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ANTARES ENERGY LIMITED
Level 2, 5 Ord Street Telephone: + 61 8 9324 2177
West Perth WA 6005 Facsimile: + 61 8 9324 1224
Website:
www.antaresenergy.com
PO Box 690 Email:
mail@antaresenergy.com
West Perth WA 6872
ASX/NEWS RELEASE 21 March 2007
EXPLORATION UPDATE
Project: Oyster Creek
Prospect: Oyster Creek
Well: Harrison-1
Brazoria County, Texas, Slawson Exploration Operator, Antares 75%
The testing program for Harrison-1 has been successfully completed. The well is likely to be dual
completed and initial production rates are anticipated to be between 4-6 MMcf/d (million cubic feet
per day) and 100-300 bbls of condensate per day. Pipeline connection is likely to take
approximately 6 weeks due to the need to tunnel under a creek and road to reach the sales line.
Project: Oyster Creek
Prospect: Scott
Well: Scott-2
Brazoria County, Texas, Slawson Exploration Operator, Antares 67.5%
The Scott-2 production testing program is waiting for a workover rig to arrive at the site to clean and
prepare the casing prior to perforating. The workover rig is due within the next week.
Project: New Taiton
Prospect: New Taiton
Well: Ilse-1
Wharton County, Texas, S. Lavon Evans, Jr., Operating Company, Inc. Operator, Antares 25%
As reported last week, the Ilse-1 well has reached a provisional total depth of 17,000 feet (5,183
metres) and the forward program was to acquire wire-line logs.
Since that time, the well has continued to slowly flow gas into the well bore which has resulted in the
acquisition of wireline logs being delayed while the gas is circulated out of the well. Pressure
equilibrium is required before the drill string can be safely pulled out of the hole and the logging
program commenced. It may be necessary to run a liner for operational and safety reasons before
wireline logs are acquired.
Project: Little Bear
Prospect: Garcitas Ranch
Well: Garcitas Ranch C-1
Victoria County, Texas, Hollimon Oil Corporation Operator, Antares 23.5%
The testing program has commenced at the Garcitas Ranch C-1 well. Initial pressure build-up data
suggests reservoir damage from drilling. A stimulation program may be required to bypass the
damaged near-well bore sand. It is not unusual for Wilcox reservoirs to require stimulation.
ANTARES
ENERGY A.C.N. 009 230 835
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Project: Little Bear
Prospect: Garcitas Ranch
Well: Garcitas Ranch C-2
Victoria County, Texas, Hollimon Oil Corporation Operator, Antares 23.5%
Garcitas Ranch C-2 commenced drilling on 6 March 2007. Current depth is 5,750 feet. Intermediate
casing was set and cemented to a depth of 5,699 feet. Current operations are preparing to drill
ahead after conducting a leak off test.
Project: Shaeffer Ranch
Prospect: Lonesome Dove
Well: Lonesome Dove-1
Jim Wells County, Texas, SIDC Operator, Antares 50%
Attempts to re-complete the well in an overlying secondary oil objective have been unsuccessful and
the well will now be plugged and abandoned. A new well would be required to test the main target
sands.
Contact:
James Cruickshank, Executive Director, Antares Energy Limited Tel: + (61) (0) 419 903 452
For more information:
www.antaresenergy.com