Antares Energy (ASX: AZZ) is bringing two wells at its Southern Star project in Texas into production and has told the ASX that it is not aware of any reason for a spike in its share prices yesterday.
The company has completed fracture stimulation operations at the Cottonwood A-1 and Aloe Vera-2 wells in Howard County and has started flowing back fraccing fluids.
Results from the two wells, which target the Wolfberry oil play in the Permian Basin, will be released soon.
Antares is also preparing to frac the Live Oak-2 well in the Mississippian, Atoka, Strawn, Cline, Wolfcamp and Dean reservoirs and has completed drilling of the Yucca-1 well, which will be fracced in mid-April.
Meanwhile, the company said it was not aware of any reasons for the company’s share price to jmp to an intraday high of A$0.485 yesterday from a close of A$0.41 on 13 March.
Antares had noted in its weekly operational report that Pioneer Natural Resources (NYSE: PXD) had recently completed a Wolfberry producer just south of its Northern Star acreage, where Antares is drilling the Archer 16-1 well.
Pioneer’s well flowed oil at an initial rate of 214 barrels of oil equivalent per day, a positive sign for Archer 16-1.
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