Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Apr 2012drilling progress report▲ Good
Abunda is fracked and on pump, with about 9,000 of 40,000 barrels of load water recovered; initial rate due in 30 to 60 days. Blair is at 4,500 feet; McMurtry 1-21H is shut in awaiting completion. Tahara matches the play average type curve after almost four months.
20 Mar 2012drilling spud● Neutral
Blair #1-24H spudded 18 March in Noble County, the first Red Fork well on the Jerry Scott #5 rig. Target is about 9,400 feet total depth with 4,500 feet of lateral. Red Fork holds a 92% working interest.
15 Mar 2012drilling progress report● Neutral
Completion and fracture stimulation of Abunda #1-21H has begun, designed with Schlumberger and Halliburton using the open-hole logs. Flow-back testing will use existing infrastructure. No results yet.
15 Mar 2012investor presentation● Neutral
New York conference presentation repeating known facts: 2P reserves of 17.5 mmboe, about 310m shares, A$37.0m cash at 31 December 2011 and no debt. No new announcement of substance.
15 Mar 2012half year report● Neutral
Half-year to 31 December 2011: net loss US$1.8m (US$1.9m prior), oil and gas revenue US$1.8m, up 38%. Mississippian holdings are 73,000 net acres, with a target above 100,000. Tahara tracking the industry-average type curve.
15 Mar 2012investor presentation● Neutral
Euroz conference presentation in Rottnest, repeating the same corporate overview as the New York deck: 310m shares, A$37.0m cash, no debt. No new substance.
2 Mar 2012other▲ Good
S&P index rebalance notice listing changes to the S&P/ASX indices effective 16 March 2012. Red Fork is shown as an addition to the S&P/ASX 300 and All Ordinaries. It is not a company announcement; text is truncated.
22 Feb 2012drilling result▲ Good
Abunda #1-21H reached 7,594 feet on 20 February with about 3,400 feet of lateral in the Mississippi Lime, good oil and gas shows and extensive natural fracturing. Resolves the lateral delay; logging, liner and frac to follow.
17 Feb 2012drilling scheduled● Neutral
Jerry Scott Rig #5 is being rigged up to spud Blair #1-24H in Noble County, expected the following week, as a 9,000-foot-plus horizontal test. The company says the larger rig, contracted for 12 months, should cut drilling time.
13 Feb 2012drilling progress report● Neutral
Abunda #1-21H was drilling at 5,741 feet on 12 February, about 1,500 feet into the lateral, with oil and gas shows. The lateral directly opposes Tahara #1-28H, about 50 feet away.
10 Feb 2012drilling result▲ Good
Logging of McMurtry #1-21H found many productive intervals along the full lateral, with natural fracturing well beyond the company's modelling. Liner is cemented; completion design under way. Encouraging but no flow rates yet.
6 Feb 2012drilling progress report● Neutral
The Jerry Scott #2 rig was rigging up on 5 February to resume drilling the Abunda #1-21H lateral from about 4,367 feet. Continues the lateral delay flagged in December; no new result.
31 Jan 2012quarterly activities report▲ Good
December quarter: gross revenue US$1.2m, production 30.15 Mboe (335 boe/d). Tahara #1-28H hit a 304 boe/d 30-day peak; Abunda lateral delayed by fracturing conditions needing a second rig. Holdings reached 73,000 net acres; A$27.9m placement raised.
30 Jan 2012drilling result▲ Good
McMurtry #1-21H reached 9,833 feet on 25 January, with about 4,437 feet of lateral showing extensive oil and gas, and gas readings above 3,500 units. Logging and liner cementing follow, then frac. Shows only, no flow rates yet.
27 Jan 2012drilling scheduled▲ Good
Red Fork began a 3D seismic and permitting program over 25 more sections, bringing seismic-cleared sections to 45. It will set up two new development pods (NW Noble, East Payne) for four in total, supporting up to 45 horizontal producers.
23 Jan 2012asset acquisition disposition▲ GoodMajor
Red Fork added 13,000 net acres through a federal BLM lease sale, lifting Mississippian holdings to about 73,000 net acres. Leases have a 10-year term and 87.5% net revenue interest, adjacent to its Noble County area.
20 Jan 2012well test result● NeutralMajor
Tahara #1-28H recorded a 30-day peak rate of 304 boe per day (80% oil) while still cleaning up, with about 2,000 feet of fluid above the pump. Company says it is on track for a net 1-to-1 payout in about 8 months and EUR in line with the play average.
11 Jan 2012drilling progress report▲ Good
McMurtry #1-21H was drilling the lateral at 5,410 feet on 11 January after 7-inch casing was cemented at 5,400 feet. Mud logs showed a good oil show in the upper Mississippi Lime; target is about 10,000 feet.
23 Dec 2011drilling spud● NeutralMajor
Red Fork-operated McMurtry #1-21H spudded 21 December in Noble County, targeting 9,500 feet total depth with about 4,200 feet of lateral. Red Fork holds 65.6%, SandRidge 29.8%, Antinum 4.5%, Chesapeake 0.1%. First well of the Noble County program.
22 Dec 2011well test result▲ Good
Tahara #1-28H has recorded over 300 boe per day in the last two weeks while still cleaning up, with about 2,200 feet of fluid above the pump. Rates are not yet stable; a 30-day peak rate will be released once they are.
20 Dec 2011contract award▲ Good
Red Fork secured a 12-month Jerry Scott Drilling top-drive rig contract for continuous 2012 Mississippian drilling. McMurtry 1-21H expected to spud this week, McMurtry 1-22H in about 30 days, Blair 1-24H after; Abunda lateral cleanout continues.
14 Dec 2011asset acquisition disposition▲ Good
Mississippian holdings rose to about 60,000 net acres (from over 55,000), with interests in 302 sections across five counties, 105 of them controlled. All 100% working interest with net revenue interest of 81.25% or better.
9 Dec 2011capital raising announcement▲ GoodMajor
Placement of 40.46 million shares at A$0.69 raises A$27.9m before costs, within the 15% placement capacity, to fund operated drilling, leasing and non-operated wells. Priced well above the A$0.32 raise in March 2011; Euroz led.
What it means for a shareholder
40.5m new shares at A$0.690 to raise about A$27.9m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (1,449 at the issue price), your slice goes from 0.000537% to 0.000467% of the company. To keep it you'd need 217 more shares - about A$150 at the issue price.
Create a free account to see this worked out for your own holding.
5 Dec 2011well test result▲ GoodMajor
Tahara #1-28H produced 283 barrels of oil equivalent in 24 hours to 4 December (240 bbl oil, 260 Mcf gas) with only about 20% of load water recovered, and the rate is still rising. First flow rate after the frac; the 30-day peak is still to come.
2 Dec 2011farm in farm out agreement▲ Good
Red Fork will take a 12.5% working interest in a non-operated horizontal Mississippian well in Noble County with Crow Creek Energy as operator, spud expected in the March quarter 2012. Its first participation in another group's well in the play.
1 Dec 2011security holder rights change● Neutral
Company cancelled 9,600,000 unlisted options (exercise prices A$0.40 to A$1.00, expiries 2012 to 2016), with an updated Appendix 3B. Likely linked to the board's incentive plan review (inference); the text gives no reason.
30 Nov 2011drilling scheduled● Neutral
Update across the Mississippian play: Abunda #1-21H awaits the Jerry Scott #2 rig to resume its lateral. In Noble County, 3D seismic cleared three locations (McMurtry 1-21H, 1-22H, Blair 1-24H), with KAL Drilling rig #3 about to spud the first.
30 Nov 2011well test result▲ Good
Tahara #1-28H has pumped for about 72 hours, recovering 6,000 of roughly 70,000 barrels of load water, with increasing shows of oil and rich gas. Company says this matches offset wells; no flow rate yet. This is an early positive sign, not a result.
30 Nov 2011investor presentation● Neutral
AGM presentation largely repeats known FY11 facts: revenue A$3.08m, Mississippian acreage over 55,000 net acres, and reserves held stable (Lee Keeling, excluding Mississippian). Nothing new announced; the text provided is partly garbled and truncated.
14 Nov 2011drilling progress report● Neutral
Tahara #1-28H was fracture stimulated in 12 stages across about 4,200 feet of lateral without operational issues. Plugs are being drilled out, then production testing starts. Flow rates are still unknown.
