I'm sure some of you will be pleased to know that the Dilworth 1H well has reached (according to my calculations) the point of payback :) :) in late September and should have contributed a few $ to the quarterly accounts (provided of course Antares still owns it).
Going forward the Dilworth well on the 6.67% working interest should be providing the company with around $48K of net revenue, add another $20K net for the Donnell 457 well and its not a bad little income to be getting (yes it will decline all the time and be dependent on the price of oil and gas, but it needs no capital investment and will net the company on my projections a combined $3M net over 20 years!!).
Just imagine how much it would have yielded if the reports of the company retaining a 50% WI had been close to the mark - those 2 wells would have yielded a net $22.5M with the potential of another 98 wells still to come.
However Antares used smoke and mirrors to keep shareholders in the dark as to its true position there and never tried to correct material it itself decided to publish & highlight on its own website from Paterson Securities.
I wonder just how much it sold those leases to Petrohawk for, in comparison to what they would be worth now?? peanuts
I have a feeling that since Antares don't talk about the term assignment at all now, that it's been quietly sold, Otherwise you'd surely want to keep your shareholders updated on something generating $500K this year and more than that next year. But there again this is Antares.
LOTM
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