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The Perth-based company today said Ilse-1 spudded on December 1 and is expected to take 60 days to drill to an anticipated total depth of 17,300 feet (5270m).
Antares said the prospect is relatively low risk with multiple potential gas horizons. It is a well-defined structural play targeting Wilcox Meek, B and C sands at a depth of 14,000-17,000ft.
The company said New Taiton has mean potential reserves of 40 billion cubic feet of gas and an upside potential of 85-100Bcf, depending on how many stacked sands contain gas.
Joint venture partners include operator S. Lavon Evans Jr. with a 30% stake, Antares (25%), Adelphi Energy (25%), Index Oil & Gas (10%) and private American interests (10%).
