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Texas farm-in for Antares

OIL and gas production and exploration company Antares Energy has made an in-principle farm-in agreement to participate in the drilling of a deep gas prospect in Texas, in the US, to earn a 25 per cent interest. According to Antares, the prospect, called New Taiton, has been defined by 3D seismic surveys. It is being acquired through Mueller Exploration, based in Texas. A drilling timeline has not yet been set, but is expected to be within the next couple of months. Antares said costs had been estimated at $US3.5 million, of which its share is $US875,000. Last month, Antares signed an agreement with Turkish company Zorlu Petrogas for the sale of its wholly-owned subsidiary, Amity Oil International. The principal asset of the subsidiary was a 50 per cent interest in the Thrace joint venture in Turkey, which contains three producing gas fields.

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