new taiton

New Taiton

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High impact Wilcox prospect

The New Taiton Prospect is located in Wharton County Texas, approximately 100km southwest of Houston, and is a well-defined structural play targeting Wilcox Meek, B and C sands at a depth of 14,000 to 17,000 feet (4,270 metres to 5,180 metres). It is situated some 10km from, and on trend with, other existing fields which typically produce 5-7 BCF of gas per well from the same reservoirs being targeted at New Taiton.

The New Taiton prospect has mean potential reserves of 40 BCF of gas and an upside potential of 85-100 BCF depending on how many of the stacked sands contain gas. The prospect is a robust trap clearly defined by 3D seismic and exhibits strong seismic attributes that correspond with the mapped structural closure. A field of this magnitude is likely to require multiple wells.

Additional land acquisition has now been completed and a second similar sized prospect to New Taiton has been mapped and confirmed.

Antares has a 25% working interest in both prospects. An operator with a drilling rig has taken 30% of the remaining equity.
Preliminary indication from the operator suggests the New Taiton prospect will be drilled during the last quarter 2006.

Antares' initial dry-hole cost exposure is expected to be approximately USD 1.2 million, with an additional USD 0.4 million if the well is completed for production.





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