Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 May 2013drilling progress report▲ Good
A fourth rig is now running, drilling water disposal wells, and the backlog of wells awaiting stimulation has cleared. April gross production averaged about 1,806 boe/d, currently about 1,950. Flinders hit the 45-day spud-to-sales target. Larry Edwards is now listed as a non-executive director.
12 Apr 2013drilling progress report▲ Good
March gross production averaged about 1,690 boe/d, with a record of about 2,100 in the third week. Twenty wells are now completed; Mawson peaked at 456 and Hartog 396 boe/d. Thirty-three gross wells are across eight development areas.
20 Mar 2013debt financing▲ GoodMajor
Red Fork is set to close a US$65m revolving credit facility with F&M Bank at 3.25% interest, with an initial US$20m borrowing base set on proved reserves. It ends the company's nil-debt position and will fund Mississippian development alongside cash flow.
15 Mar 2013half year report● Neutral
Half-year to 31 December 2012: sales revenue US$5.8m (up 132%) and net loss US$3.1m (prior year US$1.8m), the larger loss attributed to higher non-cash amortisation and performance-rights expense. Sixteen horizontal wells producing; fourth rig due mid-2013.
15 Mar 2013drilling progress report▲ Good
February gross production averaged about 1,303 boe/d; current is about 1,590, with a record of about 1,800 in early March. The company is on track for 20 wells completed by end of March. Thirty gross wells now sit across eight development areas.
5 Mar 2013investor presentation● Neutral
Euroz conference deck largely repeats the reserve upgrade and known Mississippian facts. New details: 26 wells drilled, 11 on production, current gross output about 1,500 boe/d, cash about A$37m at 31 December 2012, nil debt, 384.9m shares and a A$0.71 share price.
28 Feb 2013resource reserve update▲ GoodMajor
Independent mid-year certification lifts Mississippian 3P reserves 49% to 9.6 mmboe net (from 6.5 mmboe in October 2012), across 41 net wells. 1P is 2.6 and 2P 3.5 mmboe net; 3P NPV(10) is US$164.6m. Contingent resource figures are the June 2012 numbers.
14 Feb 2013drilling progress report▲ Good
January gross production averaged about 1,000 boe/d; current output is about 1,295 boe/d (about 1,075 net). Warburton peaked at 452 boe/d. Three rigs now average 26-day spud-to-spud cycles, with 23 wells across five development areas and five more scheduled for stimulation this quarter.
30 Jan 2013director officer appointment● NeutralMajor
Chris Girouard, previously Senior Vice President Land, becomes President of Red Fork USA and head of US operations. Director Perry Gilstrap retires from the board effective 18 February 2013 and stays as a consultant for twelve months.
24 Jan 2013drilling progress report▲ Good
December gross production averaged 1,234 boe/d (about 1,000 net to Red Fork). McMurtry 1-22H reached a new peak of 455 boe/d, with 365 boe/d over 7 days. Hammer Head reached TD in 25 days. Bill Warnock is now listed as a non-executive director.
11 Jan 2013drilling progress report▲ Good
Ten horizontal wells completed, eight producing to sales. Freddie reached TD in a record 15 days; State 1-13H averaged 49 boe/d and Warburton began flowing at about 75 bbl/d. Repeats the PQML #9 result; Phil, the first Development Area 6 well, spuds soon.
10 Jan 2013well test result▲ GoodMajor
Non-operated PQML #9 well (PetroQuest operator, Red Fork 12.5%) peaked at 1,291 boe/d (87% oil) and averaged about 629 boe/d over 27 days. It sits in Development Area 7 where Red Fork holds thirty-two 640-acre sections; a data-sharing agreement is being negotiated.
20 Dec 2012material agreement▲ GoodMajor
Red Fork agreed a term dedication with DCP Midstream to sell gas and liquids from future wells in two Pawnee and Payne County townships, giving take-away capacity into an existing gas market. Eight wells now producing; non-operated activity expected to increase.
7 Dec 2012drilling progress report▲ Good
Seven horizontal wells now producing to sales; three new producers came online in Development Area 2. McMurtry 1-22H averaged 271 boe/d over 22 days (peak 345). Jardine reached TD in 27 days; Hartog reached 9,438 ft TD; Forrest drilling.
23 Nov 2012investor presentation● Neutral
AGM presentation restating the Mississippian story. Shows 384.9m shares, A$0.67 share price, about A$58m cash at 30 September 2012 and no debt, with 75,000 net acres and type well EUR 245 Mboe. Largely repeats known facts.
21 Nov 2012drilling progress report▲ Good
Six horizontal wells now produce to sales, with two more brought online in Development Area 2 in November. Bunch averaged 184 boe/d over 15 days (peak 241) and McMurtry 1-22H 232 boe/d over 4 days (peak 303). Jardine reached TD in 28 days; fourth rig still due Q1 2013.
7 Nov 2012drilling progress report▲ Good
Four horizontal wells are producing, and the last three have met or beaten the certified type well on 30-day rates. Tasman peaked at 250 boe/d. Several wells were fracked, Warburton finished drilling, and seismic coverage reached 99 sq miles.
31 Oct 2012annual report● Neutral
Re-release of the 2012 annual report in a formatted version, with the same chairman's letter. The text shown is truncated and contains no new figures.
23 Oct 2012drilling progress report▲ Good
Third rig deployed; Warburton hit target depth in a record 23 days and Mawson in 30. Tasman averaged 147 boe/d over 19 days (peak 230). Bunch is fracked, McMurtry 1-22H is being fracked, and Development Area 4 begins with a water disposal well.
17 Oct 2012investor presentation● Neutral
Managing Director David Prentice presented at the Canaccord Genuity Global Resource Conference in Miami on 16 October. The announcement only points to the presentation on the website and contains no new information.
10 Oct 2012resource reserve update▲ GoodMajor
Maiden certified Mississippian reserves (Lee Keeling, at 30 June 2012): 2P 4.73 mmboe (NPV10 US$45.5m), 3P 29.0 mmboe, and 1C contingent resource 166.9 mmboe. This resolves the open reserves certification, and shows most of the value is still contingent.
4 Oct 2012drilling progress report▲ Good
Tasman is flowing oil and gas to permanent facilities with about 3,400 ft of fluid over the pump, compared favourably with McMurtry 1-21H. Bunch is being fracked ahead of McMurtry 1-22H; Warburton's curve is landed and Mawson is drilling at about 5,340 ft.
1 Oct 2012annual report● Neutral
Annual report for year to 30 June 2012. Chairman describes Big River development, with up to four rigs to hold acreage by production within lease terms. Text provided is truncated and has no financial figures.
19 Sept 2012drilling progress report● Neutral
Tasman's larger 15-stage frack (93,000+ barrels of water) completed without hitting large faults; it is pumping back load water at about 1,400 bbl/d. Third rig now due mid-October (was September) and fourth in January 2013. Mawson spud imminent.
11 Sept 2012investor presentation● Neutral
Conference deck for the Euroz Oil and Gas Conference restating the Mississippian story: about 75,000 net acres in the oil-prone area, with gas processing and refining nearby. The text gives no new figures or results.
7 Sept 2012other▲ Good
S&P Dow Jones Indices will add Red Fork (RFE) to the S&P/ASX 300 after the close on 21 September 2012. The index notice is not a company announcement and adds no new operating information.
4 Sept 2012drilling progress report▲ Good
State #1-16H reached 9,231 ft TD with strong oil and gas shows. Tasman was fracked in 15 stages and is flowing back water with some oil. Warburton (100%) and Mawson (75%) are still due to spud in September.
20 Aug 2012drilling progress report● Neutral
Two rigs are operating in Development Area 2, with a third due in September. Tasman is being prepared for stimulation, State wells are drilling, and Warburton and Mawson are set to spud in September. Other wells await completion.
10 Aug 2012other● Neutral
ASX lifted the trading suspension on Red Fork's shares immediately after the capital raising announcement. Administrative notice with no new information.
10 Aug 2012capital raising announcement● NeutralMajor
Red Fork will raise A$50m through an underwritten placement of about 74.63m shares at A$0.67, an 8% discount, to fund faster Mississippian drilling, leasing and working capital. It needs shareholder approval at an EGM around 13 September 2012. Euroz is underwriter.
What it means for a shareholder
74.6m new shares at A$0.670 to raise about A$50.0m. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (1,493 at the issue price), your slice goes from 0.000481% to 0.000388% of the company. To keep it you'd need 359 more shares - about A$241 at the issue price.
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