Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Apr 2011drilling result▲ Good
Moebius #4-28 reached 3,572 feet with about 75 feet of Red Fork Sand logged and oil and gas shows, confirming the oil zone's continuity at Pawnee. Casing is run for production testing; a horizontal test is likely in 2011.
29 Mar 2011capital raising announcement● Neutral
Share purchase plan opens: eligible shareholders can apply for up to A$15,000 at A$0.32, closing 4 May, capped at A$5m. Same price as the placement; the shares last closed at 49 cents. Proceeds are for five Mississippian horizontal wells, acreage and working capital.
25 Mar 2011drilling spud● Neutral
Moebius #4-28 spudded 22 March at the 100%-owned Pawnee prospect (West Tulsa), targeting the Red Fork Sand at about 3,600 feet. The drilling contractor is also committed to the whole 2011 programme, including Big River horizontals.
22 Mar 2011capital raising announcement▲ GoodMajor
Red Fork completes an A$28.5m placement of 89.06m shares at A$0.32, with up to A$5m more via a share purchase plan. Funds the Big River Mississippian push, targeting about 50,000 acres by mid-2011 and five horizontal wells in 2011. Soros and Macquarie participated.
What it means for a shareholder
89.1m new shares at A$0.320 to raise about A$28.5m. That's 39% dilution: every existing holder's slice gets 39% smaller. If you held A$1,000 of shares (3,125 at the issue price), your slice goes from 0.00224% to 0.00137% of the company. To keep it you'd need 1,995 more shares - about A$638 at the issue price.
Create a free account to see this worked out for your own holding.
22 Mar 2011investor presentation● Neutral
March 2011 investor presentation repeating known facts: 2P reserves, Big River strategy and the portfolio. Shows 139.5m shares, A$0.40 price, A$4.4m cash and nil debt at 14 March. Text is truncated; no new results seen.
16 Mar 2011half year report▼ Bad
Half year to 31 December 2010: net loss after tax A$2.0m (A$1.4m loss a year earlier), oil and gas revenue A$1.4m, up 8%. Gas sales volumes rose 500% but a stronger Australian dollar hurt results. Leased Big River acreage reached 20,000 acres after year end.
4 Mar 2011other▼ Bad
S&P index announcement of the March 2011 rebalance, not issued by the company. Red Fork Energy is listed among removals from the All Ordinaries index, effective after close on 18 March 2011.
3 Mar 2011asset acquisition disposition▲ Good
Big River acreage rises to about 20,000 acres, with the company now expecting 75 sections (about 48,000 acres) by end of June quarter 2011, room for over 150 horizontal wells. First Noble County section is pooled for the McMurtry #1-21H well.
7 Feb 2011drilling progress report● Neutral
First 3D seismic survey starts at Big River, covering about ten 640-acre sections over roughly two months. Right-of-way, surface damages and gathering system planning for the initial drilling programme are under way, ahead of the first well.
31 Jan 2011quarterly activities report● Neutral
December quarter: gross revenue A$0.95m, production 258 MMcfe, down from the September quarter. Highlights are entry into the Big River Mississippian project, with the first well planned for the first half of 2011, and continued East Oklahoma testing.
27 Jan 2011asset acquisition disposition▲ Good
Big River acreage increased 50% to about 18,000 acres at 100% working interest (81.25% net revenue interest). The company now controls eleven sections in Noble County, enough for more than 20 horizontal wells, and still targets 35,000-50,000 acres.
31 Dec 2010drilling progress report● Neutral
Couch #1-33 (East OK Central) tested at up to 200,000 cf/d, above the company's economic model, but is shut in awaiting a pump. Posey #1-17 is fracture stimulated and being converted to a pump test. Four more East OK South units spaced for drilling.
31 Dec 2010other● Neutral
Securities trading policy document setting out restrictions on dealings by directors, officers and employees. Governance only; no operational or financial news.
22 Dec 2010asset acquisition disposition▲ GoodMajor
Red Fork enters the Big River horizontal Mississippian oil play in north-west Oklahoma, with about 12,000 acres (100%) and a target of up to 50,000. It plans up to five horizontal wells in 2011 at about US$2.5m each, and has raised A$5.0m short term. A strategy shift beyond East Oklahoma gas.
30 Nov 2010investor presentation● Neutral
AGM presentation repeating the FY10 results and the 2P 143.1 Bcfe reserve certification. It frames the year as difficult for shareholders given low gas prices and points to liquids-rich plays, including Pawnee. No new results.
1 Nov 2010quarterly activities report● Neutral
September quarter: gross revenue A$1.08m, production 274 MMcfe (up 17% on June). Scott #1-24 at East Oklahoma South drilled and completed, Wagoner A amine upgrade finished, and the second Pawnee delivery point is running. Follows the September reserve upgrade to 2P 143.1 Bcfe.
1 Nov 2010annual report● Neutral
Printed 2010 annual report with chairman's letter, repeating results already released: revenue up 189% to A$3.01m, net assets A$46.3m, no debt, and 2P reserves 143.1 Bcfe. Notes average wellhead gas price of US$3.98/Mcf, down almost 30%.
20 Oct 2010admin correction● Neutral
Correction to the annual report: Prospect Custodian's holding is 12,887,089 shares (9.24%), not 8,821,563 (6.32%). Administrative only.
11 Oct 2010other● Neutral
Red Fork plans to drill, complete and test about 20 wells over the next twelve months in East Oklahoma to grow reserves, agreed with its certifying engineers. It says this is funded from cash flow and working capital, and cites the current gas price environment.
1 Oct 2010annual report▲ Good
Year to 30 June 2010: revenue up 189% to A$3.01m, gross profit A$1.24m, net assets A$46.3m, no debt. Reserves as certified in September. Management expects higher reserves, production and cash flow ahead.
27 Sept 2010production update▲ Good
Moebius #1-28 began producing 47 bopd and 50,000 cf/d of gas; Moebius #3-28 is still returning load water. The second delivery point is operational, with water disposal tested at 10,000 bbl/d. West Tulsa now has eight of ten wells producing and 36 further locations identified.
14 Sept 2010resource reserve update▲ GoodMajor
Independent certification lifts reserves at 30 June 2010: 2P to 143.1 Bcfe (from 72.8), 3P to 197.6 Bcfe (from 106.5), 1P to 79.9 Bcfe. First East Oklahoma 2P of 78.4 Bcf, largely from the 2009 EOK South acquisition. Resolves the overdue reserve report.
14 Sept 2010investor presentation● Neutral
Presentation of the 2010 independent reserve certification at 30 June 2010: 2P 143.1 Bcfe, 3P 197.6 Bcfe, with East Oklahoma 2P 78.4 Bcf. Share price A$0.52 and cash about A$7.85m. Repeats the same-day reserve announcement.
16 Aug 2010joint venture update▲ Good
Moebius #2-28 at West Tulsa is completed as a water disposal well, possibly able to take up to 15,000 barrels of water a day. A second central delivery point is being finalised, to bring Moebius #1-28 and #3-28 online.
11 Aug 2010production update▲ Good
A new amine processing unit at the Wagoner A plant in East OK South was commissioned, which the company says saves about A$425,000 a year in costs plus about A$300,000 a year of gas otherwise burned as fuel. Processing capacity is 5 MMcf/d.
29 July 2010investor presentation● Neutral
Singapore investor presentation restating East Oklahoma shale gas themes, 2009 reserves (2P 72.8 Bcfe) and per-well economics. Notes 139.0m shares, share price A$0.67, market cap about A$93m, cash about A$7.5m at 30 June 2010 and no debt. No new results.
29 July 2010quarterly activities report▲ Good
June quarter: gross revenue A$1.24m (up 28%), production 234 MMcfe. Four more East OK Central wells hit Woodford Shale; well cost cut 33% to about US$100k. Moebius #2-28 and #3-28 at West Tulsa confirmed Red Fork Sand continuity.
28 July 2010admin correction● Neutral
Correction: Fuss #2-34's initial gas rate was 120,000 cubic feet per day, not 120 cubic feet. Oil rate stays at 40 bopd.
28 July 2010well test result▲ Good
Fuss #2-34 at West Tulsa's Pawnee prospect began producing 40 bopd and 120 cf/d of gas (later corrected), from about 3,500 ft. This is the sixth producing well there. The company says the low rate is deliberate, to improve ultimate recovery.
20 July 2010drilling result▲ Good
Two more East Oklahoma Central wells, Clemmons #1-9 and Peper #1-21, reached 465 ft and 553 ft, logging 55 ft and 56 ft of Woodford Shale with good gas shows. Both are cased, awaiting completion.
