.0m placement of 40m shares at 25 cents, scaled back from a planned 27m shares ($6.75m) on strong demand. It also offers shareholders a share purchase plan at 25 cents, capped at $2.0m, to buy more Eagle Ford acreage.
What it means for a shareholder
40.0m new shares at A$0.250 to raise about A$10.0m. That's 18% dilution: every existing holder's slice gets 18% smaller. If you held A$1,000 of shares (4,000 at the issue price), your slice goes from 0.00217% to 0.00178% of the company. To keep it you'd need 867 more shares - about A$217 at the issue price.
Create a free account to see this worked out for your own holding.
5 Aug 2009asset acquisition disposition▲ Good
Antares agreed to buy at least 50% of another 5,387 net acres at Yellow Rose, giving over 17,300 acres at 50% or more. Including the Petrohawk back-in it has over 25,850 acres. Company claims 880 Bcfe potential; full 100% interest still being negotiated with SIDC.
4 Aug 2009quarterly activities report▲ GoodMajor
June quarter: Antares reports the Yellow Rose discovery, a $10m raise of 40m shares at 25 cents, and a Petrohawk term assignment amendment to 8,558 acres. On 4 Aug it agreed to buy at least 50% of another 5,387 acres at Yellow Rose, with SIDC talks on up to 100% ongoing.
20 July 2009drilling spud▲ GoodMajor
Petrohawk began drilling the Donnell 457 No. 1H Eagle Ford well, on the 4,840 acres where Antares gets a working interest back-in after payout. This confirms the Petrohawk well expected in 2H 2009 has started. Antares says it is evaluating more Eagle Ford acreage.
14 July 2009drilling progress report● Neutral
Phase one Edwards testing will start shortly; the partners approved the budget and await the completion rig. The rest recaps a Petrohawk Eagle Ford presentation. Antares expects Petrohawk to drill the Donnell 457 No. 1H in the third quarter.
9 July 2009other● Neutral
Notice that quarterly convertible note interest of $0.0504 per note is payable 31 July 2009 (record date 23 July). Administrative; no new substance.
8 July 2009drilling progress report● Neutral
The Edwards production test plan is set: perforate 65 ft and treat with a 30,000-gallon acid fracture. Contractor bids are being sought, with testing expected in several weeks. An Eagle Ford test may follow depending on the Edwards result.
6 July 2009investor presentation● Neutral
Investor presentation recapping the Yellow Rose discovery, the Eagle Ford acreage and the Petrohawk back-in. The text lists drilling to a total depth of 12,148 ft. It repeats known facts and valuation tables, with no new announcement visible.
