Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Sept 2009resource reserve update▲ GoodMajor
Independent certification at 30 June 2009 lifts group 2P reserves 78% to 72.8 Bcfe and 3P 24% to 106.5 Bcfe (from 2P ~41 and 3P ~86 a year earlier). A maiden East Oklahoma 2P is booked at about 0.3 Bcf per well; West Tulsa reserves doubled.
1 Sept 2009drilling spud● Neutral
Fuss #3-33 spudded 31 August at West Tulsa, targeting about 3,900 ft as a Wilcox test. It is the sixth West Tulsa well, with up to 20 locations identified, funded from cash and production revenue.
27 Aug 2009capital raising announcement▲ GoodMajor
Plans to more than double East Oklahoma acreage via a northern JV with Dallas investors (carried for 25% of 10 wells plus 60,000 acres), and to fast-track West Tulsa to 10 wells by year end. Funded by a A$24m placement of 20m shares at $1.20, subject to shareholder approval around 1 October.
What it means for a shareholder
20.0m new shares at A$1.20 to raise about A$24.0m. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held A$1,000 of shares (833 at the issue price), your slice goes from 0.000713% to 0.000609% of the company. To keep it you'd need 143 more shares - about A$172 at the issue price.
Create a free account to see this worked out for your own holding.
6 Aug 2009drilling result▲ Good
Rosier #2-27 at West Tulsa reached 3,724 ft, with about 70 ft of oil-bearing Red Fork sand (35 ft net pay), better developed than earlier nearby wells. It is cased and awaiting production testing. Note: the July spud report named a Wilcox target.
30 July 2009drilling result▲ Good
First two East Oklahoma step-out wells, Couch #1-34 and True #1-33, reached target depth, showed gas and were cased. They sit 1.25 miles north of existing wells. Drilling cost about US$34,000 for both; first gas sales still targeted by end 2009.
20 July 2009drilling spud● Neutral
Rosier #2-27 spudded 18 July at West Tulsa, a second rig, targeting the Wilcox Sand at about 4,000 ft. It is the fifth West Tulsa well, with up to 20 locations identified, funded from cash and production.
16 July 2009drilling scheduled▲ Good
Next East Oklahoma drilling phase starts: Couch #1-34 spuds this week, True #1-33 follows, with continuous activity for five months. Company still targets gas to sales by end 2009 and ten wells testing within four weeks.
6 July 2009well test result▲ Good
A single West Tulsa well tested about 85 bbl/day oil plus 40-60,000 cf/day gas, over double its earlier rate. Oil revenue now about A$4m a year at US$65; up to 20 well locations identified, funded from cash and production.
22 June 2009drilling result▲ GoodMajor
Five intervals completed in three East Oklahoma wells, each showing gas, supporting ~300,000 cf/day per well. Oklahoma approved 640-acre spacing. A rig is contracted, with ten wells targeted by end July. First sales now expected before end 2009.
12 June 2009other● Neutral
Top 20 shareholder list: the top 20 hold 62.31% of 116.8m shares. The largest holder, Robert Healy, has 18.03%. Directors Prentice and Fry hold about 0.9% and 0.7%. Share count is up from ~91.5m after the option exercise and placement.
9 June 2009well test result▲ Good
Rosier #1-27 at Pawnee, West Tulsa, tested successfully after fracture stimulation, expected to stabilise near 40 bbl/day. Pawnee oil is expected above 80 bbl/day, and with Osage over 100 bbl/day company-wide, worth over A$3m a year gross at about US$68 oil.
5 June 2009admin correction● Neutral
Administrative notice that the 10 million shares at A$0.50 (A$5m) were issued on 4 June 2009 to Chess Capital Partners clients. It carries no new information beyond completing the placement announced on 21 May.
21 May 2009capital raising announcement▲ GoodMajor
Placed 10 million shares at A$0.50 to raise A$5m, oversubscribed, via lead manager Chess Capital Partners. With the options money, over A$8m working capital, no debt, funds all three projects without a JV partner. Follows the 55c placement earlier.
5 May 2009other● Neutral
Text not readable. Headline says development activity is ramping up in Oklahoma; no figures can be taken from the extract.
21 Apr 2009drilling progress report● Neutral
Text mostly not readable. Headline says the Pawnee prospect at West Tulsa 'continues to deliver'; no figures can be confirmed from the extract.
26 Mar 2009security holder rights change● Neutral
Red Fork told holders its listed 20c options (RFEO) expire at 5pm WST on 30 April 2009, with quotation ceasing on 23 April. Shares last traded at 42.5c on 25 March, above the 20c exercise price.
16 Mar 2009half year report● Neutral
Text not readable. Half-year report and accounts to 31 December 2008; no figures can be taken from the extract.
12 Mar 2009investor presentation● Neutral
Text largely not readable. Investor presentation; no figures can be reliably taken from the extract.
11 Mar 2009other● Neutral
Notice that a Chess Capital Partners research project note is available on the company website. No substantive new information in the announcement itself.
11 Mar 2009flow test result● Neutral
Text not readable. Headline suggests flow tests upgraded production capacity at East Oklahoma; a later notice refers to a threefold upgrade there following gas flow tests. No figures can be confirmed from this text.
13 Feb 2009flow test result▲ GoodMajor
Fuss #1-33 at West Tulsa tested gas from the Lower Skinner zone at 150-350 Mcf/day, open flow potential ~900 Mcf/day, no water. Company owns 81.25% net revenue interest. A gas transport deal for sales is still being negotiated.
6 Feb 2009capital raising announcement▲ GoodMajor
Sonray Capital Markets will underwrite exercise of 15m listed options at 20c, securing about A$3m working capital (headline figure). Sonray receives 6.4m unlisted options at 30c expiring April 2011. Dilutes shareholders if exercised, and shores up cash after it fell to A$4m.
15 Jan 2009well test result▲ GoodMajor
Initial production testing at the Pawnee prospect, West Tulsa, was successful, with 160 barrels of oil sold from Fuss #1-34 at end December. Testing continues, possibly moving to electric pumps. This is the first oil sales from West Tulsa, slipping from the end-October target.
28 Nov 2008investor presentation● Neutral
AGM presentation largely repeats known facts: ~42 Bcfe 2P, ~1 MMcfe/day, 91.5m shares. It shows cash of A$4m at 30 September 2008 (down from A$6.4m at June), no debt, and market cap A$10m (A$24.5m fully diluted).
10 Nov 2008drilling result▲ Good
West #2-2, the fourth East Oklahoma production well, hit about 50 ft of Woodford Shale with strong gas shows and is cased. Four wells now await production tests, with results expected before end 2008. This follows the Cunningham #2-5 result.
31 Oct 2008annual report● Neutral
Re-lodged annual report for year to 30 June 2008, superseding the 29 September version. It corrects Mr Miller's base salary to $255,359 in the directors' remuneration note. Chairman notes 70,000 acres, ~42 Bcfe 2P and about A$1.7m Osage sales for the year.
27 Oct 2008well test result▲ Good
Dawson Coal wells #3-29A and #5-29A at Osage are producing pipeline-quality gas to sales at about 30 Mcf/day each while recovering load water. Company expects about 80 Mcf/day at peak (company expectation), with wells costing under US$100,000 each.
27 Oct 2008drilling result▲ Good
Cunningham #2-5, the third East Oklahoma production well, hit about 51 ft of Woodford Shale with strong gas shows and awaits a production test. West #2-2, the fourth, was spudded. First gas sales are still expected before end 2008.
23 Oct 2008drilling spud● Neutral
Cunningham #1-10, the third East Oklahoma production well, was spudded 21 October to about 550 ft. Four to six wells are now planned this campaign, down from ten. First gas sales are expected before end 2008.
1 Oct 2008drilling result▲ Good
Rosier #1-27 reached 3,479 ft with about 35 ft of potential Red Fork Sand pay, extending the West Tulsa oil discovery. Three wells are cased and awaiting tie-in, expected producing by end October, with up to eight more locations. No flow test yet.
