Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 July 2011drilling progress report▲ Good
Big Star's first well, Stuart 12 No. 1, is producing commercial oil and gas, with 75-150 boe initial rate expected. Acreage is over 17,500 gross acres. The company says 3P potential is over 30 MMboe, though no reserves are booked yet.
12 July 2011drilling progress report● Neutral
Lonestar No. 1 makes about 100 boepd, with the company expecting the 132 bopd type curve; Cottonwood and Smith No. 1 are flowing back. Newbrough No. 1 is slow to clean up because of shallow water. Harrison-3's F41 reservoir showed damage or low permeability and will be fracked 26 July.
6 July 2011drilling progress report▲ Good
Permian land position has passed 26,500 net acres, with 30,000 expected; Big Star is now 15,000 gross acres at 75% WI. At Southern Star, Antares is drilling Ray No. 3 to offset a neighbour's well that tested 426 bo and 875 mcf in 24 hours.
28 June 2011drilling progress report● Neutral
Cozart A No. 1 (Northern Star, 100%) is past 5,000 ft toward 12,700 ft. Stuart 12 No. 1 and Cottonwood No. 1 fracs are underway, Smith No. 1 reached 10,305 ft, and Lonestar No. 1 is still cleaning up. No stabilised rates yet.
21 June 2011drilling progress report▲ Good
Cozart A No. 1 started drilling (3,100 ft; 12,700 ft planned) and Simmons 27 No. 2 started at Big Star. Esmond 20 No. 1 reached 11,023 ft with shows; Smith No. 1 hit 10,305 ft. Lonestar No. 1 clean-up is called encouraging, but no stabilised rate yet.
14 June 2011drilling progress report▲ Good
Antares will drill four Big Star evaluation wells, adding Cline 46 No. 1 and Simmons 27 No. 2, citing positive indications. Smith No. 1 reached 10,300 ft, and Esmond 20 No. 1 is near its 11,000 ft depth. Newbrough No. 1 and Lonestar No. 1 are still cleaning up.
7 June 2011drilling progress report● Neutral
Big Star leased acreage has grown to about 11,000 acres, above the 10,000-acre goal. Stuart 12 No. 1 frac has slipped to 30 June; Lonestar No. 1 was fracked and is flowing back. Cozart No. 1 at Northern Star is to start in about 7-10 days.
31 May 2011drilling progress report▲ Good
Permian update: Newbrough No. 1 is still cleaning up with rising oil rates. Stuart 12 No. 1 hit 11,300 ft with shows in many zones and a frac set for 20-21 June. Big Star acreage reaches over 8,500 acres. No stabilised rates yet.
25 May 2011drilling progress report▲ Good
Antares added 4,428 contiguous acres at Northern Star, taking it to over 12,400 acres, and Big Star reaches over 8,000. Newbrough No. 1 flowed first oil during clean-up; Harrison No. 3 pressures topped 9,000 psi. Company-stated 3P potential is over 35 MMboe.
16 May 2011drilling progress report▲ Good
Multi-project Permian update: first Northern Star well Newbrough No. 1 (100%) fracked and cleaning up; Big Star Stuart 12 No. 1 spudded; Lonestar No. 1 (50%) reached 10,323 ft with good shows. Big Star leases grow to over 7,100 acres. No production rates yet.
27 Apr 2011farm in farm out agreement▲ GoodMajor
Antares set up a 30,000-acre area of mutual interest in the northern Midland Basin with a local operator, acquiring 75% of leases in it. Over 6,000 acres are leased, with over 10,000 expected; drilling starts June 2011 at about USD2.0m per well. It builds on the Permian entry.
12 Apr 2011drilling result▲ GoodMajor
Harrison No. 3 reached 13,453 ft and logs confirm oil and gas in all three targets (F41, Anomalina C and B). The F41 will be perforated and put on production; initial rates to be announced. This resolves the well's drilling thread; weekly updates end.
6 Apr 2011drilling progress report▲ Good
Harrison No. 3 (Antares 67.5%) is drilling at 12,712 ft through the target sands with multiple oil and gas shows. Planned total depth is 13,600 ft, with logs to follow. Shows only; no result yet.
30 Mar 2011drilling progress report● Neutral
Intermediate casing on Harrison No. 3 was cemented and tested at 11,500 ft; drilling ahead at 11,600 ft. The Anomolina B sand is expected at about 12,200 ft. No new result.
23 Mar 2011drilling progress report● Neutral
Harrison No. 3 is at 11,500 ft, setting intermediate casing. The first target, the Anomolina B sand, is expected at about 12,200 ft. No new result.
16 Mar 2011drilling progress report● Neutral
Harrison No. 3 surface casing was set at 5,100 ft and the well is drilling ahead at 7,700 ft. Plan unchanged: intermediate casing at about 11,500 ft, total depth 13,600 ft.
9 Mar 2011drilling progress report● Neutral
Harrison No. 3 reached 5,100 ft and is setting surface casing. Next it drills to about 11,500 ft for intermediate casing; planned total depth stays 13,600 ft. No new result.
3 Mar 2011drilling spud▲ GoodMajor
Drilling began on Harrison No. 3 at Oyster Creek (Antares 67.5%, Slawson operator), now at 2,412 ft with planned depth of 13,600 ft. It targets the F41, Anomolina C and B sands seen in Harrison No. 2, which makes 222 boe/d.
15 Sept 2010drilling result▲ GoodMajor
No. 7H reached 15,417 ft with over 4,500 ft of Eagle Ford drilled and strong shows throughout. The data room for the Yellow Rose and Bluebonnet sale is open with strong interest, tentatively closing 20 October. Operational updates on these projects stop meanwhile.
9 Sept 2010drilling result▲ GoodMajor
Petrohawk completed the Donnell 457 No. 1H, the first Term Assignment well, at 563 bo/d and 3,628 mcf/d (1,168 boe/d) over 24 hours. This resolves the frac thread; Antares gets a post-payout back-in interest. Petrohawk is now drilling the Dilworth No. 1H, planned at over 8,000 ft lateral.
8 Sept 2010drilling progress report● Neutral
No. 7H is at 14,100 ft with continuous high gas readings through the Eagle Ford. Planned depth is about 15,000 ft. No flow result yet.
2 Sept 2010drilling progress report● Neutral
A whipstock was set at about 10,000 ft and horizontal drilling began on No. 7H, now at 11,776 ft with high gas readings. Thirty cores are being analysed. No flow result yet.
25 Aug 2010drilling result▲ Good
Logs from No. 7H's 10,965 ft pilot hole show the Eagle Ford is 161 ft thick with porosity over 15% and strong mudlog shows. Up to 30 sidewall cores are being taken, then a lateral of over 4,500 ft will be drilled.
18 Aug 2010drilling progress report● Neutral
No. 7H has been drilled to 4,860 ft, where surface casing is being set and cemented. The pilot hole and coring plan is unchanged. No new result.
12 Aug 2010drilling progress report● Neutral
The Nabors F07 rig has moved to the No. 7H site, with drilling to start shortly. A pilot hole through the Eagle Ford will gather logs and cores. No new result.
4 Aug 2010drilling result● Neutral
No. 6H finished drilling, with casing cemented at 14,792 ft and a lateral over 4,000 ft. The rig is about to move to No. 7H, which will have a pilot hole and core sampling to inform future fracs.
21 July 2010drilling progress report● Neutral
No. 6H is past 10,000 ft, having drilled over 7,000 ft in a week, and has set surface casing. A bit trip is under way for directional tools. No new result; quarterly report promised with well results.
14 July 2010drilling spud● Neutral
No. 6H spudded and is past 3,000 ft, planned to over 14,500 ft with a roughly 4,000 ft lateral. No. 4H is flowing to sales on a restricted 14/64" choke while still cleaning up, with results called encouraging. No rate given; results due in the quarterly.
7 July 2010drilling progress report● Neutral
No. 4H flowback is on schedule on a restricted choke, designed to protect reservoir pressure. No. 5H production casing is cemented at 15,336 ft. The rig is moving to No. 6H, with spud expected within a week. No rates given.
30 June 2010drilling result▲ Good
The 15-stage frac on No. 4H is complete and flowback has started. No. 5H finished at 15,336 ft with a lateral over 4,100 ft, longer than planned. The rig moves to No. 6H, with drilling due in about ten days.
