ANTARES ENERGY LIMITED

A.C.N. 009 230 835

Ground Floor, 20 Kings Park Road PO Box 690

West Perth WA 6005 West Perth WA 6872 www.antaresenergy.com

ASX/NEWS RELEASE 24 JANUARY 2013 OPERATIONAL REPORT

The Directors of Antares Energy Limited (ASX:AZZ) advise of the following operational activities conducted during the previous week in the company's core Midland Basin producing assets.

PROJECT: NORTHERN STAR WELL: COZART 19 NO. 1 WORKING INTEREST: 100% LOCATION: DAWSON COUNTY, TEXAS

The Cozart 19 No. 1 continues to perform well on flowback. Since the last report, the well has averaged in excess of 171 barrels of oil per day (BOPD). Prior to adjusting the choke to accommodate a low pressure gas sales test, Cozart 19 No. 1 flowed in excess of 212 barrels of oil and approximately 100 MCF yielding a daily flowrate in excess of 225 barrels of oil equivalent per day. Oil and gas samples have been taken from the test separator. The oil is 38o API and the gas is rich with a wet value of 1,486 BTU. As flowrates stabilize and potentially increase, a further update will be given in a subsequent operational report. The 12,400-acre Northern Star project area contains over 300 40-acre drilling locations.

PROJECT: SOUTHERN STAR WELL: ROBINSON NO. 1 WORKING INTEREST: 100% LOCATION: HOWARD COUNTY, TEXAS

Robinson No. 1 successfully reached a total measured depth of approximately 10,500 feet. Wireline logs were obtained indicating the presence of high quality, hydrocarbon-bearing intervals. Production casing was set and cemented, and an optimal fracture stimulation program is currently being finalized. Fracture stimulation is expected to occur by mid-February.

PROJECT: SOUTHERN STAR WELL: RAY NO. 6 WORKING INTEREST: 100% LOCATION: HOWARD COUNTY, TEXAS

The recently completed Ray No. 6 is currently in production. Lease production is currently exceeding 150 BOPD and 850 MCFPD. This equates to over 290 barrels of oil equivalent per day (BOEPD).

PROJECT: NORTHERN STAR WELL: DEBNAM 22 NO. 1 WORKING INTEREST: 100% LOCATION: DAWSON COUNTY, TEXAS

The Debnam 22 No. 1 is currently scheduled to undergo a multi-stage fracture stimulation in early 2013. This is to allow for information obtained in the fracture stimulation and subsequent flowback of the Cozart 19 No. 1 to be fully integrated into the Debnam 22 No. 1 fracture stimulation design.

For further information please contact: James Cruickshank Chairman & CEO

+ (61) (0) 488 222 122 or + (1) 214 762 2202
Antares Energy is an oil and gas exploration and production company focused on the Permian
Basin, West Texas, United States of America.
Currently Antares has three core projects being Southern Star, Big Star and Northern Star each located in the prolific Wolfberry Trend of the Permian Basin.
Antares Energy is an Australian public company listed on the Australian Stock Exchange (ASX)
under the ticker symbol AZZ.
For more information please visit our website found at http://www.antaresenergy.com.

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