Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 July 2013production update▲ Good
June gross production averaged 2,229 boe/d (up 24%; ~1,690 net). Three rigs are running, with 47 gross wells (36 operated). Jet pump clean-up is lifting early rates; the McMurtry well hit 286 boe/d. Continues the steady production growth.
12 July 2013capital raising announcement▲ GoodMajor
Red Fork agrees to raise A$47.7m through a placement of 111m shares at A$0.43, not underwritten. Funds go to Mississippian development, more non-operated wells, a possible ~2,000-acre acquisition and working capital. 53m shares need approval at an EGM around 19 August.
12 July 2013investor presentation● Neutral
Equity raising presentation supporting the A$47.7m placement. The text shown is only disclaimers and no new figures are visible; the rest is truncated. Treat as a routine re-statement of the raising.
1 July 2013debt financing▲ GoodMajor
Red Fork's F&M Bank revolving credit facility, set at US$65m in March, is expanded to US$100m, with the borrowing base raised to US$45m. Proved reserves PV10 stands at US$144m at 31 May 2013. Oil hedging of ~18,000 barrels a month is being arranged.
24 June 2013joint venture update▲ Good
Red Fork's non-operated horizontal well inventory has grown to 24 wells, at an average working interest of about 15%. Devon Energy operates 13 of them (average interest about 10%), three already drilled. This follows earlier expectations of more non-operated wells.
13 June 2013production update▲ Good
May gross production capacity was 2,357 boe/d (up 30%), while actual gross output averaged about 1,800 boe/d (net production capacity about 1,800 boe/d) because storms caused downtime. Thirty-nine gross wells; record 17-day spud to rig release; early rates include Flinders 438 boe/d.
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.
29 Apr 2013quarterly activities report▲ Good
March quarter receipts were US$4.05m (up 15.4%) and gross production 131.07 Mboe (1,456 boe/d, up 31.4%). A record ten operated wells were completed and nine spudded. The reserve upgrade and US$65m credit facility are recapped.
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 2013quarterly activities report▲ Good
December quarter receipts were US$3.51m (up 57%) and gross production 99.75 Mboe (1,108 boe/d, up 89%). Three rigs run across three development areas, 16 wells in total; nine wells to spud and about ten to be completed next quarter. Cash figure not in the text shown.
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.
31 Oct 2012quarterly activities report▲ Good
September quarter: gross revenue US$2.92m, receipts US$2.24m (up 88%), and production 53 Mboe (587 boe/d, up 51%). Thirteen horizontal wells now across four development areas and three rigs running. Reserve certification and A$50m raising are noted.
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.
