Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Apr 2007drilling progress report● Neutral
Partner Adelphi reports the Ilse-1 rig was released 4 April, a test program is due for partner review within days, and a Lower Wilcox fracture stimulation is expected. Pipeline access talks are under way. Antares holds 25%. No new result.
11 Apr 2007drilling progress report● Neutral
Scott-2 will be tied to the sales pipeline with Harrison-1, expected May 2007. Garcitas C-1 fracture stimulation of the lowest Wilcox sand has begun, and C-2 is cased with the rig released. Yellow Rose seismic is under way, with Antares exposed to about USD1.25m.
10 Apr 2007farm in farm out agreement▲ GoodMajor
Antares takes a 50% interest in the new Gemini project in Wharton County, Texas, with operator Lighthouse Exploration. The first 8,000 ft well, Castor, targets 5-15 BCF potential. Minimum commitment is about USD 0.85m; interest falls to 45% at first sales.
10 Apr 2007flow test result▲ GoodMajor
Scott-2 flowed gas at 2 MMcf/d with condensate from a 6 ft zone and is deemed a commercial producer (Antares 67.5%). Three more zones remain to test after the pipeline, expected May 2007. Extends the Oyster Creek success after Harrison-1.
4 Apr 2007drilling progress report▲ Good
Garcitas Ranch C-2 reached its programmed depth of 12,530 ft with gas shows as strong as expected, similar to C-1; logs are being run. Scott-2 production testing has begun, and Ilse-1 is cased for a later test.
4 Apr 2007drilling progress report● Neutral
Partner Adelphi repeats Ilse-1 (Antares 25%) status: casing tested, logs run, production tie-back string cemented, and the test program is still being agreed. No new result.
28 Mar 2007drilling progress report● Neutral
Harrison-1 awaits pipeline permits. Scott-2 is being prepared for testing. Garcitas C-1 is readied for fracture stimulation once a pipeline is built. Garcitas C-2 is at 9,530 ft, preparing to drill into the main Wilcox objectives.
27 Mar 2007drilling result▲ GoodMajor
Ilse-1 stopped at about 17,000 ft, short of the planned 17,300 ft, because of over-pressure and safety concerns. Preliminary logs show 10-50 ft of possible hydrocarbon sands in the Lower Wilcox plus Upper Wilcox zones. Testing is yet to be decided.
21 Mar 2007drilling result▲ GoodMajor
Harrison-1 testing is complete; dual completion expected at 4-6 MMcf/d and 100-300 bbl/d condensate, with about six weeks to connect a pipeline. Garcitas C-1 shows possible reservoir damage needing stimulation. Lonesome Dove-1 will be plugged and abandoned after the shallow oil re-completion failed.
16 Mar 2007half year report● NeutralMajor
Six months to 31 Dec 2006: net loss $2.9m, neutral operating cashflow, $13m exploration spend, including a $1.6m unrealised currency loss. Management calls Harrison-1 and Garcitas C-1 discoveries and says Scott-2 is believed to be one. Santos is exiting the US, leaving KMF 228-1 options under review.
14 Mar 2007drilling progress report● Neutral
Partner Adelphi reports Ilse-1 drilled to a provisional 17,000 ft and is preparing wireline logs to evaluate shows. It may be deepened to the planned 17,300 ft depending on the logs.
14 Mar 2007flow test result▲ GoodMajor
Harrison-1's lower Anomalina A zone flowed about 2.5 MMcf/d plus roughly 120 bbl/d condensate on a small choke; upper zone flowed over 2 MMcf/d. Garcitas C-2 started drilling 6 March and is at 5,023 ft.
14 Mar 2007other● Neutral
Administrative notice that 248,600 shares were cancelled via Form 484 under the on-market buy-back. This offsets the shares issued on 26 February for vested performance rights.
7 Mar 2007drilling result▼ Bad
Lonesome Dove-1 will not be sidetracked: the primary target channel is too far away, so a second well is needed. This resolves the earlier sidetrack option negatively. Scott-2 is cased and its rig released; Ilse-1 has elevated gas readings at 15,652 ft.
7 Mar 2007drilling progress report● Neutral
Partner Adelphi reports Ilse-1 (Antares 25%) drilling at 15,652 ft with elevated gas readings over 70 ft near the upper primary target. Significance unknown until logged. Also covers Adelphi's own Sugarloaf-1, unrelated to Antares.
28 Feb 2007drilling result▲ Good
Scott-2 reached 12,800 ft; preliminary logs indicate gas and possibly condensate pay in the primary Frio Anomalina A and B sands, in line with pre-drill expectations. Casing and testing follow. Harrison-1 testing has begun; Ilse-1 is at 13,890 ft.
26 Feb 2007security holder rights change● Neutral
33% of eligible performance rights vested: 339,350 vested and 688,983 lapsed. 248,600 shares were issued to staff on exercise. The company plans to buy back and cancel the same number on-market, so existing holders are not diluted.
21 Feb 2007drilling progress report● Neutral
Harrison-1 production testing has started, taking up to two weeks. Scott-2 is at 12,305 ft with good gas and oil shows. Ilse-1 logs show possible gas in non-primary zones. Operator proposes Garcitas C-2, 1,500 ft from C-1, spudding early March.
14 Feb 2007drilling progress report● Neutral
Scott-2 reached 10,867 ft and 7-inch casing is set at 10,865 ft, with drilling to 12,800 ft planned. Ilse-1 is at 12,994 ft. Harrison-1 still blocked by mud. An early second Garcitas well is under discussion.
7 Feb 2007drilling progress report● Neutral
Harrison-1 still awaiting testing as rain keeps the site too muddy. Scott-2 is at 9,286 ft. Garcitas Ranch C-1 is cased at 12,568 ft; deteriorating hole conditions prevented sidewall cores or formation tests, and the rig is released.
31 Jan 2007drilling result▲ GoodMajor
Garcitas Ranch C-1 reached 13,030 ft; Middle Wilcox gas sands met pre-drill expectations. Casing will be run ahead of testing. The operator declared a 'tight hole', so further details are limited. Management says more wells will be needed.
31 Jan 2007drilling progress report● Neutral
Partner Adelphi reports Ilse-1 cased at 10,636 ft and switching to oil-based mud before drilling ahead toward 17,300 ft. No result.
29 Jan 2007drilling spud● NeutralMajor
Scott-2 (Antares 67.5%) spudded 25 January in an adjacent fault block to Harrison-1, with surface casing set at 2,582 ft. Minimum cost is about USD 1.85m dry. Oyster Creek potential is quoted at 4-20 BCF.
24 Jan 2007drilling progress report● Neutral
Garcitas Ranch C-1 is drilling at 12,255 ft toward 13,000 ft. Harrison-1 testing is delayed by rain damage to the site, and Scott-2 spud is expected this week. Ilse-1 finished its 10,636 ft hole section.
24 Jan 2007drilling progress report● Neutral
Partner Adelphi reports Ilse-1 finished the 12¼-inch section at 10,636 ft; logs and casing come next. Planned total depth is 17,300 ft.
17 Jan 2007drilling progress report● Neutral
Harrison-1 is being prepared for production testing, and Scott-2 spud is expected within days. Ilse-1 is at 9,209 ft, slowed by rig repairs. Garcitas Ranch C-1 is at 10,700 ft; the logs are covered in the separate release.
17 Jan 2007drilling result▲ GoodMajor
Garcitas Ranch C-1 (Antares 23.5%) hit strong gas shows at 10,700 ft in a secondary Upper Wilcox target. Logs show 120+ ft of good net sand, and gas samples were confirmed. The primary objective is still about 1,500 ft deeper.
17 Jan 2007drilling progress report● Neutral
Partner Adelphi reports Ilse-1 at 9,209 ft, 2,023 ft in the week despite rig repairs. Target depth is expected to be reached next month.
10 Jan 2007drilling progress report● Neutral
Harrison-1 is cased at 12,798 ft with gas sands confirmed by sidewall cores; production testing is planned within 10 days. Scott-2 is to spud in two weeks. Lonesome Dove-1 is suspended and the rig released.
10 Jan 2007drilling progress report● Neutral
Partner Adelphi reports Ilse-1 drilling at 7,186 ft. No new result.
