Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Dec 2009production update▲ GoodMajor
Anomalina C sand in Harrison No. 2 (Oyster Creek, 75%) was perforated and is flowing about 200 bo/d and 500 mcf/d while cleaning up. This is the recompletion expected for 2H 2009; the lower F-41 sand has already produced over 135,000 boe.
7 Dec 2009drilling progress report▲ Good
Stage 1 of an eleven-stage fracture stimulation on Frances Dilworth No. 2H starts 8 December, expected to take about a week. A gas transportation and treating agreement with San Isidro and Petrohawk is signed so gas can be sold.
2 Dec 2009drilling progress report● Neutral
Frac tanks have arrived at Frances Dilworth No. 2H and Halliburton is due to begin pumping next week, slightly delayed by weather. The 6-inch sales pipeline is buried, so revenue can start straight after the frac.
25 Nov 2009resource reserve update▲ GoodMajor
NuTech's NuStim modelling forecast the Frances Dilworth No. 2H at an initial 6,000 mcf/d plus 300 bo/d (11,400 mcfe/d), with ultimate recovery of 6.25 Bcfe. NuTech's 2C contingent resources were restated at 802 Bcfe for Yellow Rose and 298 Bcfe for Bluebonnet.
19 Nov 2009drilling progress report▲ Good
Fracture stimulation of Frances Dilworth No. 2H is scheduled for 28 November with Halliburton, and a 6-inch gas pipeline (about 50 Mmcf/d) is being laid. Antares and its partner agreed a 175+ well Yellow Rose development plan. This moves the well toward production.
16 Nov 2009investor presentation● Neutral
November 2009 investor presentation: 241.4m shares, $9.0m cash at 30 September, 7.5m convertible notes, and over 32,500 Eagle Ford acres. Recaps known items, including the Yellow Rose 2C estimate of 840 Bcfe; Frances Dilworth No. 2H and the Petrohawk well await fracture stimulation.
16 Nov 2009other● Neutral
Cover note saying a Patersons broker research note is available on the company website. No substance in the announcement itself.
30 Oct 2009resource reserve update▲ GoodMajor
NuTech certified contingent resources for Antares's 87.5% of Bluebonnet: 2C of 298 Bcfe (1C 238, 3C 330), including 11.5 million barrels of condensate. This is a contingent resource, not booked reserves, and comes a day after the acquisition.
30 Oct 2009quarterly activities report▲ Good
Quarter to 30 September 2009: cash was $9.04m. Highlights are 18,274 Yellow Rose acres at 75%, Bluebonnet at 87.5%, a $14m capital raising and the No. 2H drilled and cased. Yellow Rose 2C is stated as 840 Bcfe for the full 18,274 acres.
29 Oct 2009asset acquisition disposition▲ GoodMajor
Antares acquired the 5,754 acre Bluebonnet project in McMullen County, about four miles north of Yellow Rose, at 87.5% working interest with SIDC operating at 12.5%. Its total Eagle Ford interest is now 32,586 acres.
28 Oct 2009security holder rights change▲ Good
7,500,000 convertible notes stay listed after the 31 October reset, on unchanged terms: 10% interest, convertible at $2.00, maturing 31 October 2013. Buybacks cut the notes from 10.56m, reducing $2.00 face-value debt by $6.12m.
23 Oct 2009drilling progress report▲ Good
The 4.5 inch production casing was cemented across the full 3,400 ft lateral at the Frances Dilworth No. 2H, and the rig was released. Frac is planned as early as possible in November once the gas pipeline is ready.
21 Oct 2009resource reserve update▲ GoodMajor
NuTech certified contingent resources for Antares's 75% of 17,300 Yellow Rose acres: 2C of 802 Bcfe (1C 746, 3C 855). This is a contingent resource, not reserves, and excludes the 974 newly acquired acres.
19 Oct 2009drilling result▲ GoodMajor
Drilling of the Frances Dilworth No. 2H finished: the lateral reached about 3,400 ft, longer than the 3,000 ft planned, all in gas-filled Eagle Ford. Total depth is about 14,500 ft. Fracture stimulation is expected as early as possible in November, once the gas pipeline is in place. No flow result yet.
16 Oct 2009director officer appointment● Neutral
Mrs Vicky McAppion was appointed Company Secretary, replacing Mr Hugh Lennerts, who resigned. Both changes took effect on 16 October 2009.
16 Oct 2009director officer appointment● NeutralMajor
Chairman Richard Elliott and director William Hassell retire. Four directors join: Matt Gentry (COO), Greg Shoemaker (Chief Scientist), Vicky McAppion (also Company Secretary) and Mark Clohessy (non-executive). James Cruickshank now signs as Chairman and CEO.
16 Oct 2009drilling progress report▲ Good
The No. 2H has about 2,500 of a planned 3,000 horizontal feet in Eagle Ford, with gas readings over 1,500 units. Casing is planned for next week and the frac is expected in November. EOG and Pioneer are drilling nearby.
15 Oct 2009farm in farm out agreement▲ GoodMajor
Antares raised its Yellow Rose interest from 50% to 75% across the whole 18,274 acres, with SIDC keeping 25%. An 8-inch pipeline of about 5 miles, able to carry over 60,000 Mcf/d, will be built 50:50.
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.
