is 400 bbls per day good, page-13

Level 2, 5 Ord Street Telephone: + 61 8 9324 2177 West Perth WA 6005 Facsimile: + 61 8 9324 1224 Website:www.antaresenergy.comPO Box 690 Email: [email protected] West Perth WA 6872
ASX/NEWS RELEASE 23 May 2008
PROJECTS UPDATE
Project: Oyster Creek
Prospect: Harrison
Well: Harrison-2
Brazoria County, Texas, Slawson Exploration Operator, Antares 75% Working
Interest
The pipeline has been run, connected, tested and buried between Harrison-2 and Harrison-1. The
bottom most gas sand in Harrison-2 was perforated over a five foot interval. After a few hours of initial cleanup the well was turned over to sales.

The current production rate is approximately 400 bbls of oil/day and 550 Mcf/d gas with only
traces of water. The well is currently flowing through a very small choke (8/64") which has been plugging periodically during clean up. It will take several days for the production to stabilise.

Project: West Wharton
Prospect: Stewart
Well: Stewart-1
Wharton County, Texas, CICO Oil and Gas Operator, Antares 26.25% Working
Interest
The Orion rig spudded the Stewart-1well on 9 May 2008. The current depth is 7,040 feet and 9 5/8" intermediate casing has been run and cemented to a depth of 7,030 feet. Drilling to the main objective will commence after a leak off test is conducted to verify the cement job and
casing shoe integrity. Target depth for the well is 11,900 feet.

Strong gas shows were encountered in a shallow horizon during drilling which have been
confirmed by the wireline logs to be a 10 foot gross gas sand. This sand was not expected and is
not related to the main Cook Mt. target. Further work is needed to access the extent of this
accumulation.


Contact:
James Cruickshank, Executive Director, Antares Energy Limited Tel: + (61) (0) 419 903 452 or + (1) 214 762 2202 For more information: www.antaresenergy.com_____________________________________________________________________________


ANTARES ENERGY A.C.N. 009 230 835

Regards a very happy Tinhopper