Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
Create a free account to see this worked out for your own holding.
10 Aug 2012investor presentation● Neutral
Equity raising deck for the A$50m placement at A$0.67. Pro-forma shares rise from 310.3m to 384.9m and cash to about A$72.2m, with no debt. Certified Mississippian reserves are expected in the September quarter, and rigs are to rise from two to four over nine months.
6 Aug 2012drilling progress report▲ Good
McMurtry 1-21H finished testing with a 712 boe/d peak and a 23-day average of 470 boe/d. Completions are pending on McMurtry 1-22H, Bunch and Tasman, while State 1-13H and 1-16H are drilling. A 23-day average is lower than the earlier 648 boe/d reading.
2 Aug 2012contract award▲ GoodMajor
Red Fork agreed to sell crude from its 75,000-acre Mississippian holding to a Phillips 66 subsidiary, effective 1 July 2012, covering pipeline connection and/or trucking. This secures a buyer and outlet for the oil after months of negotiation.
27 July 2012quarterly activities report● Neutral
June quarter: gross revenue US$1.54m, production 35 Mboe (388 boe/d), flat on the prior quarter. McMurtry 1-21H peaked at 712 boe/d. Abunda has made 30+ bbl/d after about four months, with possible fracture communication and excess water now blamed for its weak result.
23 July 2012drilling result▲ Good
Blair finished testing with a 400 boe/d peak and a 21-day average of 273 boe/d, shut in for nearby drilling. McMurtry 1-21H averages 648 boe/d since the initial report. Tasman reached 10,160 ft with about 3,295 ft of net pay, the largest pay zone yet.
16 July 2012well test result▲ Good
McMurtry #1-21H rose to 485 boe/d over six days of testing, with the last 24 hours at 360 bbl of 38 API oil and 750,000 cf of gas, while still cleaning up. Blair lies about three miles east, and a 30-day peak and average were still to come.
10 July 2012drilling progress report▲ Good
Blair holds 350-400 boe/d, McMurtry 1-21H is on pump and showing oil and gas, and Tasman nears TD. State #1-13H (50%) is about to spud as the first Unit rig well. Seven wells are active in Development Area 2.
27 June 2012well test result▲ Good
Blair #1-24H rose to 331 boe/d (253 bbl oil, 470,000 cf gas) on day three of testing, up from the earlier 20 bbl/h reading. McMurtry 1-21H was fracked in 13 stages and is flowing back load water; Bunch and Tasman still drilling.
22 June 2012well test result▲ GoodMajor
Blair #1-24H tested as high as 20 barrels of oil per hour with 240,000 cubic feet of gas per day-equivalent flow during the last 24 hours. Only a small fraction of load water has been recovered and rates are not stabilised. First oil load sold to Phillips66.
20 June 2012drilling progress report▲ Good
Completion and stimulation began on McMurtry #1-21H in Noble County, with flow-back through existing Development Area 2 infrastructure. Moves the well from shut-in towards testing; no results yet.
4 June 2012drilling progress report● Neutral
Blair was fracked in eleven stages and is flowing back 100 barrels of fluid an hour. McMurtry 1-22H reached 9,350 feet. Abunda is producing only intermittent oil and gas under high fluid level, with no peak rate yet reported, which lags the earlier 30-60 day expectation.
25 May 2012drilling scheduled▲ Good
Equipment is moving onto Blair #1-24H for stimulation. Completions are also scheduled for McMurtry 1-21H and 1-22H, expected in the June quarter, with at least monthly completions through the September quarter.
22 May 2012investor presentation● Neutral
Singapore and Hong Kong conference deck repeating known reserves (2P 17.5 mmboe) and 310m shares. Updated figures: share price A$1.03, cash A$30.0m, no debt. No new announcement of substance.
22 May 2012other● Neutral
Red Fork's American Depositary Receipts began quotation on the OTCQX International tier in the US under RDFEY, each representing 10 ordinary shares. Gives US investors access; no operational change.
21 May 2012drilling spud▲ Good
Bunch #1-19H spudded in Payne County, targeting about 10,000 feet total depth with 4,700 feet of lateral. Red Fork operates with a 94% working interest, with Crow Creek Energy III and others holding the rest.
17 May 2012contract award▲ Good
Red Fork contracted two Unit Drilling Company rigs for Mississippian drilling. The first goes to Development Area 2 shortly after maintenance; the second is expected toward the end of the September quarter. Adds to the existing Jerry Scott rigs.
9 May 2012drilling progress report● Neutral
Intermediate casing was run on McMurtry 1-22H, with a good oil show in the upper Mississippi Lime. Lateral drilling to about 9,377 feet total depth is next. No flow results.
7 May 2012drilling result▲ Good
Blair #1-24H reached its 9,411-foot target on 4 May with about 4,125 feet of lateral and oil and gas shows throughout. Casing is cemented and the well awaits stimulation. No flow rates yet.
30 Apr 2012quarterly activities report▲ Good
March quarter: gross revenue US$1.62m, production 35 Mboe (389 boe/d), up from 335 boe/d. Mississippian acreage reached 75,000 net acres, five horizontal wells across two areas, and 3D seismic adds 25 sections. Blair drilling at about 8,000 feet.
17 Apr 2012drilling spud▲ Good
Drilling began on McMurtry #1-22H in Noble County, the second rig in Development Area 2, targeting about 9,377 feet total depth. Red Fork holds 62%. Company expects four Noble wells ready for completion and plans two new horizontal producers a month.
17 Apr 2012investor presentation● Neutral
April 2012 investor deck repeating known figures: 2P reserves 17.5 mmboe, 310m shares, A$37.0m cash, no debt, share price A$1.00. No new announcement of substance.
