PERTH-based oil and gas company Antares Energy has announced first commercial sales from its third gas well in the Ellis County region of Oklahoma, in the US.
Antares, which holds a 25 per cent interest in the Porter’s Creek-1 Well, informed the Australian Stock Exchange that its operator had reported a pressure of about 2,000psi at the well, which is expected to stabilise in the next few weeks.
Antares, which was known as Amity Oil until November last year, announced a half year profit to December 31 of $8.2 million, which was 15 per cent higher than the previous corresponding period.
Since its fields in Turkey began producing consistently, the company decided to focus on exploration of fields in Texas and Oklahoma.
Antares shares were trading marginally higher following the news, at 47 cents.
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