26 Sept 2007drilling progress report● Neutral
Freeborn-1 has set 13 3/8 in casing at 3,026 ft and will drill toward about 9,500 ft. A service rig is on site at Outlar-1 to inspect casing and run a cement bond log before testing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 Sept 2007drilling spud▲ GoodMajor
Jean H. Freeborn-1 spudded 20 September on the Rowena Wilcox prospect, targeting 16,000 ft with potential over 200 BCF. Antares holds 50% with minimum dry cost about USD2.85m. Turnkey contract fixed at USD4.9m. The CEO calls it transformational if it succeeds.
19 Sept 2007drilling progress report● Neutral
Outlar-1 casing is cemented and the rig was released 15 September to move to Freeborn-1. A service rig will arrive to test the three sand sequences, starting with the lowest.
12 Sept 2007half year report▼ BadMajor
Half-year to 30 June 2007: net loss $11.4m including $9.1m of write-offs and impairment on failed wells and Oklahoma assets. Oklahoma assets are to be sold to Exoma for USD4.35m. $11.2m of new convertible notes were issued.
12 Sept 2007drilling result▲ GoodMajor
Outlar-1 reached 11,911 ft. Preliminary logs suggest the primary sand is hydrocarbon bearing, with two deeper sands possibly productive and very good reservoir quality. Production casing is being run ahead of testing. Early encouraging sign for the West Wharton project (30%).
5 Sept 2007drilling progress report● Neutral
Outlar-1 is at 10,091 ft with casing cemented and the rig preparing to drill ahead. Freeborn-1 is still awaiting the rig.
4 Sept 2007investor presentation● Neutral
Good Oil Conference presentation by the CEO repeating known facts. It shows 158.5m shares, A$14.9m cash at 30 June 2007, no bank debt, and 10.5m convertible notes outstanding. No new results.
29 Aug 2007drilling progress report▲ Good
Outlar-1 is at 10,000 ft with gas shows in the secondary Yegua target. The primary objective is expected next week. The Freeborn-1 site is ready for the rig.
22 Aug 2007production update● Neutral
Outlar-1 is at 7,025 ft. Oyster Creek is producing: Harrison-1 about 1.1 MMcf/d and Scott-2 about 900 Mcf/d. Garcitas C-1 makes 1.7 MMcf/d. C-2 needs a compressor to lift fluids. Freeborn-1 spud is expected in the second half of September.
21 Aug 2007contract award▲ GoodMajor
San Isidro signed a fixed-cost turnkey contract with Orion to drill Jean H. Freeborn-1, the first well on the large Rowena Wilcox prospect (over 200 BCF P50). Antares holds 50%, with minimum cost about USD2.75m dry. It may farm down to 40%.
14 Aug 2007drilling spud● NeutralMajor
Outlar-1, the first West Wharton well, spudded 12 August and is drilling at 1,536 ft toward 11,500 ft. Antares holds 30% (26.25% after first sales). Minimum cost has risen to about USD1.3m dry or USD1.6m completed, under a fixed-cost contract.
25 July 2007drilling result▼ BadMajor
Zwernemann-1 on Shaeffer Ranch found only sub-commercial gas and will be plugged and abandoned, costing Antares about USD350,000 net. Oyster Creek pipeline is complete and production has started, ending the long wait. Garcitas tests were below expectations.
4 July 2007regulatory community update▼ Bad
Severe Texas flooding has stopped all work at Oyster Creek and Little Bear. Weekly reporting ends, with updates only on material events. Yellow Rose seismic acquisition is complete and Ilse-1 remains shut in without an operator recommendation.
3 July 2007other● Neutral
Notice that the convertible note quarterly interest of $0.0504 per note is payable 31 July 2007 (record date 24 July). Administrative; no new substance.
27 June 2007drilling progress report● Neutral
Zwernemann-1 testing is in its third logged interval. Ilse-1 stays shut in awaiting an operator recommendation, and Garcitas testing continues. Yellow Rose seismic is about 85% done, with flooding interrupting work.
20 June 2007well test result▼ BadMajor
The Ilse-1 pressure build-up test was not encouraging, so the Middle Wilcox zone probably has limited commercial potential. The well is shut in while Upper Wilcox options are reviewed. This weakens the earlier hopes for the New Taiton prospect, where Antares holds 25%.
13 June 2007drilling progress report▼ Bad
The Ilse-1 Lower Wilcox fracture stimulation recovered about 38% of frac fluid, with only sub-commercial intermittent gas so far. It is too early to draw conclusions. C-2 is shut in for a pressure survey and Zwernemann-1 testing is being prepared.
6 June 2007flow test result▲ GoodMajor
Garcitas C-2 flowed 2.2-2.5 MMcf/d and 100-120 bbl/d condensate from a 13 ft Middle Wilcox interval with no water. Zwernemann-1 reached 6,100 ft with indicated oil and gas pay. Oyster Creek first gas sales have slipped from May to early July.
30 May 2007drilling progress report● Neutral
Zwernemann-1 spudded 25 May and is drilling at 3,611 ft. Ilse-1 fracture stimulation is set for 6 June. Garcitas C-1 is producing and C-2 is testing. Yellow Rose seismic is about 66% complete.
23 May 2007drilling scheduled● Neutral
Antares (50%) expects to spud the shallow Zwernemann-1 oil well on Shaeffer Ranch within three days, to about 6,100 ft. Potential is about 200,000 bbl of oil and 1.8 BCF of gas. Dry hole cost to Antares is USD225,000.
23 May 2007drilling progress report● Neutral
Ilse-1's lowest zone has been perforated, with fracture stimulation expected within days. Garcitas C-2's lowest sand was fracture stimulated and will be flow tested. C-1 is in production. Yellow Rose seismic is about 60% complete.
16 May 2007drilling progress report● Neutral
Ilse-1 is nearly ready, with a Lower Wilcox zone to be perforated and flow tested over about 14 days. Garcitas C-2 is tied in and testing has started. Yellow Rose seismic is about 54% complete.
9 May 2007drilling progress report● Neutral
Partner Adelphi repeats that the Ilse-1 pipeline should finish this week, with testing to follow. Antares holds 25%. Re-release of information already reported; no new result.
9 May 2007drilling progress report● Neutral
Ilse-1 pipeline due to finish this week, with testing to follow. Garcitas C-2 tie-in is nearly done, with testing expected next week. Yellow Rose seismic is about 50% complete.
7 May 2007investor presentation● Neutral
AGM chairman's address and slides recap known results: six wells drilled with five expected commercial, Garcitas C-1 selling gas, two new projects, and more convertible notes issued. Shaeffer Ranch deep structure may be farmed out before drilling. No new results.
2 May 2007drilling progress report▲ Good
Garcitas C-1 is selling gas, with its first stimulated thin sand flowing 1-3 MMcf/d with water, described as a good initial result. Ilse-1 testing awaits a pipeline after heavy rain. C-2 completion is being finalised and Yellow Rose seismic is about 40% done.
1 May 2007farm in farm out agreement▲ GoodMajor
Antares takes a 30% interest in the new West Wharton project in Wharton County, Texas, to drill a 12,000 ft Cook Mountain prospect with potential of 40-80 BCF. Minimum commitment is about USD0.9m dry hole and USD1.15m completed; interest falls to 26.25% at first sales.
26 Apr 2007drilling progress report● Neutral
The Ilse-1 test program has now been agreed by the joint venture, with test equipment to be set up once the rig is moved off. Garcitas C-1 testing continues and Yellow Rose seismic is about 25% complete.
18 Apr 2007drilling progress report● Neutral
Oyster Creek surface facilities are being built, with first sales tentatively targeted for mid-May. Ilse-1 testing awaits partner agreement, Garcitas C-1 is assessing the first stimulated zone, and Yellow Rose seismic is about 15% done.
13 Apr 2007other● Neutral
Notice that the convertible note quarterly interest of $0.0488 per note is payable 30 April 2007 (record date 23 April). Administrative; no new substance.