Antares Energy drilling update
Posted: 18 May 2005
ELLIS-3 – Ellis County Oklahoma -Antares Energy operator 92% working interest
Ellis-3 was spudded on 27 April and is currently drilling ahead at a depth of 10,830 feet. The well is progressing well and early indications are the Morrow Formation is coming in high to prognosis. Prognosed total depth is 11,500 feet. Intersection of the Morrow target sands is expected within the next week. Antares Energy is the operator of this well.
Ellis-4 will follow immediately once the rig is released from Ellis-3.
YUKON -1 – Beaver County Oklahoma - Antares Energy operator 87.5% working interest
Yukon-1 was spudded on 30 April and drilled to a total depth of 5,000 feet. The primary objective was cored and a drill stem test was conducted. The test unfortunately only produced formation water. Wireline logs have confirmed that the zone was water wet and the well will be abandoned. As this was a shallow, fast well, the financial impact of the well is relatively low.
Whilst the result is disappointing, the play type still has merit and the rig will now mobilise to the Yukon-2 location.
Antares Energy is the operator of the well and our partner, Mueller Exploration ("MEI") will hold the balance of the working interest in these wells and is also acting as contract driller for the well. MEI is a private company based in Corpus Christi, Texas and has extensive drilling and exploration experience.
PORTER’S CREEK-1 – Wharton County Texas - Antares Energy non-operated 25% working interest
A number of sands showed potential on the wireline logs and these will be tested. A testing programme from the operator is expected shortly.
Porter's Creek is an exploration well in Wharton County, Texas in which Antares has a 25% interest. The well is operated by Mueller Exploration (MEI), a private company based in Corpus Christi, Texas and has extensive drilling and exploration experience.
WILBECK-1 – Wharton County Texas -Antares Energy non-operated 30% working interest
Perforation of the upper Frio sand resulted in gas flowing to surface naturally. We are awaiting a completion (and possibly frac stimulation) programme from the operator.
Wilbeck-1 is an exploration well in Wharton County, Texas in which Antares has a 30% interest. The well is operated by Crawford Energy of Houston, Texas.
ADATEPE-5 – Thrace Basin Turkey – Antares Energy 50%
Preparations are now underway to commence a development well on the Adatepe field in Turkey. This well will produce gas from sands that are above the main producing horizon. The rig is on location and we are currently waiting for critical equipment to arrive at location before starting. This well is expected to take about three weeks to drill to a depth of approximately 1100 metres.
For more information see www.antaresenergy.com