Spudded yesterday, the high-risk, high-reward KMF 228-1 well is expected to take 80 days to reach a total depth of 18,200 feet (5547m), Antares said.

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. The well is programmed to drill to 18,200 feet. The well is operated by Santos and Antares has a 5% working interest.

“This is an exciting prospect and our first joint venture well in the Kenedy Ranch area,” Antares managing director Howard McLaughlin said.

“The well has high risk but in the success case will have high impact to Antares.”

Antares said surrounding fields range in size from 20-240 bcf and have wells with initial production from 12-40 million cubic feet per day.

Group B prospects range in size from 30-75 bcf and have target depths from 13,000- 16,000 feet for the main objectives. Several of these features also have secondary shallow objectives on-trend with previous discoveries and fields.