If you look at the AGM presentation, it shows a cash balance of...

If you look at the AGM presentation, it shows a cash balance of US$45M.

I will assume that all wells being drilled and fracced at the time were pre-paid and included in that amount. If not then the following figures will be on the high side.

Cost of Share-buy back since then $3M
Purchase of leases mainly @ Big Star over 5000 net acres @ lets say $1000 per acre = $5M.

Drilling of 8 new well's announced since then, all of which Antares will be paying 90%+ for @ say an average of $2M = $16M

Total outgoing $24M less $2M from cashflow net outgoings $22M.

That leaves the company with approximately $23M in the bank, if they continue with the buy-back and complete it that would eat up another $8.5M. leaving things rather tight going forward if you want to have an agressive drilling campaign over the next few months or want to continue to buy as many acres as possible.

So unless they have some bank borrowing agreements in place soon, I cant see the share buy back continuing much longer. As the cash would be better spent on developing the properties or buying more leases.

LOTM