agm moving forward

Well Im back home after 2 days in perth.

I managed to gain quality time not only with Howard but with David Scull (the new ventures manager) and I was impressed by both people.

I will systematically go through the companies projects and add any additional information that I can.

Oyster creek - Firstly I was impressed how they are going to co-produce the wells.The zones will not be intermingled as the pressure diferences may not allow this.The dual completion is very clever.
It was interesting to hear not only an appraisal well for Harrison 1 and probably Scott 2, BUT further EXPLORATION wells for this oyster creek lease.
(no indication of field size BCF)

New Taiton - They dont seem concerned that the well didnt reach the anticipated total depth.They remain confident of a good commercial outcome.As per tentative forecast a follow up well due for end of year.
Well design may be altered to address issues in first well.
(no indication of field size BCF)

Shaeffer ranch - Two further wells penciled in to be drilled this year.Zwernemann, small prospect relatively cheap to drill,
Rowena,if significant sands are intersected this should be AT LEAST 200bcf.Antares equity level is unsure at this stage,although I believe this will depend on two things,1)their cashflow position on current wells to be brought into production.ie how much cash oyster creek and garcitas ranch are producing.2)how favourable the farm out terms are.
Lonesome dove - it is possible a further well could be drilled into the future targeting the same structure allbeit in a different location.

Little bear-Garcitas ranch-Information difficult to come by on this one.Firstly management are confident of this being a very successful field.As there are many sands testing has to be methodical and careful.The water produced from the lowest fracced zone is not a problem at this point.
It is not unreasonable to believe that these wells could produce from multiple zones at the initial rate of the 1987 well.(10mmcfd).
The 2000 acres leased is sufficient to cover the INITIAL TARGETED PROSPECTS of these two wells.
Basically you will need to make your own decision on the professionalism and integrity of the management as information could be tight till end of the year on this one.A reasonable deduction would be that potentional reserves would exceed pre drill estimates.

Yellow Rose- The seismic survey is 72 sq miles (46000acres) although antares and sidc have only leased 20000 acres along the trend that interests them.
Pioneer resources is a large US oil and gas production and exploration company.They are paying 1/3 bill for access to all the seismic data.
?? may be possible FUTURE partner ??
Antares and SIDC will be 50/50 in the 20000 acres leased.

Kennedy Ranch-AREA A - Santos are selling all their US assetts lock,stock and barrel.
Antares has NO pre-emptive rights to their 55% wi.
Depending who buys ALL of Santos asetts MAYBE Antares can work with them.
The data collected from kmf-228 will be VERY useful in area B prospects.
I expect nothing on this one till a buyer is found as it could potetially be very sensative.(I wont say anymore on this one.)

Ellis Wells- Didnt get a lot on this one,just that they are expected to be sold soon.(poss 5m)

Porters creek and Wilbeck- These wells are potentially important as they are HELD BY PRODUCTION.I will elaborate further in the next section.

Antares has a VERY STRONG TECHNICAL team.Their strengths are in PROCCESING and INTERPRETATION of SEISMIC.
They are currently SHOOTING their own seismic.
Approx 80% of the areas in this report have had 3d seismic shot.
REMEMBER up until 2000 very very few wells drilled below 10000ft as it was not economic.
I will say no more here.

International Ventures- Very little was said here except that this will only occur in politically stable environments,will target predominately oil,not in deep water and initially 5000-10000 barrels.(down the track)

It is very dificult and not practical to portrey all I have learned in the past little while.
I am just a name at the end of a computer so AS ALWAYS do your own research.
In saying that these guys are a well oiled outfit.

High possibility of a US listing into the future,this could be good for us all.

Their methodical approach to establishing a US oil/gas business is to be commended.They have laid a very strong foundation going forward.This company now has genuine ability to be very successfull,whether that happens remains to be seen.

All the best.