Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 July 2009asset acquisition disposition▲ GoodMajor
Antares agreed to buy a 50% interest in 3,336 more net acres at Yellow Rose, taking its Eagle Ford position to over 11,900 acres at 50%. With the Petrohawk back-in acreage, it totals over 16,700 acres. Antares claims 650+ Bcfe potential.
24 June 2009drilling progress report● Neutral
All processed logs are in and core analysis is partly received. A partner meeting on 29 June will set the production testing program. Petrohawk has filed a permit for the Donnell 457 No. 1H on the acreage where Antares holds a back-in. Antares holds over 13,000 Eagle Ford acres.
15 June 2009drilling progress report● Neutral
Casing was set to about 11,800 ft across the Edwards and Eagle Ford and the rig has left. The design allows vertical testing or a later horizontal Eagle Ford well. A test program is still being planned.
9 June 2009drilling result▲ GoodMajor
Frances Dilworth No. 2 is a gas discovery. Logs confirm 140 ft net Edwards limestone gas pay and 146 ft net Eagle Ford gas shale, well above the pre-drill 50 ft and 75 ft. This resolves the Yellow Rose drilling question; Antares puts Edwards resource potential at 40-80 Bcf.
1 June 2009drilling progress report▲ Good
Frances Dilworth No. 2 stopped drilling at 12,097 ft after the Glen Rose limestone caused fluid loss. Mudlogs suggest over 125 ft of gas-filled Eagle Ford and Edwards shows above expectations. Wireline logs are awaited to confirm.
28 May 2009investor presentation● Neutral
AGM chairman's address and slides: the Yellow Rose well is the main focus and results are due soon. The chairman cites low gas prices and the closure of the Dallas office. About $6.0m cash at 31 March, 184.2m shares, 9.3m notes outstanding. Largely repeats known facts.
27 May 2009drilling progress report▲ Good
At 11,430 ft, the rig is changing bits after the Buda limestone. Mudlogs show Edwards limestone gas readings within pre-drill estimates of over 50 net ft of pay. Logs are still needed to confirm.
25 May 2009drilling progress report▲ Good
At 11,197 ft, drilling mudlogs show a gas-bearing Eagle Ford shale over 125 ft thick, versus about 75 ft expected pre-drill. Wireline logs are needed to confirm quality. An encouraging early sign, not yet a result.
22 May 2009drilling progress report● Neutral
The rig is changing the drill bit before drilling the target section, with a 12,500 ft planned depth. Petrohawk is preparing to spud an Eagle Ford well next to the Yellow Rose area. No new well results.
20 May 2009drilling progress report● Neutral
Frances Dilworth No. 2 is at 9,513 ft and drilling ahead. The Austin chalk, Eagle Ford and Edwards are expected at about 10,400, 10,900 and 11,100 ft, likely within the coming week. No results yet.
12 May 2009drilling progress report● Neutral
Surface casing set at 2,526 ft and the well is drilling at 2,945 ft. The Edwards limestone target is expected near 11,000 ft. No results yet; the rest is Eagle Ford sector commentary.
8 May 2009drilling spud▲ GoodMajor
Drilling began on Frances Dilworth No. 2, the first Yellow Rose well (Antares 75%), with a preliminary depth of 12,500 ft. Management says a 40+ Bcf Edwards result would be company-making; the Eagle Ford shale will also be evaluated. Weekly updates follow.
4 May 2009drilling scheduled▲ Good
A turnkey contract with Pioneer Drilling was signed at US$1,030,500, below the US$1.1m planning figure, for the first Yellow Rose well, Frances Dilworth No. 2 (Antares 75%). The rig arrives 4 May, with spud expected by the end of that week.
23 Apr 2009asset acquisition disposition▲ GoodMajor
Antares sold a term assignment over about 4,840 net acres near Yellow Rose to Petrohawk for an undisclosed sum, keeping a working interest back-in after payout. Petrohawk must spud a first Eagle Ford test well within one year; Antares expects it in the second half of 2009.
22 Apr 2009farm in farm out agreement▲ GoodMajor
Antares agreed with SIDC to drill the Yellow Rose Edwards limestone prospect, paying 100% of dry hole costs (under US$1.1m) and 75% of completion to earn 75% working interest, up from 50%. This resolves the farm-out question; drilling is due this quarter, with pre-drill expectations of 40+ Bcf.
7 Apr 2009other● Neutral
Notice that quarterly convertible note interest of $0.0488 per note is payable 30 April 2009 (record date 22 April). Administrative; the per-note amount is slightly lower than before.
31 Mar 2009annual report▲ Good
2008 annual report: net profit $601,000 versus a $37.4m loss the year before, on revenue up 220% to $8.34m. Net assets $2.5m and $2.1m face value of notes bought back. Management says exploration is now funded from operating cash flow.
9 Mar 2009drilling result▼ BadMajor
Stewart-1 sidetrack is a dry hole: about 22 ft of net gas sand needed fracturing, and the well was deepened to 12,750 ft without further shows, then plugged and abandoned. Antares (49.28%) says no more capital goes to West Wharton for now; Outlar-1 should repay all capital deployed there.
4 Mar 2009drilling progress report● Neutral
Stewart-1 sidetrack reached its preliminary depth of 11,900 ft on time and under budget. Logging is about to begin, with no results yet.
24 Feb 2009drilling progress report● Neutral
Stewart-1 sidetrack has reached 10,398 ft and is running casing, before drilling on to about 11,900 ft. No new results.
17 Feb 2009drilling spud● NeutralMajor
The Stewart-1 sidetrack began drilling on 15 February 2009 and is at 8,600 ft, targeting 11,700 ft. Antares holds 49.28%. It targets the channel sand missed by the original well, about 900 ft north.
13 Jan 2009other● Neutral
Notice that quarterly convertible note interest of $0.0504 per note is payable 30 January 2009 (record date 23 January). Administrative; no new substance.
4 Nov 2008director officer appointment● Neutral
Hugh Lennerts appointed Company Secretary, replacing David Rich in that role. Administrative handover following Rich's resignation.
7 Oct 2008other● Neutral
Notice that quarterly convertible note interest of $0.0504 per note is payable 31 October 2008 (record date 24 October). Administrative; no new substance.
25 Sept 2008director officer appointment▼ Bad
CFO and Company Secretary David Rich, with the company over six years, has resigned to become CFO of Tap Oil. He will stay to help find replacements and leaves no later than 19 December 2008.
8 Sept 2008half year report● Neutral
Half-year to 30 June 2008: loss after tax $1.547m, with operating profit of $2.0m and revenue up 100%. Includes a $0.54m exploration write-off, mainly Freeborn-1, and a $0.26m impairment. New Taiton interest assigned to operator in return for waiving amounts owed. Stewart-1 sidetrack now targeted for Q4 2008.
3 Sept 2008investor presentation● Neutral
Good Oil Conference presentation by CEO Cruickshank repeating known highlights: reserve increases, farm-out efforts at Yellow Rose and Shaeffer Ranch, cost cuts and the HEP investment. New figures: 184m shares and $5.1m cash at 1 Sept 2008, no bank debt.
25 Aug 2008capital raising announcement▲ GoodMajor
Antares will place 24 million shares with US investor HEP Oil at $0.10 to raise $2.4m, a 43% premium to the prior close, mainly to fund Yellow Rose. HEP will hold about 13% afterwards.
What it means for a shareholder
24.0m new shares at A$0.100 to raise about A$2.4m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00624% to 0.00543% of the company. To keep it you'd need 1,498 more shares - about A$150 at the issue price.
Create a free account to see this worked out for your own holding.
21 Aug 2008resource reserve update▲ GoodMajor
Independent estimate at 30 June 2008 by LaRoche: proved oil reserves up over 85% and proved gas up over 225% since the end of 2007. 2P future net cash flow is about USD44.4m (PV10 USD26.9m). Driven by Harrison-2 and high prices.
11 July 2008other● Neutral
Notice that quarterly convertible note interest of $0.0504 per note is payable 31 July 2008 (record date 24 July). Administrative; no new substance.
