Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 July 2008well test result● Neutral
Jackson sand testing at Stewart-1 continues with the well shut in. The company says the test could at best repay part or all of the well's capital. The deeper primary target is still pursued via a roughly 900 ft sidetrack or another Stewart well.
25 June 2008drilling progress report● Neutral
A workover rig is on site at Stewart-1 with equipment delivered. Perforating the Jackson sand is expected within the next week.
18 June 2008drilling progress report● Neutral
The rig has left Stewart-1 and preparations are under way to test the Jackson sand at about 6,800 ft. Tubing is expected in roughly a week before a workover rig arrives.
10 June 2008drilling result▼ BadMajor
Stewart-1 reached 11,922 ft but the targeted Cook Mountain turbidite channel sand was poorly developed, and good sands may have been missed by several hundred feet. The Jackson sand will be tested; a sidetrack is under evaluation. A setback after the Outlar-1 success (26.25%).
4 June 2008drilling progress report● Neutral
Stewart-1 is at 10,210 ft after 7 5/8 in casing was set and a formation integrity test passed. Target depth is 11,900 ft.
30 May 2008other▼ BadMajor
AGM chairman's address calls the year difficult, citing lack of success at Little Bear and New Taiton, cost cuts and 'straightened circumstances'. Sales revenue now exceeds ongoing non-capital spending. Yellow Rose farm-out is being re-evaluated; Shaffer Ranch farm-down sought. Director Campbell is departing.
28 May 2008production update▲ Good
Harrison-2 production is stabilising at roughly 450-500 boe/d, about 75% condensate, and is restricted until a condensate tank is added. This is the last routine update for the well. Stewart-1 is drilling at 9,840 ft.
26 May 2008investor presentation● Neutral
Conference presentation by Howard McLaughlin repeating known project details. It states cash of A$4.3m at 31 March 2008, no bank debt, 159m shares and 10.5m convertible notes, with plans for a well every three months at West Wharton.
23 May 2008director officer appointment● NeutralMajor
Executive Director James Cruickshank will become Managing Director and CEO from 1 July 2008, as Howard McLaughlin's contract expires 30 June and he had said he would not renew. Cruickshank's terms stay the same.
23 May 2008production update▲ GoodMajor
Harrison-2 (75%) was perforated over five feet and put on sales, producing about 400 bbl/d oil and 550 Mcf/d gas on a small choke. It follows the earlier lost hole and sidetrack. Stewart-1 hit an unexpected 10 ft shallow gas sand; target depth 11,900 ft.
14 May 2008drilling spud● Neutral
Stewart-1 at West Wharton (26.25%) spudded 9 May 2008 and has set 13 3/8 in casing at 3,055 ft. Harrison-2 pipeline is being laid, with first-zone perforation expected before end of May.
7 May 2008drilling progress report● Neutral
Harrison-2 production casing is cemented and the rig released; pipeline and testing of the lowest gas sand are expected by end of May. Stewart-1 rig is setting up and spud is expected within the week.
1 May 2008drilling result▲ Good
Logs on the Harrison-2 sidetrack indicate multiple gas sands, so Antares (75%) will run casing and complete the well. The lowest sand will be perforated after the sales pipeline is extended from Harrison-1. Resolves the earlier well loss in a positive way.
30 Apr 2008drilling progress report● Neutral
Harrison-2 sidetrack reached final depth of 13,030 ft; logs are being run before a casing decision. The Stewart-1 rig is moving in, with drilling due within days.
23 Apr 2008drilling progress report● Neutral
Harrison-2 liner set and cemented at 12,050 ft, with a leak-off test next before drilling to 13,000 ft. The Stewart-1 rig is now expected on location 1 May 2008.
16 Apr 2008drilling progress report● Neutral
Harrison-2 sidetrack is at 12,050 ft and an intermediate liner is being set, with wireline logs under evaluation. Target depth remains 13,000 ft. Stewart-1 spud timing unchanged.
9 Apr 2008drilling progress report● Neutral
Harrison-2 sidetrack reached 9,859 ft; an intermediate liner will be set near 11,500 ft before drilling to a 13,000 ft target. Stewart-1 still expected to spud in the second half of April.
8 Apr 2008other● Neutral
Notice that the quarterly convertible note interest of $0.0493 per note is payable 30 April 2008. Administrative; the record date given (23 January 2008) was corrected in the amended notice.
8 Apr 2008admin correction● Neutral
Amended notice corrects the record date for the 30 April 2008 convertible note interest ($0.0493 per note) to 23 April 2008. Administrative; no new substance.
2 Apr 2008drilling progress report● Neutral
Harrison-2 sidetrack began after a window was cut at 7,689-7,700 ft, with at least three weeks of re-drilling expected. Turnkey contract means no direct cost to Antares for the delay (75%). Stewart-1 at West Wharton (26.25%) expected to spud late April; Antares exposure USD1.15m.
1 Apr 2008annual report▼ BadMajor
2007 annual report: the Board calls it a terrible year with a collapsed share price. LaRoche reserves: 1P 0.49 Bcf gas and 22,339 bbl oil; 2P 3.43 Bcf and 44,259 bbl. The board shrinks from five to three, MD McLaughlin will not renew, and costs are cut.
26 Mar 2008drilling progress report▼ Bad
At Harrison-2 the fourth and fifth cement plugs failed to set, so a sixth is planned higher up before milling a casing window. Turnkey contract means no direct cost. Stewart-1 spud still expected in second half of April.
19 Mar 2008drilling scheduled● Neutral
Antares signed the AFE for Stewart-1, the second West Wharton well (26.25%), with spud expected in the second half of April. Its exposure is about USD1.1m drilled and completed. Harrison-2 needed a fourth cement plug for the sidetrack.
12 Mar 2008drilling progress report● Neutral
Confirms Freeborn-1 was suspended on 5 March, with no further reports until activity restarts. Harrison-2 sidetrack preparations continue toward 13,000 ft.
5 Mar 2008drilling result▼ BadMajor
The operator recommended temporarily suspending Freeborn-1 to evaluate the data and seek a farminee for a second well, and Antares agreed. At Harrison-2, Orion reset the cement plug and drilled the sidetrack back down to 8,191 ft, with 13,000 ft the target.
27 Feb 2008joint venture update▼ BadMajor
Antares declined to fund the operator's recommended frac of Freeborn-1's second and third sands, and will seek a farminee for a second Rowena well. Outlar-1 is above 3 MMcf/d (over USD250,000 a month); Stewart-1 is planned for April; Yellow Rose acreage is now about 8,300 acres.
20 Feb 2008drilling progress report▼ Bad
Freeborn-1 is shut in while Antares awaits the operator's recommendation. At Harrison-2, gas influxes and mud losses are delaying the cement plug needed for a sidetrack. Turnkey contract means no direct cost.
18 Feb 2008drilling result▼ BadMajor
Stim-gun perforation of Freeborn-1's second 41 ft sand brought no pressure or gas flow increase, read as very low permeability. Antares believes fracture stimulation would be ineffective. The well's hopes are now in doubt.
13 Feb 2008drilling progress report● Neutral
The next Freeborn-1 test of 41 ft of sand is expected within a week. Harrison-2 is still stuck, now at 8,519 ft, with heavy gas in the mud. The operator may retrieve the pipe or sidetrack. Turnkey contract means no direct cost.
11 Feb 2008drilling progress report▼ Bad
Freeborn-1 casing is partly collapsed at the earlier perforations, so a cast iron plug was set and the next 41 ft of sand will be tested. Harrison-2 remains differentially stuck at 7,915 ft; turnkey contract means no direct cost.
