Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Sept 2006annual report● NeutralMajor
Profit after tax for the year to 30 June 2006 was $5.5m, driven by the Turkish subsidiary sale. Exploration write-offs and impairment totalled $12.98m after early Ellis wells declined faster than expected. US exploration spend was $12.6m.
13 Sept 2006security holder rights change● Neutral
The board will keep the convertible notes' terms unchanged at the 31 October 2006 reset: 10% interest, 1:1 conversion, next reset 31 October 2009. Noteholders may continue, redeem at $2 or convert. Note funds are intended for development, not exploration.
6 Sept 2006investor presentation● Neutral
Good Oil Conference presentation restates strategy and A$33.7m cash with no bank debt. It cites 2006 estimated profit of A$5m+, a buy-back of 2.5m shares at 39.9c average and market cap of about A$65m. No new well results.
30 Aug 2006drilling progress report▼ Bad
Kelln 94-1 was fracture stimulated and is still flowing back fluids; success will take a few more days to judge. The Harrison-1 rig is having lost-circulation problems at its current well, delaying the spud further.
23 Aug 2006drilling progress report● Neutral
Kelln 94-1 is connected to a pipeline, with fracture stimulation planned this week. The rig for Harrison-1 is still finishing a sidetrack at another well; the Harrison-1 location is ready.
16 Aug 2006drilling progress report● Neutral
Kelln 94-1's Atoka zone is perforated, with fracture stimulation and testing planned. Ellis-2 is now producing about 18 bbl/d oil and is classed as a producing Des Moines well. Harrison-1 is still awaiting a rig.
9 Aug 2006drilling progress report● Neutral
Kelln 94-1 reached 10,400 ft on 3 August; logs show the Atoka present but slightly thinner than Kelln Trust 5-1, and a test program is being prepared. Ellis-2 is producing 20-40 bbl/d oil. Harrison-1 is still waiting on a rig.
2 Aug 2006drilling progress report▲ Good
Kelln 94-1 (Antares 19%) is drilling at 9,800 ft toward 10,400 ft, with strong oil and gas shows. Ellis-2 is re-completed and pumping. Harrison-1 is still expected to spud in August.
31 July 2006other● Neutral
Form 484 notice of 50,000 shares cancelled after on-market buy-back, for $19,250. Routine share-count housekeeping.
31 July 2006investor presentation● Neutral
Managing Director Howard McLaughlin presented at a Sydney conference. It restates a US gas strategy, A$33.7m cash at 30 June 2006 with no bank debt, 158.5m shares and a market cap of about A$65m. Kenedy Ranch KMF 228-1 is shown as suspended; no new results visible.
27 July 2006joint venture update▲ GoodMajor
Antares takes 50% of Yellow Rose, a 61 square mile 3D seismic survey in South Texas, operated by San Isidro, its Shaeffer Ranch partner. Acquisition is tentatively planned for about March 2007; cost to first well is about USD 2.2m net.
26 July 2006farm in farm out agreement● NeutralMajor
Kelln 94-1 spudded 23 July (Antares 19%). Antares farmed out 50% of Section 9, Ellis County, to Mewbourne, which funds 62.5% of the well; Antares keeps 46.3% and a 3% override. Ellis-2 was re-completed to the Des Moines. Harrison-1 slips to August.
19 July 2006drilling progress report▼ Bad
Kelln 94-1 (Antares 19%) is expected to spud around 20 July. Oyster Creek's Harrison-1 spud slips to the end of July because the current well has had minor delays.
12 July 2006drilling scheduled▲ Good
Antares (19%) and Mewbourne pool acreage for the Kelln 94-1 well in Lipscomb County, Texas, offsetting the Kelln Trust 5-1 well, which is producing over 1 MMcf/d. Spud expected shortly; Oyster Creek's Harrison-1 still awaits a rig.
5 July 2006drilling progress report● Neutral
KMF 228-1 suspension is complete and the rig was released on 3 July. Shaeffer Ranch seismic processing is complete and interpretation continues; Harrison-1 at Oyster Creek is still expected mid to late July.
4 July 2006other● Neutral
Notice of the quarterly convertible note interest payment of $0.0504 per note, paid 31 July 2006 (record date 24 July). Administrative only.
3 July 2006drilling result● NeutralMajor
KMF 228-1 was suspended for possible re-entry. Evaluation shows four potential gas-bearing reservoir units, but results were not conclusive enough for all partners to fund further casing. Not a declared discovery or dry hole; the outcome stays open.
28 June 2006drilling progress report● Neutral
KMF 228-1 reached 18,200 feet on 26 June and is being logged. Shaeffer Ranch seismic processing is about 95% done; Oyster Creek's Harrison-1 spud is expected mid to late July.
27 June 2006drilling progress report● Neutral
KMF 228-1 reached its target depth of 18,200 feet; wireline logs and formation testing are under way. Results are not yet known, so the outcome remains open.
26 June 2006capital raising announcement● Neutral
Antares cancelled 1,091,000 shares bought back on-market for about $412,360 under its ongoing buy-back. Routine share-count housekeeping.
21 June 2006drilling progress report● Neutral
KMF 228-1 is drilling ahead at 16,130 feet, toward the 18,200 feet target.
14 June 2006drilling progress report● Neutral
KMF 228-1 liner was re-run, set and cemented at 13,415 feet after the earlier stuck liner; the well is drilling ahead at 13,680 feet.
8 June 2006capital raising announcement● Neutral
Antares cancelled 684,000 shares bought back on-market for $273,679 under its ongoing buy-back. Routine share-count housekeeping.
7 June 2006drilling progress report▼ Bad
At KMF 228-1 (13,415 feet), the 9 5/8 inch liner became stuck while being set, was retrieved, and is being re-run. A minor operational setback.
31 May 2006drilling progress report▲ Good
KMF 228-1 is at 13,415 feet, preparing to log and set a liner. Shaeffer Ranch seismic acquisition was completed 25 May, with initial processing confirming prospects.
26 May 2006farm in farm out agreement▲ GoodMajor
Antares signs a participation agreement with Slawson Exploration to take a 75% interest in the Oyster Creek prospect in Brazoria County, Texas, testing a 13,000 ft lower Frio well. Potential is 4-12 Bcf; minimum commitment about USD 2.2m; spud planned July 2006.
24 May 2006drilling progress report● Neutral
KMF 228-1 intermediate casing was set at 12,115 feet. Shaeffer Ranch seismic acquisition finishes the next day, with initial test processing described as excellent quality.
17 May 2006drilling progress report● Neutral
KMF 228-1 is at 12,050 feet, drilling to intermediate casing point. Shaeffer Ranch seismic is about 77% complete.
10 May 2006drilling progress report● Neutral
KMF 228-1 is at 11,500 feet, replacing the drill bit. Shaeffer Ranch seismic is about 70% complete, still expected to finish by early June.
3 May 2006drilling progress report▼ Bad
KMF 228-1 is at 11,297 feet, with metal left in the hole from a stabilizer being milled out. Shaeffer Ranch seismic is 51% complete, now expected to finish by early June.
