On April 4, the Santos-led Kenedy County joint venture spudded the KMF 228-1 wildcat, which is currently at a depth of 11,297 feet (3443m).

Antares says a small amount of metal from a stabiliser left behind in the hole is currently being milled out.

Last September, Antares signed an agreement with US-based Lamay Group to participate in the acquisition of about 10,000 acres, comprising two separate areas described as Groups A and B.

The KMF 228-1 well, which is a Group A prospect, is testing a deep Frio target with an unrisked estimated reserve potential of 225 billion cubic feet. Santos operates the well, which is targeted to reach a total depth of 18,200 feet. Antares has a 5% working interest in the well.

Meanwhile, Antares says the acquisition of the 85 square mile (54,400 acre) Shaeffer Ranch 3D seismic survey is now about 51% complete and is due to be finished by early next month. The first 40% of the acquired data is currently being processed, the Perth-based company said.

The Shaeffer Ranch area lies along a well-defined and productive deep Wilcox and Queen City proven hydrocarbon fairway with overlying shallow gas potential in the Hockley, Pettus and Het formations.

The traditional Wilcox gas fairway comprises reservoir depths from 10,000-13,000 feet, with both upper and lower Wilcox sands. Discovered field sizes in this fairway have ranged from less than 10Bcf to more than 1 trillion cubic feet of recoverable gas.

Antares holds a 50% working interest in the Shaeffer prospect, while US-based SIDC is acting as operator.