http://www.theaustralian.com.au/business/wealth/opportunities-and...

http://www.theaustralian.com.au/business/wealth/opportunities-and-risks-as-big-as-texas/story-e6frgacx-1225759977476


Texas-oriented Antares Energy deserves credit for posting a $600,000 loss last year, a turnaround on the previous $37m loss. Antares's "company making" plays are two partly-owned southern Texan projects, Edwards and Eagle Ford.

Antares sought to raise $6.75m (at 25c a share) to buy Eagle Ford acreage and augment working capital but this month said the placement had been extended to 40 million shares ($10m).

Antares is talking about Edwards as a 40 billion cubic feet to 80 billion cubic feet resource, and Eagle Ford as a 650 billion cubic feet monster across 120 wells. Given Antares is a 30c, $57m market cap stock, the upside is evident. Antares management helpfully leaves nothing to the imagination, suggesting Edwards is worth 64c to $1.27 an Antares share, and Eagle Ford a further $5.29 to $7.41.

Even if Antares's ambitions don't prove to be as big as, er, Texas, the company's $60m market cap supports the notion that when it comes to the oil chase, investors rate the potential of exotic locales much more highly than southern comforts.