Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Sept 2009drilling scheduled● Neutral
Drilling permits filed for the Frances Dilworth 2H, 3H and 4H; drilling of the 2H is expected in September. Antares reworked its valuation using 4.0 Bcf plus 200,000 bbl per well, claiming 720 Bcf and 36 Mmbo over 180 wells. These are company estimates.
1 Sept 2009investor presentation● Neutral
Good Oil Conference presentation by the CEO. It lists 224.24m shares, $11.0m cash at 30 June 2009 and 9.3m convertible notes. It repeats the 2008 profit of $601,000 and the Eagle Ford story; no new announcement visible.
31 Aug 2009drilling scheduled● Neutral
The permit for the Frances Dilworth No. 2H will be filed this week, with drilling expected to start within a month. Antares also published a notional plan of over 180 Eagle Ford horizontal wells, a company estimate rather than a booked resource.
27 Aug 2009drilling scheduled▲ Good
Plan finalised for the Frances Dilworth No. 2H: a whipstock in the 7 inch casing and an approximately 3,800 ft horizontal Eagle Ford leg heading southeast toward Petrohawk's Donnell 457 No. 1H. The 75% interest now covers up to 15 horizontal wells in the 1,280 acres.
26 Aug 2009capital raising announcement● Neutral
Share purchase plan offer documents mailed: eligible Australian and New Zealand shareholders can apply for A$2,500 to A$15,000 of shares at 25 cents, closing 9 September 2009. Follows the 5 August announcement; no new terms.
24 Aug 2009farm in farm out agreement▲ GoodMajor
Antares lifted its working interest from 50% to 75% in the first Eagle Ford horizontal well and in the 1,280 acres around the Frances Dilworth No. 2 wellbore. It holds 50% in 16,020 other acres. A roughly 4,000 ft horizontal well is being planned.
17 Aug 2009well test result▼ BadMajor
Edwards gas flow fell below Antares's own 2 Mmcf/d commercial hurdle, so it will drill a horizontal Eagle Ford leg from the Frances Dilworth No. 2 well. This sidelines the earlier Edwards resource hope. SIDC will take its 50% of the new 5,387 acres.
12 Aug 2009drilling progress report● Neutral
Frances Dilworth No. 2 begins an acid fracture of the Edwards limestone on 12 August, ending phase one testing. Early Eagle Ford core shows over 5% organic carbon, comparable to a nearby Petrohawk well that flowed 8.3 Mmcf/d. A second testing phase is yet to be decided.
7 Aug 2009other● Neutral
Administrative Section 708A notice for the issue of 26,493,750 shares on 7 August 2009, part of the placement. No new substance.
5 Aug 2009asset acquisition disposition▲ Good
Petrohawk term assignment amended: Antares's back-in after payout now covers 8,558 net acres, up about 77% from 4,840. Antares claims 480 Bcfe potential and over 20,400 Eagle Ford acres in total. Petrohawk is drilling the Donnell 457 No. 1H.
5 Aug 2009capital raising announcement▲ GoodMajor
Antares completed a $10.0m placement of 40m shares at 25 cents, scaled back from a planned 27m shares ($6.75m) on strong demand. It also offers shareholders a share purchase plan at 25 cents, capped at $2.0m, to buy more Eagle Ford acreage.
What it means for a shareholder
40.0m new shares at A$0.250 to raise about A$10.0m. That's 18% dilution: every existing holder's slice gets 18% smaller. If you held A$1,000 of shares (4,000 at the issue price), your slice goes from 0.00217% to 0.00178% of the company. To keep it you'd need 867 more shares - about A$217 at the issue price.
Create a free account to see this worked out for your own holding.
5 Aug 2009asset acquisition disposition▲ Good
Antares agreed to buy at least 50% of another 5,387 net acres at Yellow Rose, giving over 17,300 acres at 50% or more. Including the Petrohawk back-in it has over 25,850 acres. Company claims 880 Bcfe potential; full 100% interest still being negotiated with SIDC.
4 Aug 2009quarterly activities report▲ GoodMajor
June quarter: Antares reports the Yellow Rose discovery, a $10m raise of 40m shares at 25 cents, and a Petrohawk term assignment amendment to 8,558 acres. On 4 Aug it agreed to buy at least 50% of another 5,387 acres at Yellow Rose, with SIDC talks on up to 100% ongoing.
20 July 2009drilling spud▲ GoodMajor
Petrohawk began drilling the Donnell 457 No. 1H Eagle Ford well, on the 4,840 acres where Antares gets a working interest back-in after payout. This confirms the Petrohawk well expected in 2H 2009 has started. Antares says it is evaluating more Eagle Ford acreage.
14 July 2009drilling progress report● Neutral
Phase one Edwards testing will start shortly; the partners approved the budget and await the completion rig. The rest recaps a Petrohawk Eagle Ford presentation. Antares expects Petrohawk to drill the Donnell 457 No. 1H in the third quarter.
9 July 2009other● Neutral
Notice that quarterly convertible note interest of $0.0504 per note is payable 31 July 2009 (record date 23 July). Administrative; no new substance.
8 July 2009drilling progress report● Neutral
The Edwards production test plan is set: perforate 65 ft and treat with a 30,000-gallon acid fracture. Contractor bids are being sought, with testing expected in several weeks. An Eagle Ford test may follow depending on the Edwards result.
6 July 2009investor presentation● Neutral
Investor presentation recapping the Yellow Rose discovery, the Eagle Ford acreage and the Petrohawk back-in. The text lists drilling to a total depth of 12,148 ft. It repeats known facts and valuation tables, with no new announcement visible.
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 2009agm notice● Neutral
All resolutions at the 28 May annual general meeting were approved on a show of hands. Proxy votes were overwhelmingly in favour. Administrative.
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.
