4 Mar 2009drilling progress report● Neutral
Stewart-1 sidetrack reached its preliminary depth of 11,900 ft on time and under budget. Logging is about to begin, with no results yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 Feb 2009drilling progress report● Neutral
Stewart-1 sidetrack has reached 10,398 ft and is running casing, before drilling on to about 11,900 ft. No new results.
17 Feb 2009drilling spud● NeutralMajor
The Stewart-1 sidetrack began drilling on 15 February 2009 and is at 8,600 ft, targeting 11,700 ft. Antares holds 49.28%. It targets the channel sand missed by the original well, about 900 ft north.
21 Aug 2008resource reserve update▲ GoodMajor
Independent estimate at 30 June 2008 by LaRoche: proved oil reserves up over 85% and proved gas up over 225% since the end of 2007. 2P future net cash flow is about USD44.4m (PV10 USD26.9m). Driven by Harrison-2 and high prices.
25 June 2008drilling progress report● Neutral
A workover rig is on site at Stewart-1 with equipment delivered. Perforating the Jackson sand is expected within the next week.
18 June 2008drilling progress report● Neutral
The rig has left Stewart-1 and preparations are under way to test the Jackson sand at about 6,800 ft. Tubing is expected in roughly a week before a workover rig arrives.
10 June 2008drilling result▼ BadMajor
Stewart-1 reached 11,922 ft but the targeted Cook Mountain turbidite channel sand was poorly developed, and good sands may have been missed by several hundred feet. The Jackson sand will be tested; a sidetrack is under evaluation. A setback after the Outlar-1 success (26.25%).
4 June 2008drilling progress report● Neutral
Stewart-1 is at 10,210 ft after 7 5/8 in casing was set and a formation integrity test passed. Target depth is 11,900 ft.
14 May 2008drilling spud● Neutral
Stewart-1 at West Wharton (26.25%) spudded 9 May 2008 and has set 13 3/8 in casing at 3,055 ft. Harrison-2 pipeline is being laid, with first-zone perforation expected before end of May.
7 May 2008drilling progress report● Neutral
Harrison-2 production casing is cemented and the rig released; pipeline and testing of the lowest gas sand are expected by end of May. Stewart-1 rig is setting up and spud is expected within the week.
1 May 2008drilling result▲ Good
Logs on the Harrison-2 sidetrack indicate multiple gas sands, so Antares (75%) will run casing and complete the well. The lowest sand will be perforated after the sales pipeline is extended from Harrison-1. Resolves the earlier well loss in a positive way.
30 Apr 2008drilling progress report● Neutral
Harrison-2 sidetrack reached final depth of 13,030 ft; logs are being run before a casing decision. The Stewart-1 rig is moving in, with drilling due within days.
23 Apr 2008drilling progress report● Neutral
Harrison-2 liner set and cemented at 12,050 ft, with a leak-off test next before drilling to 13,000 ft. The Stewart-1 rig is now expected on location 1 May 2008.
16 Apr 2008drilling progress report● Neutral
Harrison-2 sidetrack is at 12,050 ft and an intermediate liner is being set, with wireline logs under evaluation. Target depth remains 13,000 ft. Stewart-1 spud timing unchanged.
9 Apr 2008drilling progress report● Neutral
Harrison-2 sidetrack reached 9,859 ft; an intermediate liner will be set near 11,500 ft before drilling to a 13,000 ft target. Stewart-1 still expected to spud in the second half of April.
2 Apr 2008drilling progress report● Neutral
Harrison-2 sidetrack began after a window was cut at 7,689-7,700 ft, with at least three weeks of re-drilling expected. Turnkey contract means no direct cost to Antares for the delay (75%). Stewart-1 at West Wharton (26.25%) expected to spud late April; Antares exposure USD1.15m.
26 Mar 2008drilling progress report▼ Bad
At Harrison-2 the fourth and fifth cement plugs failed to set, so a sixth is planned higher up before milling a casing window. Turnkey contract means no direct cost. Stewart-1 spud still expected in second half of April.
19 Mar 2008drilling scheduled● Neutral
Antares signed the AFE for Stewart-1, the second West Wharton well (26.25%), with spud expected in the second half of April. Its exposure is about USD1.1m drilled and completed. Harrison-2 needed a fourth cement plug for the sidetrack.
12 Mar 2008drilling progress report● Neutral
Confirms Freeborn-1 was suspended on 5 March, with no further reports until activity restarts. Harrison-2 sidetrack preparations continue toward 13,000 ft.
5 Mar 2008drilling result▼ BadMajor
The operator recommended temporarily suspending Freeborn-1 to evaluate the data and seek a farminee for a second well, and Antares agreed. At Harrison-2, Orion reset the cement plug and drilled the sidetrack back down to 8,191 ft, with 13,000 ft the target.
20 Feb 2008drilling progress report▼ Bad
Freeborn-1 is shut in while Antares awaits the operator's recommendation. At Harrison-2, gas influxes and mud losses are delaying the cement plug needed for a sidetrack. Turnkey contract means no direct cost.
18 Feb 2008drilling result▼ BadMajor
Stim-gun perforation of Freeborn-1's second 41 ft sand brought no pressure or gas flow increase, read as very low permeability. Antares believes fracture stimulation would be ineffective. The well's hopes are now in doubt.
13 Feb 2008drilling progress report● Neutral
The next Freeborn-1 test of 41 ft of sand is expected within a week. Harrison-2 is still stuck, now at 8,519 ft, with heavy gas in the mud. The operator may retrieve the pipe or sidetrack. Turnkey contract means no direct cost.
11 Feb 2008drilling progress report▼ Bad
Freeborn-1 casing is partly collapsed at the earlier perforations, so a cast iron plug was set and the next 41 ft of sand will be tested. Harrison-2 remains differentially stuck at 7,915 ft; turnkey contract means no direct cost.
6 Feb 2008drilling progress report▼ Bad
The stim-gun re-perforation at Freeborn-1 could not be done because the guns would not reach the interval. At Harrison-2, drill pipe stuck near 12,924 ft; the turnkey contract means no direct cost to the joint venture.
23 Jan 2008drilling progress report● Neutral
Fracture stimulation has begun at Freeborn-1 and should take about two weeks. Harrison-2 is at 9,500 ft, against a programmed 13,500 ft. No results yet.
16 Jan 2008drilling progress report▲ Good
Freeborn-1 fracture stimulation is scheduled for 23 January. Outlar-1 is producing over 3 MMcf/d and about 200 bbl/d, and is now stable so it drops out of weekly updates. Harrison-2 is at 7,321 ft.
9 Jan 2008drilling progress report● Neutral
Freeborn-1 is in pressure build-up, with fracture stimulation planning under way. Outlar-1 is steady at 3.2 MMcf/d and 200 bbl/d. Harrison-2 is at 4,792 ft toward a 13,000 ft target.
2 Jan 2008drilling progress report▲ Good
Freeborn-1's rig has been released and the first interval will be perforated Friday. Outlar-1 has stabilised at 3.44 MMcf/d and about 215 bbl/d. Harrison-2 (75%) was spudded 30 December.
19 Dec 2007drilling progress report● Neutral
Freeborn-1 tie-back casing is being run ahead of testing. Outlar-1 is flowing at about 2.5 MMcf/d and 150 bbl/d on a small choke while rates are optimised. The Harrison-2 rig is arriving, with spud expected next week.