Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 June 2013drilling progress report▲ Good
Robinson No. 1 averages 127 boepd over 80 days with a low gas-oil ratio. Robinson No. 2 (100%) spud 15 June, targeting 10,500 ft. Nova 33 No. 1 (20%) was fracced and is producing. Billie Jo 33 No. 2 (20%) reached TD at 10,163 ft.
28 May 2013drilling progress report▲ Good
Robinson No. 1 is improving, with 60-day average 107 bopd (122 boepd) and a lower gas-oil ratio than its neighbours. Debnam 22 will now be deepened and completed. Rigs are being readied for Cozart 11, Pettaway 7 and Robinson No. 2.
10 Apr 2013drilling progress report▲ Good
Cozart 19 No. 1 made 210 boepd in March, the best initial oil producer among Antares' northern vertical wells, and leaves weekly reporting. Robinson No. 1 now makes 61 bopd with first WTG gas sales on 2 April. Nova 33 awaits its frac.
27 Mar 2013drilling progress report● Neutral
Cozart 19 No. 1 averaged 214 boepd in March; pump valve failures were fixed and the WTG gas hookup is near. Nova 33 No. 1 (20%) reached 10,305 ft with good shows, and Robinson No. 1 makes 43 bopd. Billie Jo 33 No. 2 is set for May, Breitburn taking 80%.
14 Mar 2013drilling spud▲ Good
Cozart 19 No. 1 passed 60 days at 170 bopd (194 boepd), so Debnam 22 No. 1 will be fractured to the Cozart design. CrownQuest spud Nova 33 No. 1 (20%) on 6 March, targeting about 10,300 ft. Robinson No. 1 still cleaning up.
6 Mar 2013drilling progress report▲ Good
Cozart 19 No. 1 averaged 152 bopd over its first 30 days and hit a Northern Star record of 304 bopd on day 51. Antares cites W&T's nearby Wolfcamp horizontals and estimates 3,700 MMbo in place at Northern Star; horizontal drilling is contemplated from 2014.
26 Feb 2013drilling progress report▲ Good
Cozart 19 No. 1 averaged 182 bopd for the week. Robinson No. 1 is on pump and connected to the battery. Alamo No. 1 (50%) water squeeze lifted oil from 33 to 139 bopd, resolving the water problem flagged earlier.
20 Feb 2013drilling progress report● Neutral
Cozart 19 No. 1 continues at an average 154 bopd after six weeks, with about 40% of frac water recovered. Robinson No. 1 (100%) was fractured in ten stages and will go on pump shortly; initial rates to be reported later. Debnam 22 now awaits Cozart 60-day data.
13 Feb 2013drilling progress report● Neutral
Cozart 19 No. 1 averaged 154 bopd over 30 days (max 246); oil is 38° API and waxy, and a larger pump may be needed. Robinson No. 1 (100%) reached about 10,500 ft with first-stage perfs shot; frac due late this week. Debnam 22 frac still pending.
21 Dec 2012drilling progress report▲ Good
Cozart 19 No. 1 flowback rates exceeded 50 bopd; Ray No. 6 lease production approaching 140 bopd. Robinson No. 1 drilling at about 8,500 ft with extensive hydrocarbon shows. Stable rates not yet reported; Debnam 22 frac still early 2013.
6 Dec 2012drilling progress report● Neutral
Ray No. 6 plugs drilled out and flowing back; Cozart 19 No. 1 had strong flowback (up to 360 bbl/hr fluid and oil) but is shut in for more tanks. Robinson No. 1, first well on the new Southern Star acreage, to spud mid-December. Debnam 22 frac still pending.
14 Nov 2012drilling progress report▲ Good
Ray No. 6 (100%) frac completed and plugs being drilled out; Cozart 19 No. 1 (100%) completed its largest Northern Star frac, 15 stages. Debnam 22 No. 1 frac now late November. Initial flow rates pending for both.
7 Nov 2012drilling result▲ GoodMajor
Southern Star is now formally held by production after Alamo No. 2 flowed 166 bopd (about 250 boepd). Achieves the goal set when the project was acquired in April 2011; 55+ further wells needed on 40-acre spacing. Resolves the lease-holding thread.
25 Oct 2012drilling progress report▼ Bad
Cozart 19 No. 1 Fusselman test results did not warrant delaying the Wolfberry frac, which moves to 9 November; the data will inform later drilling. Resolves the Fusselman test as unremarkable. Alamo No. 2 still pumping; Ray No. 6 frac 31 October.
11 Oct 2012drilling progress report● Neutral
Ray No. 6 frac slipped again to 31 October. McNew No. 2 flowing back over 100 bopd; Dagwood No. 1 over 110 bopd. Cozart 19 No. 1 being swabbed after acidizing. No official IP rates yet.
3 Oct 2012drilling progress report● Neutral
Ray No. 6 frac moved to 24 October; Cozart 19 No. 1 Wolfberry frac now 7 November after the Fusselman zone was acidized. The reserve update due 30 September is delayed to include recent Southern Star wells, with a results presentation.
27 Sept 2012drilling progress report● Neutral
Dagwood No. 1 flowing back over 100 bopd; McCann No. 2 now flowing oil after four days of frac fluid recovery. Alamo No. 2 frac under way. Cozart 19 No. 1 Fusselman test under way. Official IP rates still pending.
20 Sept 2012drilling progress report● Neutral
Dagwood No. 1 (50%) and McCann No. 2 (50%) fracs done; Alamo No. 2 frac set for 26 Sep, Ray No. 6 mid-October. Cozart 19 No. 1 Fusselman test due in several weeks, Wolfberry frac late October. No new rates.
13 Sept 2012drilling progress report● Neutral
Dagwood No. 1 frac done and flowing back; McCann No. 2 frac finishing. Alamo No. 2 frac set for 26 Sep, Ray No. 6 for mid-October. Cozart 19 No. 1 frac is late October and Debnam 22 No. 1 slipped to mid-November. No new rates.
29 Aug 2012drilling result▲ GoodMajor
With Alamo No. 2 drilled, all drilling needed to hold the Southern Star project by production is complete. Four drilled wells (Dagwood No. 1, McCann No. 2, Ray No. 6, Alamo No. 2) still await fracs. Resolves the lease-holding goal.
17 Aug 2012drilling progress report● Neutral
McCann No. 2 finished drilling at 10,280 ft with hydrocarbons logged; frac set for 26 September. Cozart 19 No. 1 logs and 60 sidewall cores completed. McNew No. 2 flowing 90 bopd. IP rates still pending.
9 Aug 2012drilling progress report● Neutral
Dagwood No. 1 reached 10,297 ft and Cozart 19 No. 1 reached 12,557 ft; Alamo No. 2 started drilling. Debnam 22 No. 1 frac slipped from late August to late October. IP rates for Coyote No. 2, McNew No. 2 and Alamo No. 1 are still pending.
2 Aug 2012drilling progress report● Neutral
Coyote No. 2 pumping equipment installed, IP pending. Dagwood No. 1 is at 8,387 ft, McCann No. 2 at 4,000 ft, Cozart 19 No. 1 at 11,404 ft. McNew No. 2 flowing 66 bopd. No new IP results.
26 July 2012drilling progress report● Neutral
Coyote No. 2 ten-stage frac completed. Dagwood No. 1 (50%) and McCann No. 2 (50%) started drilling, Cozart 19 No. 1 is at 4,803 ft. McNew No. 2 is flowing 50 bopd. No official IP rates yet.
19 July 2012drilling progress report▲ Good
Aloe Vera lease now makes 284 bopd (up from ~100) and Yucca lease averaged 262 bopd over 10 days. Coyote No. 2 and Ray No. 6 finished drilling (10,263 and 10,306 ft); Debnam 22 No. 1 reached 11,482 ft with hydrocarbons logged; Cozart 19 No. 1 spud.
6 July 2012drilling progress report● Neutral
Ray No. 6 spud 30 June, 0.3 miles from Ray No. 5, which averaged over 500 boepd in June. Yucca No. 2 flowing at 80% oil cut and Aloe Vera No. 3 at 50%. Debnam 22 No. 1 drilling at 7,076 ft. No official IP rates yet.
28 June 2012drilling spud● Neutral
Debnam 22 No. 1 started drilling in Northern Star (planned depth 11,500 ft, frac 15 August), the first follow-up to the Archer 16 result. Coyote No. 2 reached 10,263 ft. McNew No. 2 frac is done; Aloe Vera No. 3 and Yucca No. 2 still flowing back.
21 June 2012drilling progress report● Neutral
Aloe Vera No. 3 and Yucca No. 2 (ten-stage frac done) are flowing back. McNew No. 2 is being fracked. Alamo No. 1 frac is set for 10 July. Coyote No. 2 is drilling at 7,197 ft. No rates yet.
13 June 2012drilling progress report● Neutral
Aloe Vera No. 3 frac done and plugs being drilled out. Yucca No. 2 is being fracked. Alamo No. 1 reached 10,260 ft with frac set for 5 July. Coyote No. 2 started drilling. McNew No. 2 frac is scheduled for 20 June. No new production rates.
12 Apr 2012drilling progress report● Neutral
CR-21 No. 4 is drilling near 10,055 ft. Yucca No. 1 frac is underway, Live Oak No. 2 frac is complete, and Cottonwood A No. 1 and Aloe Vera No. 2 are still flowing back with rising oil cut. No rates are given yet.
