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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
28 Apr 2006quarterly activities report● Neutral
March quarter report: KMF 228-1 at 11,002 feet, with 225 Bcf unrisked potential; Group B has three prospects of 40-60 Bcf. Shaeffer Ranch is about 50% acquired, with USD 2.2m net cost to lease selection. Largely restates known information.
26 Apr 2006drilling progress report● Neutral
KMF 228-1 is at 10,525 feet, still drilling toward 18,200 feet. The Shaeffer Ranch seismic survey is about 45% acquired.
19 Apr 2006drilling progress report● Neutral
KMF 228-1 is drilling ahead at 8,650 feet. The Shaeffer Ranch seismic survey is about 40% complete.
18 Apr 2006admin correction● Neutral
Revised version of the 12 April update, deleting the reference to miles of seismic shot. The 20% survey completion figure and other content are unchanged.
12 Apr 2006other● Neutral
Antares has moved its West Perth office to Level 2, 5 Ord Street; phone, postal and email details are unchanged. Administrative only.
12 Apr 2006drilling progress report● Neutral
KMF 228-1 (Antares 5%) is drilling at 4,042 feet toward 18,200 feet. The Shaeffer Ranch 3D seismic survey is about 20% acquired, with the first 10% of data in processing.
7 Apr 2006production update▲ Good
Ellis-4 in Oklahoma (Antares 79.46%) has started selling gas at 1.3 MMcf/d, above the 0.9 MMcf/d stabilised test rate reported in March. Management says it will inform the economics of future Morrow drilling.
7 Apr 2006other● Neutral
Notice of the quarterly convertible note interest payment of $0.0488 per note, paid 28 April 2006 (record date 21 April). Administrative only.
4 Apr 2006capital raising announcement● Neutral
Antares cancelled 66,000 shares bought back on-market for $28,930, part of its ongoing buy-back. Routine share-count housekeeping.
4 Apr 2006security holder rights change● Neutral
Of 1,010,000 performance rights eligible, 101,000 vested and 909,000 lapsed. Antares intends to match any shares issued on exercise with on-market buy-backs, so existing shareholders are not diluted.
4 Apr 2006drilling spud● NeutralMajor
The KMF 228-1 well in Kenedy County, Texas, spudded 3 April 2006 and should take about 80 days to reach 18,200 feet. Antares holds 5%; Santos USA operates. The unrisked potential is 225 Bcf, but the company calls it high risk.
31 Mar 2006director officer appointment● Neutral
Managing Director Howard McLaughlin's contract is extended to 30 June 2008 at $390,000 a year in total remuneration. Administrative continuity of existing leadership.
30 Mar 2006investor presentation● Neutral
Conference presentation repeating the known US strategy and projects. It cites $38m cash with no bank debt, 160 million shares, and 5 million convertible notes at $2.00 with a 10% coupon. Nothing new is announced.
28 Mar 2006joint venture update▲ Good
3D seismic acquisition has started at Shaeffer Ranch as planned and should take about two months. Antares and San Isidro hold options over about 50,000 acres (92% of the survey area) until January 2008. Continues the February agreement.
16 Mar 2006half year report● Neutral
Half-year to December 2005: profit after tax of $6.7m, driven by a $20.6m after-tax gain on the Turkish subsidiary sale. $12.9m of exploration was written off, mostly Ellis County, and sales revenue from four US wells was $492,000.
14 Mar 2006well test result▲ GoodMajor
Kelln Trust #5-1 in Ellis County, Oklahoma, (Antares 34%, operated by Mewbourne) is producing gas and condensate from the Atoka formation at 1.0 MMcf/d and 84 barrels of condensate a day, and is now generating revenue. This follows an earlier disappointing deeper zone.
9 Mar 2006well test result▲ GoodMajor
Ellis-4 in Oklahoma (Antares 79.46%) flowed gas at about 1.7 MMcf/d on test, stabilising at about 0.9 MMcf/d, and is being tied into the sales line. Ellis-3 is to be abandoned; the company says faulting explains the mixed results across the Ellis wells.
15 Feb 2006capital raising announcement● Neutral
Antares cancelled 300,000 shares bought back on-market for $118,500, as part of its ongoing buy-back. Routine share-count housekeeping.
3 Feb 2006joint venture update▲ GoodMajor
Antares signs a 50/50 deal with San Isidro to fund an 85 square mile 3D seismic survey in South Texas (Shaeffer Ranch). Antares' cost to the point of choosing leases is about USD 2.2m. It secures lease options over about 43,000 acres until January 2008.
31 Jan 2006quarterly activities report▲ Good
December quarter: the Turkish subsidiary sale to Zorlu closed for USD 40.4m (about A$21m after-tax profit), leaving A$42.6m cash and no bank debt. Antares holds 25% of New Taiton and 5% of Kenedy Ranch Group A, with a Santos-operated well planned.
31 Jan 2006farm in farm out agreement▲ GoodMajor
Adelphi Energy, announcing under a letter of intent, will take a 25% interest in the New Taiton gas prospect in Texas, with Antares also taking 25%. Mean potential is 40 BCF; drilling is expected in the first half of 2006. This is Adelphi's announcement, not Antares'.
31 Jan 2006farm in farm out agreement● Neutral
Antares lodges an extract of Adelphi's announcement on the New Taiton prospect, in which Antares holds a 25% working interest. Mean potential is 40 BCF, with drilling expected in the first half of 2006. Largely repeats the Adelphi release.
10 Jan 2006other● Neutral
Notice of dates for the quarterly interest payment on Antares convertible notes: $0.0504 per note, paid 31 January 2006 (record date 24 January). Routine administrative notice.