Antares Energy (AZZ)

Shares / Stock Code

AZZ

Stock Exchange / Sharemarket

ax

Antares Energy (AZZ) is a global producer and explorer of petroleum. The Company has its key business operations in Turkey and the USA. AZZ's principal assets consist of two production projects (Oyster Creek and West Wharton) and two exploration projects in south Texas (Yellow Rose and Shaeffer Ranch). Antares Energy was listed on the Australian Stock Exchange on 24th of November, 1994. Its findings in the Shaeffer Ranch region comprise Hofstetter Field, Katz-Slick Field and Patteson Ranch Field. AZZ has an agreement with Hollimon Oil Corporation for the South Texas exploration region which includes a 2,000 acre lease together with two gas prospects. Its Kenedy Ranch project consists of two acreage groups. Santos USA operates Group A and holds a 55% working interest, while Lamay Group has a 40% working interest with Antares having the rest 5% working interest. Group A spans over an area of 7,087 acres and has three initial prospects. Antares Energy and the Lamay Group both holds a 50% working interest in Group B which covers an area of 3,785 acres.

At present, the company derives its cash flow from gas fields situated in the far western part of Turkey, but its US production base is likely to be established over time. In USA, Antares Energy’s onshore gas exploration has enabled the company to diversify its production base and to expand its exploration portfolio. The company has moved its technical office to Dallas, Texas to complement its increasing US operations. AZZ aims at creating value for its shareholders through the successful exploration, production, acquisition and marketing of hydrocarbons.

Antares Energy History

In 1994, the Company was listed on the Australian Stock Exchange as Amity Oil (AYO). At that time, the company was principally focused on Australia, with some technical exploration success, but no commercial developments. Its Whicher Range gas field in south-western WA proved uneconomic though it consumed considerable resources. In 1999, the company began its exploration in Turkey, with the first well at Gocerler proving successful in 2000. In 2004, AZZ started its operations in US , and was renamed to Antares Energy.