weekly operational report

ASX/NEWS RELEASE 7 JUNE 2012
WEEKLY OPERATIONAL REPORT
The Directors of Antares Energy Limited (ASX:AZZ) advise of the following operational activities
conducted during the previous week in the company’s core Midland Basin producing assets.
PROJECT: NORTHERN STAR
WELL: ARCHER 16 NO. 1
WORKING INTEREST: 100%
LOCATION: DAWSON COUNTY, TEXAS
The flow back of fluids used to fracture stimulate the Archer 16 No. 1 continues. The peak 24-
hour initial production rate was 117 barrels of oil per day (BOPD). Assuming a gas to oil ratio
(GOR) of 1,000 standard cubic feet per barrel of oil (SCF/BO) the 24-hour peak IP in barrels of
oil equivalent (BOE) was 137 BOEPD. The well has been producing for 20 days with a 20-day
IP rate of 65 BOEPD.
This commercial result significantly derisks the 12,400-acre Northern Star project area and
effectuates the drilling of additional Northern Star wells this year. 3P net reserve potential of
the 310 wells drilled on 40-ac spacing is between 29 million barrels of oil equivalent (MMBOE)
and 40 MMBOE assuming estimated ultimate recoveries (EURs) of 125 MBOE and 175 MBOE
per well respectively.
PROJECT: SOUTHERN STAR
WELL: RAY NO. 5
WORKING INTEREST: 97%
LOCATION: HOWARD COUNTY, TEXAS
The Ray No.5 continues to impress with outstanding production throughout its first month. While
production attributable to the Ray No. 5 has to be estimated because existing wells are producing
through common surface facilities, the production prior to the commencement of the Ray No. 5
was approximately 100 BOEPD. Current production from the
entire Ray lease is in excess of 600
BOEPD, which is largely attributable to the Ray No. 5 (> 500 BOEPD). This is the largest 30-day
IP rate achieved by Antares to date in the Permian Basin