may agm, page-19

gerkin02,

A quote from your post the other day, which says it all really

"You will not see me criticise James as he brought this company back from the brink when it was 5c and struggling to survive.

Even the eagle ford over-riding royalty is worth multiples of the 2008 market cap of $9m.(not bad for an option that they had no chance of exercising).

Th permian basin is a great place to do business and I remain confident that significant value will be unlocked here for Antares."


You mean it was..........

I'm sure you are still well in profit having bought lots of these sub 10 cents.

Lets be totally honest about it thou, I've said this numerous times before. Antares got lucky, happened to be in the right spot at the right moment in time, totally by luck, as they were doing an Edwards play in McMullen County, that just happened to sit under the Eagleford. When Petrohawk unlocked the shale key just as they did with the Haynesville shale.

As you're post says, the term assignment is worth multiple times the price it is being sold for, otherwise why would someone be paying that price for it. Personally I thought it would, in time be worth $50M+ in value to the shareholders. Money they will now never see.

As to the last bit, you might be happy because of your low buy in price, but you've losing out on much much more.

Antares term assignment interest was just under 550 net WI acres. So the term assignment was sold for over 18,181 an acre. More than double the price Antares sold the rest to Chesapeake for ($8,600 odd an acre).

So just to put it in contex, Antares just to give shareholders the same value as they had over 2 years ago, will need to generate $360M from the Permian Basin leases.

Add in the intrinsic value that the Eagleford had on top of this, longer term from the revenue stream and I doubt the Permian Basin leases will ever deliver such value.

$360M seems a long way off right now.

They have destroyed shareholder value over the past 2 years and at the same time rewarded themselves handsomely with large pay rises, massive bonuses and so on.

LOTM