ASX ANNOUNCEMENT MEDIA RELEASE Update in relation to Antares...

ASX ANNOUNCEMENT MEDIA RELEASE

Update in relation to Antares Energy Limited (ASX:AZZ) Sydney, 19 May 2016

Quentin James Olde and Michael Joseph Ryan of FTI Consulting (“the Administrators”), give notice that a meeting of the Committee of Creditors of Antares Energy Limited (“the Company”) held at 5pm this evening, approved a recommendation that the Administrators make an application to the Supreme Court of NSW to extend the voluntary administration convening period for a period of up to 6 months. We anticipate the application to be made early next week. The Administrators consider that an extension of the convening period will provide appropriate and necessary time to undertake investigations into the Company and to pursue an asset sale strategy for the Company’s assets and/or a recapitalisation proposal for the Company, and does not prejudice any of the rights of the Company’s creditors. The Administrators continue to undertake an assessment of the operations and assets of the Company and its subsidiaries. We will continue to communicate directly with creditors, employees and shareholders via the ASX platform on material developments.