Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Apr 2010drilling spud● Neutral
Drilling started on Frances Dilworth No. 4H after the rig moved from No. 3H in under 96 hours. The Eagle Ford is expected at about 10,900 ft, followed by a planned 4,000 ft lateral. It is the next well in the 2010 programme.
28 Apr 2010drilling progress report● Neutral
Production casing was cemented across the full 4,650 ft Eagle Ford interval on No. 3H. The rig is moving to Frances Dilworth No. 4H, and Halliburton's frac crew is due in May. Routine progress.
23 Apr 2010investor presentation● Neutral
The general meeting presentation was identical to the 19 April one, so it was not re-released. No new substance.
21 Apr 2010drilling result▲ GoodMajor
Frances Dilworth No. 3H reached 15,735 ft with over 4,650 ft of lateral in the Eagle Ford, longer than the 4,000 ft guided. The company says mudlogging shows exceeded the No. 2H. A 14-stage frac is due in early May, and No. 4H is expected to spud in the first week of May.
19 Apr 2010investor presentation● Neutral
Conference presentation 'A Pure Eagle Ford Explorer & Producer': 276.4m shares, 7.5m notes, market capitalisation about $230m, over 32,500 acres. It repeats the annual report highlights and adds that the No. 4H is due to spud in May and No. 5H in June. Nothing new.
14 Apr 2010drilling progress report▲ Good
Frances Dilworth No. 3H is drilling the horizontal in the Eagle Ford at 11,355 ft, with elevated gas shows and golden fluorescence suggesting oil in the cuttings. These are early indications only, with no flow result yet.
8 Apr 2010other● Neutral
Cover note saying a Patersons research note on the company's reserves and resources is available on its website. No substance in the announcement itself.
7 Apr 2010drilling progress report● Neutral
Frances Dilworth No. 3H is at 9,440 ft, with a logging run planned within 500 ft before the well is steered into the Eagle Ford for a lateral of about 4,000 ft. No new result.
7 Apr 2010other● Neutral
Administrative notice: convertible note (AZZG) interest of $0.0488 per note is payable on 30 April 2010, record date 23 April. No other substance.
31 Mar 2010annual report▲ Good
2009 annual report: proved reserves up 406% to 1,486 Mboe, proved plus probable up 1,309% to 8,155 Mboe, and the share price rose from 5.3c to 60.5c. It restates the 35-well plan and the note buyback to 7.5m notes. A fourth director, Mark Clohessy, is listed; AGM set for 26 May.
30 Mar 2010drilling progress report● Neutral
Surface casing was run and cemented at 4,950 ft on Frances Dilworth No. 3H. Drilling resumes after the cement cures, to about 10,300 ft where logs will be run. No new result.
24 Mar 2010drilling progress report● Neutral
First weekly update on Frances Dilworth No. 3H: drilling at 1,280 ft, with surface casing due at about 5,000 ft. Eagle Ford top expected near 11,000 ft, then a planned 4,000 ft lateral. No result yet.
23 Mar 2010resource reserve update▲ GoodMajor
Reserve and resource evaluation as of 31 Dec 2009 for McMullen, Wharton and Brazoria Counties, using $80/bo and $5/mcf. The annual report headlines proved 1,486 Mboe, proved plus probable 8,155 Mboe and 2P+possible 22,814 Mboe. Detailed tables were truncated.
22 Mar 2010drilling spud▲ GoodMajor
Drilling began on Frances Dilworth No. 3H using the Nabors M34 rig, a planned 15,000 ft measured-depth Eagle Ford well. It is the first of nine wells under the Nabors contract, in the 2010 campaign of ten wells.
5 Mar 2010other▲ Good
S&P index rebalance notice: Antares Energy (AZZ) is among additions to the All Ordinaries index, effective after close on 19 March 2010. The notice is not a company announcement and makes no operational change.
22 Feb 2010capital raising announcement▲ GoodMajor
Antares completed a placement of 30,000,000 shares to raise $19.2m (64 cents per share, calculated), led by Patersons, with a heavy scale-back. It funds ongoing development of the Eagle Ford acreage and adds institutional holders.
What it means for a shareholder
30.0m new shares at about A$0.640 to raise about A$19.2m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (1,563 at the issue price), your slice goes from 0.000634% to 0.000565% of the company. To keep it you'd need 190 more shares - about A$122 at the issue price.
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3 Feb 2010other● Neutral
Cover note saying a Patersons broker research note is available on the company website. No substance in the announcement itself.
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.
29 Jan 2010quarterly activities report▲ Good
December quarter: Frances Dilworth No. 2H is producing, with Nabors and Halliburton secured for nine more wells. NuTech's 2C estimate for Yellow Rose is 840 Bcfe. Bluebonnet (87.5%, 5,754 acres) was acquired on 29 October. Plan is 10 wells in 2010, 20 in 2011 and 35 in 2012 (as stated in the report).
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.
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16 Dec 2009admin correction● Neutral
Section 708A notice for the 5,000,000 shares issued 15 December 2009. Administrative; no new substance.
