Will need a few more wells before a takeover I think. But a good...

Will need a few more wells before a takeover I think. But a good analogue is the Common Resources acquisition by Talisman. US$360 million paid for 37,000 net acres in McMullen and La Salle County which is identical to Antares. Similar production also about 2,000 barrels.

The Common Resources deal done at US$9800 per acre or A$11,500. Value of Antares currently A$6,700 so big difference in values for what is essentially the same acreage in the oil window. Share price of Antares based on Common Resources deal would be 96 cents per share.

The move of the Australian dollar against the US will also help potential US acquirers as the dollar and thus acquisition value has depreciated 10% over the past month with the dollars move from Aud/Usd$0.94 to Aud/Usd$0.85.