Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Mar 2010flow test result▲ Good
Fuss #3-33 at West Tulsa's Pawnee prospect tested 61 bopd of oil and 50,000 cf/d of gas, with sales starting immediately. Pawnee now has five producing wells; management expects at least 150 bopd and about 250,000 cf/d once it stabilises.
16 Mar 2010half year report● Neutral
Half-year report to 31 Dec 2009 recaps the A$24m placement (20m shares at $1.20) and the 63,000-acre East Oklahoma South acquisition, which lifts East Oklahoma holdings to over 110,000 acres. Financial statements are not in the truncated text.
5 Mar 2010other▲ Good
Standard & Poor's index rebalance notice listing Red Fork Energy among additions to the All Ordinaries index, effective after close on 19 March 2010. A third-party notice, not a company announcement.
19 Feb 2010well test result▲ GoodMajor
Rosier #2-27 at West Tulsa tested 124 bopd of oil plus 45,000 cf/d gas from the Red Fork sand, the best Pawnee rate so far and 46% above the Fuss #1-34 discovery well. Oil sales begin immediately; this follows the earlier Simpson zone testing.
3 Feb 2010investor presentation● Neutral
Notice of a Boardroom Radio audio interview with the managing director on quarterly results, titled 'Reserve Upgrade' on 3 February. The notice itself contains no figures or new information.
29 Jan 2010other● Neutral
Top 20 shareholder list at 28 January 2010: the top 20 hold 62.89% of 138.2m shares. Robert Healy holds 17.56% and Luigi Ghirardello 13.12%, unchanged from earlier. Administrative, no new events.
22 Jan 2010drilling result▲ Good
Fuss #2-34 reached 3,716 ft with three oil-bearing intervals, including about 76 ft of Redfork sand. Cased and cemented ahead of testing. Four Pawnee wells (Rosier #2-27, Fuss #3-33, Mobius #1-28, this one) are awaiting completion or testing.
15 Jan 2010drilling spud● Neutral
Fuss #2-34 spudded 14 January at West Tulsa, a 40-acre offset to the Fuss #1-34 discovery well, targeting about 4,000 feet. It is the seventh production well at Pawnee, eight wells in total.
13 Jan 2010drilling result▲ Good
Mobius #1-28 reached 3,766 ft with three oil-bearing intervals, including about 90 ft of Redfork sand. Cased and awaiting production testing; West Tulsa still has up to 20 well locations, funded from working capital and revenue.
7 Jan 2010production update▲ GoodMajor
First gas sales started at West Tulsa's Pawnee prospect: about 150,000 cf/d of associated gas from two wells, at roughly US$7.00 per Mcfe. This delivers the gas marketing deal flagged in October; facilities can handle 500,000 cf/d.
21 Dec 2009drilling spud● Neutral
Mobius #1-28 spudded 17 December at West Tulsa, a 40-acre offset to Fuss #3-33, targeting about 4,000 feet. It is the seventh well drilled at the 100%-owned project and would bring production wells to six.
18 Dec 2009drilling result● Neutral
Posey #1-17 reached 635 ft, logging about 27 ft of Woodford Shale with gas shows, the thinnest of the three northern wells. Rig moves to East Oklahoma Central the week of 21 December; completion and flow testing expected early January.
14 Dec 2009drilling spud● Neutral
Posey 1-17 spudded 12 December as the third of about ten wells in the East Oklahoma North campaign, targeting roughly 550 feet to test the shallow shale. No results yet.
10 Dec 2009well test result▲ GoodMajor
Testing of a Simpson Sands zone in Rosier #2-27 at West Tulsa's Pawnee prospect gave good shows of 1200-1300 BTU gas with some oil, below the Red Fork sand. Testing continues; the company expects commercial production, but no rates are given. Red Fork sand completions follow.
2 Dec 2009drilling result▲ Good
Wattenbarger #1-22 at East Oklahoma North reached 485 ft with about 52 ft of Woodford Shale and gas shows throughout, similar to the first well. Rig is in short maintenance before drilling resumes.
30 Nov 2009investor presentation● Neutral
AGM presentation dated 30 November; the text is mostly unreadable due to garbled encoding. Legible fragments suggest it repeats known facts (2P 72.8 Bcfe, 130,000 acres, ~138m shares, about A$15m cash, no debt). Nothing new is confirmed.
30 Nov 2009drilling result▲ Good
Steinhoff #1-2, first East Oklahoma North well, reached 713 ft and logged about 65 ft of Woodford Shale with gas shows throughout. Confirms the target shale in the northern JV area; no flow rates or reserves yet.
26 Nov 2009drilling spud● Neutral
Wattenbarger 1-22 spudded 25 November as the second of about ten wells in the East Oklahoma North campaign, targeting roughly 400 feet. No results yet.
24 Nov 2009drilling spud● NeutralMajor
First of ten initial wells spudded at East Oklahoma North, the northern JV where Red Fork holds 20-25%. Company expects about 100 wells in various stages across East Oklahoma by year end. East Oklahoma South is producing about 1.125 MMcf/d; first East Oklahoma Central sales slip to Q1 2010.
6 Nov 2009director officer appointment▲ GoodMajor
Steve Miller, president of Tulsa-based private company Orion Exploration, joins the board as a non-executive director. Red Fork also gets access to Orion's technical team, with an option for both to co-invest in new projects, supporting its planned scale-up.
30 Oct 2009annual report▲ Good
Annual report for the year to 30 June 2009 (a second release after the 1 Oct extract). The chairman's letter says about A$8m was raised, market cap grew over 150% to about A$140m, 2P reserves rose to 72.8 Bcfe and the company has no debt.
29 Oct 2009admin correction● Neutral
Re-issue of the same-day acquisition closing release, adding a claim that the deal fast-tracks East Oklahoma development by at least two years. The deal terms (63,000 acres, 100% working interest, 80+ wells) are unchanged.
29 Oct 2009asset acquisition disposition▲ GoodMajor
Closed the East Oklahoma South purchase announced 13 October: 100% working interest in about 63,000 acres with 80+ wells and 25 miles of pipeline. Lifts East Oklahoma holdings to 110,000 acres and total output to about 3 MMcfe/d, roughly US$5m a year gross at current spot prices.
26 Oct 2009drilling scheduled● Neutral
Two rigs are being deployed in East Oklahoma, one on the company's own acreage and one on the northern JV. Ten wells in the initial program are now targeted by end of the December 2009 quarter, and the gas pipeline by the same date.
22 Oct 2009material agreement▲ GoodMajor
Secured a gas market for West Tulsa's Pawnee prospect, receiving 80% of spot price and liquids proceeds. This ends the long wait for shut-in gas, over 300,000 cf/d, expected to add over US$1m a year. A ~US$15,000 pipeline link is due to finish with first sales before end 2009.
13 Oct 2009asset acquisition disposition▲ GoodMajor
Agreed on 9 October to buy 100% working interest in about 60,000 acres of producing Oklahoma gas assets, with over 80 wells and 25 miles of pipeline. Closing is due 2 November, subject to due diligence. Funded from cash; a US$1.15m deposit is paid and about A$16m cash remains, no debt.
1 Oct 2009annual report● Neutral
Annual financial report for the year to 30 June 2009. The extract provided covers only the directors' details, corporate directory and contents, so no financial figures can be taken from it.
10 Sept 2009drilling result▲ Good
Fuss #3-33 at West Tulsa reached 3,756 ft, with three oil-bearing intervals and Redfork sand thickening to about 90 ft. It is cased and awaiting testing; the company expects higher oil output and still targets 10 West Tulsa wells by year end.
4 Sept 2009admin correction● Neutral
Compliance notice naming Lee Keeling and Associates as the engineers behind the reserve figures, with their written consent. Administrative only, no new figures.
3 Sept 2009investor presentation● Neutral
Notice of an audio broadcast by the Managing Director on the reserve upgrade. No new information beyond the reserve announcement of the same day.
