Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 May 2008investor presentation● Neutral
Conference presentation by Howard McLaughlin repeating known project details. It states cash of A$4.3m at 31 March 2008, no bank debt, 159m shares and 10.5m convertible notes, with plans for a well every three months at West Wharton.
23 May 2008director officer appointment● NeutralMajor
Executive Director James Cruickshank will become Managing Director and CEO from 1 July 2008, as Howard McLaughlin's contract expires 30 June and he had said he would not renew. Cruickshank's terms stay the same.
23 May 2008production update▲ GoodMajor
Harrison-2 (75%) was perforated over five feet and put on sales, producing about 400 bbl/d oil and 550 Mcf/d gas on a small choke. It follows the earlier lost hole and sidetrack. Stewart-1 hit an unexpected 10 ft shallow gas sand; target depth 11,900 ft.
14 May 2008drilling spud● Neutral
Stewart-1 at West Wharton (26.25%) spudded 9 May 2008 and has set 13 3/8 in casing at 3,055 ft. Harrison-2 pipeline is being laid, with first-zone perforation expected before end of May.
7 May 2008drilling progress report● Neutral
Harrison-2 production casing is cemented and the rig released; pipeline and testing of the lowest gas sand are expected by end of May. Stewart-1 rig is setting up and spud is expected within the week.
1 May 2008drilling result▲ Good
Logs on the Harrison-2 sidetrack indicate multiple gas sands, so Antares (75%) will run casing and complete the well. The lowest sand will be perforated after the sales pipeline is extended from Harrison-1. Resolves the earlier well loss in a positive way.
30 Apr 2008quarterly activities report● Neutral
March quarter report: Outlar-1 has produced since 15 Dec 2007 and now makes about 2.8 MMcf/d plus 200 bbl/d condensate. Harrison-2 was lost to a high-pressure kick at 12,924 ft before the sidetrack; Yellow Rose 3D shows about nine prospects, farm-out sought. Cash was A$4.3m per the later presentation.
30 Apr 2008drilling progress report● Neutral
Harrison-2 sidetrack reached final depth of 13,030 ft; logs are being run before a casing decision. The Stewart-1 rig is moving in, with drilling due within days.
24 Apr 2008agm notice● Neutral
Notice of the 30 May 2008 AGM and annual report for the year to 31 December 2007. Resolutions cover re-electing chairman Richard Elliott, ratifying two small share issues (697,675 at $0.43; 229,477 at $0.392) and the remuneration report.
23 Apr 2008drilling progress report● Neutral
Harrison-2 liner set and cemented at 12,050 ft, with a leak-off test next before drilling to 13,000 ft. The Stewart-1 rig is now expected on location 1 May 2008.
16 Apr 2008drilling progress report● Neutral
Harrison-2 sidetrack is at 12,050 ft and an intermediate liner is being set, with wireline logs under evaluation. Target depth remains 13,000 ft. Stewart-1 spud timing unchanged.
9 Apr 2008drilling progress report● Neutral
Harrison-2 sidetrack reached 9,859 ft; an intermediate liner will be set near 11,500 ft before drilling to a 13,000 ft target. Stewart-1 still expected to spud in the second half of April.
8 Apr 2008other● Neutral
Notice that the quarterly convertible note interest of $0.0493 per note is payable 30 April 2008. Administrative; the record date given (23 January 2008) was corrected in the amended notice.
8 Apr 2008admin correction● Neutral
Amended notice corrects the record date for the 30 April 2008 convertible note interest ($0.0493 per note) to 23 April 2008. Administrative; no new substance.
2 Apr 2008drilling progress report● Neutral
Harrison-2 sidetrack began after a window was cut at 7,689-7,700 ft, with at least three weeks of re-drilling expected. Turnkey contract means no direct cost to Antares for the delay (75%). Stewart-1 at West Wharton (26.25%) expected to spud late April; Antares exposure USD1.15m.
1 Apr 2008annual report▼ BadMajor
2007 annual report: the Board calls it a terrible year with a collapsed share price. LaRoche reserves: 1P 0.49 Bcf gas and 22,339 bbl oil; 2P 3.43 Bcf and 44,259 bbl. The board shrinks from five to three, MD McLaughlin will not renew, and costs are cut.
26 Mar 2008drilling progress report▼ Bad
At Harrison-2 the fourth and fifth cement plugs failed to set, so a sixth is planned higher up before milling a casing window. Turnkey contract means no direct cost. Stewart-1 spud still expected in second half of April.
19 Mar 2008drilling scheduled● Neutral
Antares signed the AFE for Stewart-1, the second West Wharton well (26.25%), with spud expected in the second half of April. Its exposure is about USD1.1m drilled and completed. Harrison-2 needed a fourth cement plug for the sidetrack.
12 Mar 2008drilling progress report● Neutral
Confirms Freeborn-1 was suspended on 5 March, with no further reports until activity restarts. Harrison-2 sidetrack preparations continue toward 13,000 ft.
5 Mar 2008drilling result▼ BadMajor
The operator recommended temporarily suspending Freeborn-1 to evaluate the data and seek a farminee for a second well, and Antares agreed. At Harrison-2, Orion reset the cement plug and drilled the sidetrack back down to 8,191 ft, with 13,000 ft the target.
27 Feb 2008joint venture update▼ BadMajor
Antares declined to fund the operator's recommended frac of Freeborn-1's second and third sands, and will seek a farminee for a second Rowena well. Outlar-1 is above 3 MMcf/d (over USD250,000 a month); Stewart-1 is planned for April; Yellow Rose acreage is now about 8,300 acres.
20 Feb 2008drilling progress report▼ Bad
Freeborn-1 is shut in while Antares awaits the operator's recommendation. At Harrison-2, gas influxes and mud losses are delaying the cement plug needed for a sidetrack. Turnkey contract means no direct cost.
18 Feb 2008drilling result▼ BadMajor
Stim-gun perforation of Freeborn-1's second 41 ft sand brought no pressure or gas flow increase, read as very low permeability. Antares believes fracture stimulation would be ineffective. The well's hopes are now in doubt.
13 Feb 2008drilling progress report● Neutral
The next Freeborn-1 test of 41 ft of sand is expected within a week. Harrison-2 is still stuck, now at 8,519 ft, with heavy gas in the mud. The operator may retrieve the pipe or sidetrack. Turnkey contract means no direct cost.
11 Feb 2008drilling progress report▼ Bad
Freeborn-1 casing is partly collapsed at the earlier perforations, so a cast iron plug was set and the next 41 ft of sand will be tested. Harrison-2 remains differentially stuck at 7,915 ft; turnkey contract means no direct cost.
6 Feb 2008drilling progress report▼ Bad
The stim-gun re-perforation at Freeborn-1 could not be done because the guns would not reach the interval. At Harrison-2, drill pipe stuck near 12,924 ft; the turnkey contract means no direct cost to the joint venture.
31 Jan 2008quarterly activities report● Neutral
December quarter report: Outlar-1 has produced over 3 MMcf/d and 200 bbl/d since 14 December. Freeborn-1 has about 75 ft of net sand, but a contractor delay pushed testing to mid-January and a small frac screened out. Mostly repeats announced news.
30 Jan 2008well test result▼ Bad
The first Freeborn-1 fracture attempt on the lowest 15 ft of sand stopped for lack of penetration, suggesting poor connection from near-wellbore damage. The interval will be re-perforated with stim guns. Harrison-2 is at 12,288 ft.
23 Jan 2008drilling progress report● Neutral
Fracture stimulation has begun at Freeborn-1 and should take about two weeks. Harrison-2 is at 9,500 ft, against a programmed 13,500 ft. No results yet.
16 Jan 2008drilling progress report▲ Good
Freeborn-1 fracture stimulation is scheduled for 23 January. Outlar-1 is producing over 3 MMcf/d and about 200 bbl/d, and is now stable so it drops out of weekly updates. Harrison-2 is at 7,321 ft.
