Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 May 2009drilling spud▲ GoodMajor
Drilling began on Frances Dilworth No. 2, the first Yellow Rose well (Antares 75%), with a preliminary depth of 12,500 ft. Management says a 40+ Bcf Edwards result would be company-making; the Eagle Ford shale will also be evaluated. Weekly updates follow.
4 May 2009drilling scheduled▲ Good
A turnkey contract with Pioneer Drilling was signed at US$1,030,500, below the US$1.1m planning figure, for the first Yellow Rose well, Frances Dilworth No. 2 (Antares 75%). The rig arrives 4 May, with spud expected by the end of that week.
24 Apr 2009quarterly activities report● Neutral
March quarter: operating cash flow $0.73m before exploration, with cash peaking at $6.34m. Realised prices fell to US$44.16/bbl oil and US$6.68/Mcf gas. 161,649 notes were bought back. Yellow Rose's first well is due in May, and Petrohawk's Eagle Ford well in the second half of 2009.
23 Apr 2009asset acquisition disposition▲ GoodMajor
Antares sold a term assignment over about 4,840 net acres near Yellow Rose to Petrohawk for an undisclosed sum, keeping a working interest back-in after payout. Petrohawk must spud a first Eagle Ford test well within one year; Antares expects it in the second half of 2009.
22 Apr 2009farm in farm out agreement▲ GoodMajor
Antares agreed with SIDC to drill the Yellow Rose Edwards limestone prospect, paying 100% of dry hole costs (under US$1.1m) and 75% of completion to earn 75% working interest, up from 50%. This resolves the farm-out question; drilling is due this quarter, with pre-drill expectations of 40+ Bcf.
7 Apr 2009other● Neutral
Notice that quarterly convertible note interest of $0.0488 per note is payable 30 April 2009 (record date 22 April). Administrative; the per-note amount is slightly lower than before.
31 Mar 2009annual report▲ Good
2008 annual report: net profit $601,000 versus a $37.4m loss the year before, on revenue up 220% to $8.34m. Net assets $2.5m and $2.1m face value of notes bought back. Management says exploration is now funded from operating cash flow.
9 Mar 2009drilling result▼ BadMajor
Stewart-1 sidetrack is a dry hole: about 22 ft of net gas sand needed fracturing, and the well was deepened to 12,750 ft without further shows, then plugged and abandoned. Antares (49.28%) says no more capital goes to West Wharton for now; Outlar-1 should repay all capital deployed there.
4 Mar 2009drilling progress report● Neutral
Stewart-1 sidetrack reached its preliminary depth of 11,900 ft on time and under budget. Logging is about to begin, with no results yet.
24 Feb 2009drilling progress report● Neutral
Stewart-1 sidetrack has reached 10,398 ft and is running casing, before drilling on to about 11,900 ft. No new results.
17 Feb 2009drilling spud● NeutralMajor
The Stewart-1 sidetrack began drilling on 15 February 2009 and is at 8,600 ft, targeting 11,700 ft. Antares holds 49.28%. It targets the channel sand missed by the original well, about 900 ft north.
28 Jan 2009quarterly activities report● Neutral
December quarter: receipts $3.19m, operating cash flow $2.03m before exploration, and cash peaked at $8.62m. Antares raised its Stewart-1 sidetrack interest from 26.25% to 49.28%, but the sidetrack missed its November start and is now expected in February. 991,211 notes were bought back.
13 Jan 2009other● Neutral
Notice that quarterly convertible note interest of $0.0504 per note is payable 30 January 2009 (record date 23 January). Administrative; no new substance.
4 Nov 2008director officer appointment● Neutral
Hugh Lennerts appointed Company Secretary, replacing David Rich in that role. Administrative handover following Rich's resignation.
31 Oct 2008quarterly activities report▲ Good
September quarter: receipts rose 206% to $3.1m with operating cash flow of $1.2m, and 204,804 convertible notes were bought back at about $0.715. The Jackson sand test at Stewart-1 failed; Antares now expects a sidetrack in November 2008. Admin costs fell 52%.
7 Oct 2008other● Neutral
Notice that quarterly convertible note interest of $0.0504 per note is payable 31 October 2008 (record date 24 October). Administrative; no new substance.
25 Sept 2008director officer appointment▼ Bad
CFO and Company Secretary David Rich, with the company over six years, has resigned to become CFO of Tap Oil. He will stay to help find replacements and leaves no later than 19 December 2008.
8 Sept 2008half year report● Neutral
Half-year to 30 June 2008: loss after tax $1.547m, with operating profit of $2.0m and revenue up 100%. Includes a $0.54m exploration write-off, mainly Freeborn-1, and a $0.26m impairment. New Taiton interest assigned to operator in return for waiving amounts owed. Stewart-1 sidetrack now targeted for Q4 2008.
3 Sept 2008investor presentation● Neutral
Good Oil Conference presentation by CEO Cruickshank repeating known highlights: reserve increases, farm-out efforts at Yellow Rose and Shaeffer Ranch, cost cuts and the HEP investment. New figures: 184m shares and $5.1m cash at 1 Sept 2008, no bank debt.
25 Aug 2008capital raising announcement▲ GoodMajor
Antares will place 24 million shares with US investor HEP Oil at $0.10 to raise $2.4m, a 43% premium to the prior close, mainly to fund Yellow Rose. HEP will hold about 13% afterwards.
What it means for a shareholder
24.0m new shares at A$0.100 to raise about A$2.4m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00624% to 0.00543% of the company. To keep it you'd need 1,498 more shares - about A$150 at the issue price.
Create a free account to see this worked out for your own holding.
21 Aug 2008resource reserve update▲ GoodMajor
Independent estimate at 30 June 2008 by LaRoche: proved oil reserves up over 85% and proved gas up over 225% since the end of 2007. 2P future net cash flow is about USD44.4m (PV10 USD26.9m). Driven by Harrison-2 and high prices.
31 July 2008quarterly activities report▲ Good
June quarter: receipts rose 88% to $1.0m with positive operating cash flow. Harrison-2 has averaged 273 bbl/d and 920 Mcf/d since 21 May and is expected to add over $1.2m next quarter. Antares declined to fund fraccing of Stewart-1's Jackson sand.
11 July 2008other● Neutral
Notice that quarterly convertible note interest of $0.0504 per note is payable 31 July 2008 (record date 24 July). Administrative; no new substance.
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.
