12 July 2010drilling result● Neutral
Scott #1-24, the first well Red Fork has drilled itself at East Oklahoma South, reached 1,371 ft on a 640-acre spacing unit. Logging is under way and completion is to follow. Dates were later corrected.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 July 2010admin correction● Neutral
Correction to the earlier Scott #1-24 release: the well spudded 8 July and reached 1,371 ft on 9 July 2010, not June. No other change.
9 July 2010drilling progress report▲ Good
East Oklahoma Central now has 12 wells, with two more to be drilled and completion and testing under way. Equipment is ordered for the Mayes A facility, designed for about 4 MMcf/d. First gas sales follow commissioning, still not yet dated.
6 July 2010drilling progress report● Neutral
Completion has begun on Posey #1-17 in East Oklahoma North, with about 63 ft of productive Woodford Shale logged and fracture stimulation under way. Test results are expected in the September quarter, so the flow results remain pending.
30 June 2010admin correction● Neutral
Administrative notice: the share registry moves to Security Transfer Registrars Pty Ltd, Applecross WA, effective 1 July 2010. No effect on the business.
8 June 2010drilling result▲ Good
Moebius #3-28 reached 3,577 ft with about 75 ft of Red Fork Sand logged, which the company says confirms the field's continuity. Five West Tulsa wells still produce; three more drilled wells await production testing once new infrastructure is commissioned.
28 May 2010investor presentation● Neutral
Investor presentation pitching East Oklahoma as a large shale gas discovery with potential for multi-TCF reserves. Per-well figures: 0.31 Bcf reserves, US$0.10m cost, US$0.53m NPV (company estimates), ~150 sections held. Largely restates known themes.
27 May 2010drilling spud● Neutral
Moebius #3-28 spudded 25 May at West Tulsa, a direct offset to Moebius #2-28, targeting the Red Fork Sand at about 3,400 ft. It is the 8th production well at Pawnee, supported by a new central delivery point under construction.
21 May 2010drilling result▲ GoodMajor
Moebius #2-28 at West Tulsa reached 5,604 ft and logged three new sand sections totalling 120 ft with strong gas shows, on top of about 80 ft of Red Fork Sand. It will likely become a water disposal well; next well due week of 24 May.
18 May 2010regulatory community update▲ Good
Red Fork says refined drilling methods cut East Oklahoma single-well drill, complete and tie-in cost by 33% to about US$100,000, saving US$50,000 per well. It now estimates finding and development costs below US$0.50 per Mcf.
14 May 2010other● Neutral
Top 20 shareholder list at 14 May 2010: the top 20 hold 63.69% of 139.5m shares. Robert Healy now holds 17.40% and Luigi Ghirardello 13.00%. Administrative, no new events.
12 May 2010drilling result▲ GoodMajor
Moebius #2-28 at West Tulsa hit about 40 ft of oil pay in the Red Fork Sand, a step-out 2,700 ft from the nearest well. The company says this extends the discovery and starts phase two; the well is still drilling toward 6,000 ft.
4 May 2010drilling result▲ Good
All four East Oklahoma Central wells reached target depth and hit the Woodford Shale at the predicted depth, about 50 ft thick with gas visible throughout. They are cased and awaiting completion; on 640-acre spacing, they will hold acreage once producing.
4 May 2010investor presentation● Neutral
Launch of a new website and an updated April 2010 investor presentation. It repeats known figures, including 138.0m shares, nil debt, about A$13.5m cash at 31 Dec 2009 and reserves as at 30 June 2009. Share price quoted A$0.76.
30 Apr 2010drilling spud● Neutral
Two more East Oklahoma Central wells, West #1-28 and West #1-29, were spudded on 27-28 April to about 600 ft to test the Woodford Shale thickness and productive capacity. Continues the current drilling phase; no results yet.
27 Apr 2010drilling spud● Neutral
Two East Oklahoma Central wells (Steins #1-17, Holland #1-17) were spudded to about 600 ft to test the Woodford Shale. At West Tulsa, Mobius #2-28 began a new development pod, targeting about 5,500 ft as an Arbuckle test.
23 Apr 2010quarterly activities report▲ Good
March quarter gross sales rose 62% to a record A$970,000, with record production of 205 MMcfe. East Oklahoma South ramp-up awaits 20 new wells tied in, and Pawnee gained two producing wells. Text is truncated.
13 Apr 2010drilling spud▲ Good
A rig moved onto East Oklahoma Central on 12 April, starting a phase of up to 14 new production wells. The first three are to be drilled to 400-700 ft this week; this resumes drilling that was slated for December, with first gas sales still pending.
29 Mar 2010production update▲ GoodMajor
East Oklahoma South plant optimisation is substantially complete, with about 40 km of new pipeline letting 20 new wells tie in, taking wells in production to 49. Output is about 1 MMcf/d now; the company says the increase will show in September 2010 quarter revenue.
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.
29 Jan 2010quarterly activities report● Neutral
December quarter: gross production about A$600,000 and net revenue A$505,000, steady on September. Recaps closing of the East Oklahoma South acquisition, three northern wells hitting Woodford Shale, and the new Simpson Sand zone at West Tulsa; text is truncated.
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.