9 Jan 2008drilling progress report● Neutral
Freeborn-1 is in pressure build-up, with fracture stimulation planning under way. Outlar-1 is steady at 3.2 MMcf/d and 200 bbl/d. Harrison-2 is at 4,792 ft toward a 13,000 ft target.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
9 Jan 2008other● Neutral
Notice that the convertible note interest of $0.0504 per note is payable 31 January 2008 (record date 24 January). Administrative; no new substance.
8 Jan 2008capital raising announcement● Neutral
Antares is making its first draw on the Cornell equity line, issuing A$300,000 of shares at a 2% discount to the lowest daily VWAP, provided VWAP stays above 40 cents. A 3% commission applies. A small raise, in line with the December facility.
7 Jan 2008well test result● NeutralMajor
The first Freeborn-1 test, a 15 ft interval near 14,700 ft, flowed gas and load water at an unstable rate. The company blames likely near-wellbore damage and plans fracture stimulation. It calls the unstimulated flow encouraging, but there is no proven rate yet.
2 Jan 2008drilling progress report▲ Good
Freeborn-1's rig has been released and the first interval will be perforated Friday. Outlar-1 has stabilised at 3.44 MMcf/d and about 215 bbl/d. Harrison-2 (75%) was spudded 30 December.
19 Dec 2007drilling progress report● Neutral
Freeborn-1 tie-back casing is being run ahead of testing. Outlar-1 is flowing at about 2.5 MMcf/d and 150 bbl/d on a small choke while rates are optimised. The Harrison-2 rig is arriving, with spud expected next week.
19 Dec 2007asset acquisition disposition▲ GoodMajor
Sale of the Anadarko basin (South Goodwin) assets to Exoma Energy settled for USD4.35m, with USD3.9m received on top of the USD450,000 deposit. Effective date is 1 December 2007. It completes the July agreement and brings cash in.
18 Dec 2007production update▲ GoodMajor
Outlar-1 (West Wharton) began production at 2.4 MMcf/d of gas and 158 bbl/d of condensate, with no water, ending the wait for the pipeline. Antares' interest fell from 30% to 26.25% at first sales. Follow-up wells are planned.
18 Dec 2007capital raising announcement▲ GoodMajor
Antares secured an A$20m equity line with Cornell Capital (YA Global) over 36 months. It can draw up to A$300,000 per 10 trading days at a 2% discount to the lowest daily VWAP, with a 3% commission. It is optional funding, not cash raised.
12 Dec 2007drilling progress report● Neutral
Freeborn-1 has only 15 ft of obstruction left to clear before testing. Outlar-1 pipeline is pressure tested, with production expected this weekend. The Harrison-2 rig is due late next week.
6 Dec 2007asset acquisition disposition▲ Good
Antares received a final USD882,000 and a full mutual release from Zorlu, closing out the 2005 sale of its Turkish subsidiary. With USD695,000 received in October, success fees total USD1.577m, against up to USD4.4m originally possible.
5 Dec 2007drilling progress report● Neutral
Freeborn-1 hole clean-out is nearing completion, with logging and tie-back casing still ahead of testing. Outlar-1 pipeline is almost finished, with production expected next week. Harrison-2 drilling is due this month.
28 Nov 2007drilling progress report▼ Bad
Freeborn-1 testing is delayed because cement left in the hole after liner setting is being drilled out. A tie-back casing string must still be run before perforation. Outlar-1 start-up is still scheduled for early December.
21 Nov 2007drilling progress report● Neutral
Freeborn-1 testing is now expected the week after the 25 November holiday. Outlar-1 pipeline trenching is under way, and the Harrison-2 location is built with drilling due in December. Nothing new in substance.
19 Nov 2007asset acquisition disposition▼ BadMajor
IPR has withdrawn its offer to sell its Kenedy Ranch Group A interest, ending the deal announced 10 October that would have lifted Antares from 5% to 60%. Antares stays at 5% in Group A and 50% in Group B and is weighing options, including drilling Group B.
14 Nov 2007drilling progress report● Neutral
A liner was run and cemented at Freeborn-1 (50%), with testing expected after the 22-25 November holiday. Outlar-1 is still waiting for its pipeline, and Harrison-2 (75%) is due to start drilling in December. No new results.
14 Nov 2007other● Neutral
Antares cancelled 26,875 shares under its on-market share buy-back, notified to ASIC by Form 484. Administrative; no new substance.
7 Nov 2007drilling result▲ GoodMajor
Freeborn-1 reached 16,030 ft. Logs show potential gas sands across four intervals between 14,180 and 14,760 ft with good reservoir quality. A liner will be run to test about 75 ft of net sand. Also, a Harrison-2 appraisal well at Oyster Creek (75%) is planned before year end.
31 Oct 2007drilling progress report▲ Good
Freeborn-1 hit a thick, apparently unconsolidated sand at 14,500-14,900 ft with strong gas shows. Sand was the main pre-drill uncertainty, but commerciality awaits logs and tests. Outlar-1 pipeline is still awaiting written approvals.
31 Oct 2007quarterly activities report▲ Good
September quarter report: Outlar-1 flowed 1.7 MMcf/d and 120 bbl/d and awaits a roughly USD82,000 net pipeline. Freeborn-1 was at 15,476 ft with encouraging sand and gas. Largely repeats announced news.
24 Oct 2007drilling progress report● Neutral
Freeborn-1 is at 12,715 ft after setting a second intermediate casing 300 ft higher than planned because of heavy mud needs. No change to the program. Outlar-1 pipeline route chosen, with the operator estimating 4-8 weeks to production.
17 Oct 2007drilling progress report● Neutral
Freeborn-1 is at 11,559 ft with high mud gas, and the Wilcox section is expected within a week. Outlar-1 is shut in awaiting a pipeline. Its unusually rich gas should favour a high-BTU sales line.
15 Oct 2007flow test result▲ GoodMajor
Outlar-1 flowed about 1.7 MMcf/d of gas and 120 bbl/d of condensate with no water on a restricted choke, at over 7,000 psi. The company believes a higher rate is sustainable. Well is shut in pending a pipeline. Confirms a West Wharton discovery (30%).
10 Oct 2007asset acquisition disposition▲ GoodMajor
Antares agreed to buy IPR's (formerly Santos USA's) interest in Kenedy Ranch Group A, lifting its stake there from 5% to 60%, and will become operator. This enables testing of the gas sands found in KMF 228-1, with another well planned for early 2008. Price not stated.
10 Oct 2007drilling progress report● Neutral
Freeborn-1 set intermediate casing at 8,659 ft, slightly shallow because of high Queen City gas. The company says the forward program is unaffected. Outlar-1 testing has just begun.
3 Oct 2007drilling progress report▲ Good
Freeborn-1 is at 8,621 ft, with high gas in the Queen City sandstones requiring heavier mud. The company calls the hydrocarbons encouraging but it is too early to judge commerciality. Outlar-1 needed a remedial cement squeeze, and testing should start soon.
3 Oct 2007other● Neutral
Notice that the quarterly interest of $0.0504 per convertible note is payable 31 October 2007 (record date 24 October). Administrative; no new substance.
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.
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.