Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
29 July 2010quarterly activities report▲ Good
June quarter: net oil up 37%, gas up 20%, revenue up 94%. 30-day rates: 2H 387 boepd, 3H 429 boepd; 4H 14-day rate 340 boepd. Shares on issue 296.9m. Five wells drilled. Comparison period not stated in the text shown (truncated).
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.
7 July 2010drilling progress report● Neutral
No. 4H flowback is on schedule on a restricted choke, designed to protect reservoir pressure. No. 5H production casing is cemented at 15,336 ft. The rig is moving to No. 6H, with spud expected within a week. No rates given.
30 June 2010drilling result▲ Good
The 15-stage frac on No. 4H is complete and flowback has started. No. 5H finished at 15,336 ft with a lateral over 4,100 ft, longer than planned. The rig moves to No. 6H, with drilling due in about ten days.
23 June 2010drilling progress report● Neutral
The 15-stage frac on No. 4H has begun, the first using 100% ceramic and bauxite proppants. No. 5H found the Eagle Ford at about 10,950 ft with elevated oil-shale readings. No flow result yet.
17 June 2010capital raising announcement▲ GoodMajor
Antares placed 20.5m new shares at 60 cents to institutions, raising $12.3m for Eagle Ford development. The price is a 7% premium to the prior close of 56 cents. It follows the $19.2m placement at 64c in February 2010.
What it means for a shareholder
20.5m new shares at A$0.600 to raise about A$12.3m. That's 7.7% dilution: every existing holder's slice gets 7.7% smaller. If you held A$1,000 of shares (1,667 at the issue price), your slice goes from 0.000676% to 0.000624% of the company. To keep it you'd need 139 more shares - about A$83 at the issue price.
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16 June 2010drilling progress report● Neutral
The No. 4H site is ready for Halliburton's frac of the 4,400 ft lateral, with the crew due in about a week. No. 5H is at about 9,800 ft after surface casing was cemented. No new result.
9 June 2010drilling progress report● Neutral
Production casing is cemented in Frances Dilworth No. 4H, with Halliburton's frac expected in about two weeks. No. 5H is at about 5,100 ft, running surface casing. No new result.
1 June 2010drilling result▲ Good
Frances Dilworth No. 4H finished drilling at 15,483 ft with over 4,400 ft of Eagle Ford lateral, and production casing is being run ahead of the frac. The No. 5H has spud with the F07 rig, planned to reach over 15,200 ft.
27 May 2010agm notice● Neutral
The AGM chairman's address and slides repeat the annual report highlights: reserves growth, the 35-well plan, and the note reset. They also show 276.4m shares and a market capitalisation of about $230m. Nothing new.
26 May 2010drilling progress report▲ Good
No. 4H is drilling the lateral at 13,232 ft after finding the Eagle Ford at 10,870 ft with strong hydrocarbon shows. Target depth is about 14,900 ft. It is the third well of the ten-well 2010 campaign. No flow result yet.
26 May 2010drilling progress report● Neutral
A second Nabors rig, the F07 with 1,500 hp drawworks, is mobilising to Frances Dilworth No. 5H, with drilling expected within a week. No. 5H is the fourth well of the 2010 campaign. This adds a second rig to the programme.
26 May 2010flow test result▲ GoodMajor
Frances Dilworth No. 3H flowed at an initial rate of 941 bo/d and 1,596 mcf/d, or 1,207 boe/d, beating the No. 2H's 790 bo/d plus 900 mcf/d. It is the first Yellow Rose development well and the second of ten 2010 wells. Weekly reporting on the well ends.
19 May 2010drilling progress report● Neutral
Halliburton finished the 14-stage frac on No. 3H, using over 3.7m lb of proppant and about 4m gallons of fluid. Flowback begins, with an initial rate expected in about a week. No. 4H is at 10,200 ft.
12 May 2010drilling progress report● Neutral
Halliburton began the 14-stage frac on No. 3H's 4,650 ft Eagle Ford interval, 14 days after drilling finished. Surface oil facilities are in place and a gas spur is being laid. No. 4H is drilling ahead.
10 May 2010investor presentation● Neutral
Notice of a Jefferies conference call on 7 May featuring management, using the 19 April presentation. The notice describes nearly 19,000 oil-window acres and the 790 bopd initial well. No new information.
5 May 2010drilling progress report● Neutral
Surface casing was cemented in No. 4H at 4,966 ft. On No. 3H, the wellbore was prepared and stage 1 of the 14-stage frac was perforated. Site work continues on No. 5H and No. 6H. No new result.
30 Apr 2010quarterly activities report▲ Good
March quarter: net oil production up 176%, gas up 41% and revenue up 56%, with Yellow Rose now in production. No. 3H is drilled and awaiting a frac. The company cites 300 wells and potential reserve additions of 52.6 million boe across Yellow Rose and Bluebonnet; the 10/10/15 well plan is repeated. Percentages are compared with an unstated earlier period.
