Antero Resources (AR)

[dan_s]

Comments below from Raymond James

Antero completed its first Utica dry gas well in Tyler
County, West Virginia during 3Q15 (100% WI). Up
until now, results have been encouraging, with its
initial well, Rymer 4HD, producing at an average
restricted flow back rate of 20 MMcf/d for 90 days.
Antero has 231,000 net acres and 2,152 potential
locations in the Point Pleasant dry gas fairway in
Ohio, West Virginia, and Pennsylvania.

Antero reduced overall well costs in the Marcellus by
24% y/y, driven by increased drilling efficiencies and
service cost deflation. Further cost reductions can be
achieved through further efficiency improvements.
Also, recent well results are tracking above existing
type curves. Increased EURs could provide upside to
our estimates and NAV.