The Antares Energy Limited engages in the production and exploration of hydrocarbon in the United States of America and Turkey. In Australia the company engages only in the exploration activities. USA ACTIVITIES Ellis County, Oklahoma The company has chosen to initially capture acreage and re-drill two old wells that tested gas in Ellis County Oklahoma. The two wells adjacent to Ellis-1 and Ellis-2 originally tested gas to surface at a rate of 1.1 million cubic feet of gas per day and 2.45 million cubic feet of gas per day respectively. The company has drilled four wells (Ellis 1-4) to test the potential of the regionally productive Morrow sandstones in the northern Anadarko basin. The company has accumulated a contiguous land position of approximately 6,000 net acres. Porters Creek and Wilbeck, Texas The company operates both Porters Creek and Wilbeck were farm-in wells to test the Frio and Yegua formation sands in southern Texas. Both prospects had 3D seismic coverage and positive amplitudes and attributes that indicated the presence of gas. Both wells were gas/condensate discoveries in their secondary targets and Porters Creek was immediately put into production. Porters Creek is producing from the secondary target approximately 200-300 Mcf/d and 10-20 bbls of condensate per day. Yukon-1 and Yukon-2, Oklahoma The Yukon play was only partially successful with one of the two wells drilled being devoid of hydrocarbons and the second failed when the horizontal section of the well penetrated a different fault block that was not hydrocarbon bearing. A small amount of 2D seismic data would be needed to lower the risk of this play. A redrill of the Yukon-2 well to access the logged gas pay is being considered. New Opportunities New Taiton, Texas: The company has elected to earn, through drilling, a 25% working interest in this prospect with a net dry hole cost to Antares of approximately USD 900,000. New Taiton prospect is located in the Wharton County, Texas. This is a well defined structural play targeting the proven Wilcox B and C sands at a depth of 14,000 feet to 16,500 feet (4,270 meters to 5,030 meters). This prospect as mapped has a reserve of approximately 85 BCF in three different stacked intervals. Kenedy Ranch, Texas: The company has entered into an agreement to participate in up to six wells in Kenedy County, Texas. The opportunity is divided into two groups (A and B), with the initial three wells in group A operated by Santos USA. The first prospect to be drilled in group A has a potential of 225 BCF. Antares would earn 5% working interest in a combined potential of approximately 300 BCF in group A. Three wells in group B have a combined potential of 200 BCF at an equity level of approximately 50% with prospect sizes in group B varying from 38 BCF to 150 BCF. TURKEY During 2005, the company produced from its three fields a total of 3.2 BCFe. During 2005 Antares drilled one well in Turkey, the successful Adatepe-5 development well, as the exploration focus was on the U.S. Antares has specifically focused on gas exploration in the United States. Sale of Turkish Subsidiary: In August 2005 Antares Energy Limited signed an agreement with Zorlu Petrogas (Zorlu) for the sale of 100% of its wholly owned subsidiary, Amity Oil International Pty Ltd, the principal asset of which is 50% interest in the Thrace Joint Venture in Turkey which contains the Gocerler, Adatepe and Cayirdere gas fields. Zorlu Energy is a major Turkish company with varied interests in the power generation and energy related businesses. AUSTRALIA During 2005, the company and its partners hydraulically fractured the Whicher Range-5 well. The lack of a significant gas flow from the well resulted in partners agreeing to plug and abandon the well and led the Antares Board to decide to exit the project altogether. In June 2005 all interests in the Whicher Range project and associated permits EP408 and EP381 were sold to Oil and Gas Communication Pty Ltd. Antares has also sold all interests in EP425 and sold its royalty interest in PEP138, leaving the Company with no oil and gas interests in Australia. History The company was formerly known as Amity Oil Limited and changed its name to The Antares Energy Limited in November 2004.
antares energy ltd
(AZZ:Australian Stock Exchange Ltd)
63 Hay Street
West Perth, WA 6008
Phone: 61 4 1717 4773
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