Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Oct 2009drilling progress report▲ Good
The No. 2H has about 2,500 of a planned 3,000 horizontal feet in Eagle Ford, with gas readings over 1,500 units. Casing is planned for next week and the frac is expected in November. EOG and Pioneer are drilling nearby.
15 Oct 2009farm in farm out agreement▲ GoodMajor
Antares raised its Yellow Rose interest from 50% to 75% across the whole 18,274 acres, with SIDC keeping 25%. An 8-inch pipeline of about 5 miles, able to carry over 60,000 Mcf/d, will be built 50:50.
13 Oct 2009drilling progress report▲ Good
The No. 2H has drilled over 1,500 ft of gas-filled Eagle Ford, with gas readings above 1,400 units. The company calls this comparable to producing regional wells.
9 Oct 2009drilling progress report● Neutral
After a bit change the No. 2H continues drilling the Eagle Ford with high gas readings. No new result or depth figure is given.
7 Oct 2009drilling progress report▲ Good
The Frances Dilworth No. 2H hit gas-filled Eagle Ford shale at about 11,100 ft measured depth, with mudlog readings over 1,000 gas units. This is an early drilling indicator only; no flow rate has been tested yet.
5 Oct 2009drilling progress report● Neutral
The No. 2H is drilling at 11,017 ft measured depth, expected to reach the Eagle Ford within 24-48 hours. Petrohawk's Donnell 457 No. 1H frac is tentatively set for 9 November. Antares notes EOG and Pioneer activity near its acreage.
28 Sept 2009drilling spud▲ GoodMajor
Drilling began at the Frances Dilworth No. 2H (75% interest): a whipstock is set in the 7 inch casing and the window is being milled before the horizontal leg starts. This is the Eagle Ford phase following the disappointing Edwards test.
22 Sept 2009drilling scheduled▲ Good
Nabors Rig 322 arrived at the Frances Dilworth No. 2H; the drilling contract and spending approval are signed and a bridge plug is set at about 10,400 ft. Drilling is expected to start 24 September. EOG has permitted a well about 5 miles north.
14 Sept 2009drilling progress report▲ Good
Texas regulator approved the Frances Dilworth No. 2H drilling permit; Nabors rig 322 contract being finalised, with horizontal drilling still on schedule for September. Antares reports interest in over 25,850 Eagle Ford acres including the Petrohawk back-in.
4 Sept 2009drilling scheduled● Neutral
Drilling permits filed for the Frances Dilworth 2H, 3H and 4H; drilling of the 2H is expected in September. Antares reworked its valuation using 4.0 Bcf plus 200,000 bbl per well, claiming 720 Bcf and 36 Mmbo over 180 wells. These are company estimates.
31 Aug 2009drilling scheduled● Neutral
The permit for the Frances Dilworth No. 2H will be filed this week, with drilling expected to start within a month. Antares also published a notional plan of over 180 Eagle Ford horizontal wells, a company estimate rather than a booked resource.
27 Aug 2009drilling scheduled▲ Good
Plan finalised for the Frances Dilworth No. 2H: a whipstock in the 7 inch casing and an approximately 3,800 ft horizontal Eagle Ford leg heading southeast toward Petrohawk's Donnell 457 No. 1H. The 75% interest now covers up to 15 horizontal wells in the 1,280 acres.
24 Aug 2009farm in farm out agreement▲ GoodMajor
Antares lifted its working interest from 50% to 75% in the first Eagle Ford horizontal well and in the 1,280 acres around the Frances Dilworth No. 2 wellbore. It holds 50% in 16,020 other acres. A roughly 4,000 ft horizontal well is being planned.
12 Aug 2009drilling progress report● Neutral
Frances Dilworth No. 2 begins an acid fracture of the Edwards limestone on 12 August, ending phase one testing. Early Eagle Ford core shows over 5% organic carbon, comparable to a nearby Petrohawk well that flowed 8.3 Mmcf/d. A second testing phase is yet to be decided.
20 July 2009drilling spud▲ GoodMajor
Petrohawk began drilling the Donnell 457 No. 1H Eagle Ford well, on the 4,840 acres where Antares gets a working interest back-in after payout. This confirms the Petrohawk well expected in 2H 2009 has started. Antares says it is evaluating more Eagle Ford acreage.
14 July 2009drilling progress report● Neutral
Phase one Edwards testing will start shortly; the partners approved the budget and await the completion rig. The rest recaps a Petrohawk Eagle Ford presentation. Antares expects Petrohawk to drill the Donnell 457 No. 1H in the third quarter.
8 July 2009drilling progress report● Neutral
The Edwards production test plan is set: perforate 65 ft and treat with a 30,000-gallon acid fracture. Contractor bids are being sought, with testing expected in several weeks. An Eagle Ford test may follow depending on the Edwards result.
24 June 2009drilling progress report● Neutral
All processed logs are in and core analysis is partly received. A partner meeting on 29 June will set the production testing program. Petrohawk has filed a permit for the Donnell 457 No. 1H on the acreage where Antares holds a back-in. Antares holds over 13,000 Eagle Ford acres.
15 June 2009drilling progress report● Neutral
Casing was set to about 11,800 ft across the Edwards and Eagle Ford and the rig has left. The design allows vertical testing or a later horizontal Eagle Ford well. A test program is still being planned.
9 June 2009drilling result▲ GoodMajor
Frances Dilworth No. 2 is a gas discovery. Logs confirm 140 ft net Edwards limestone gas pay and 146 ft net Eagle Ford gas shale, well above the pre-drill 50 ft and 75 ft. This resolves the Yellow Rose drilling question; Antares puts Edwards resource potential at 40-80 Bcf.
1 June 2009drilling progress report▲ Good
Frances Dilworth No. 2 stopped drilling at 12,097 ft after the Glen Rose limestone caused fluid loss. Mudlogs suggest over 125 ft of gas-filled Eagle Ford and Edwards shows above expectations. Wireline logs are awaited to confirm.
27 May 2009drilling progress report▲ Good
At 11,430 ft, the rig is changing bits after the Buda limestone. Mudlogs show Edwards limestone gas readings within pre-drill estimates of over 50 net ft of pay. Logs are still needed to confirm.
25 May 2009drilling progress report▲ Good
At 11,197 ft, drilling mudlogs show a gas-bearing Eagle Ford shale over 125 ft thick, versus about 75 ft expected pre-drill. Wireline logs are needed to confirm quality. An encouraging early sign, not yet a result.
22 May 2009drilling progress report● Neutral
The rig is changing the drill bit before drilling the target section, with a 12,500 ft planned depth. Petrohawk is preparing to spud an Eagle Ford well next to the Yellow Rose area. No new well results.
20 May 2009drilling progress report● Neutral
Frances Dilworth No. 2 is at 9,513 ft and drilling ahead. The Austin chalk, Eagle Ford and Edwards are expected at about 10,400, 10,900 and 11,100 ft, likely within the coming week. No results yet.
12 May 2009drilling progress report● Neutral
Surface casing set at 2,526 ft and the well is drilling at 2,945 ft. The Edwards limestone target is expected near 11,000 ft. No results yet; the rest is Eagle Ford sector commentary.
8 May 2009drilling spud▲ GoodMajor
Drilling began on Frances Dilworth No. 2, the first Yellow Rose well (Antares 75%), with a preliminary depth of 12,500 ft. Management says a 40+ Bcf Edwards result would be company-making; the Eagle Ford shale will also be evaluated. Weekly updates follow.
4 May 2009drilling scheduled▲ Good
A turnkey contract with Pioneer Drilling was signed at US$1,030,500, below the US$1.1m planning figure, for the first Yellow Rose well, Frances Dilworth No. 2 (Antares 75%). The rig arrives 4 May, with spud expected by the end of that week.
22 Apr 2009farm in farm out agreement▲ GoodMajor
Antares agreed with SIDC to drill the Yellow Rose Edwards limestone prospect, paying 100% of dry hole costs (under US$1.1m) and 75% of completion to earn 75% working interest, up from 50%. This resolves the farm-out question; drilling is due this quarter, with pre-drill expectations of 40+ Bcf.
9 Mar 2009drilling result▼ BadMajor
Stewart-1 sidetrack is a dry hole: about 22 ft of net gas sand needed fracturing, and the well was deepened to 12,750 ft without further shows, then plugged and abandoned. Antares (49.28%) says no more capital goes to West Wharton for now; Outlar-1 should repay all capital deployed there.
