Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Sept 2007production update▲ GoodMajor
Osage production reached 1 MMcfe/day from thirteen wells, meeting the September-quarter target. The company puts this at about A$3m a year gross at its 80% share, using forecast prices. Remaining shut-in wells are to be tied in by end October; pipeline infrastructure acquired, with a 10 MMcfe/day goal.
27 Aug 2007other● Neutral
Notice that Tricom Equities has updated its research note after visiting Oklahoma operations. Tricom first covered the company in March 2007. No new company information is in the announcement.
20 Aug 2007other● Neutral
Notice that broker Wise-owl.com has begun research coverage of the company, with the report sent to shareholders. No new company information is given in the announcement.
14 Aug 2007drilling result▲ Good
Redfork #4-28 reached about 1,400 ft and logs show hydrocarbons in all known coals. The Red Fork Sand, 22 ft thick at 1,270 ft, flowed about 80 Mcf/day with some oil. Completion is expected by end of the September quarter.
9 Aug 2007drilling spud▲ Good
Redfork #4-28 spudded 8 August 2007 at Osage, to 1,400 ft, testing all coal zones. About six more wells are planned by end 2007. Holdings rise by 6,000 acres to about 30,000 gross acres, 100% owned.
30 July 2007well test result▲ GoodMajor
Redfork #1-17 Tyner Sand output rises to about 400 Mcfe/day, over five times the CBM field average. The company says this zone alone could earn over A$1m a year gross and has found at least five new well locations. Completion has begun in Country Club 4A East.
11 July 2007admin correction● Neutral
Section 708A notice for 3,987,500 shares issued on 9 July 2007 to clients of Chess Capital and Hartley's, plus 1,250,000 options at 20c to consultants. Administrative notice; no price or amount raised stated.
5 July 2007well test result▲ GoodMajor
Redfork #1-17's Tyner Sand fracture treatment gives about 200 Mcfe/day, and Church #88-1's Weir-Pitt coal completion flows 100 Mcf/day. The company says it is on track for 1 MMcfe/day in the September quarter, with about A$4m cash.
27 June 2007resource reserve update▲ GoodMajor
Maiden reserve estimate of 37.6 Bcfe (3P), of which 10.4 Bcfe is proved and probable, across about 24,000 acres in four project areas. It was prepared in-house by company staff. Target is 1 MMcfe per day in the September quarter, fulfilling the earlier promise of a gas-in-place estimate.
7 June 2007asset acquisition disposition▲ Good
A further 3,000 gross acres brings Oklahoma holdings to about 21,000 acres (leased or committed). Neighbouring operators have filed more than 35 drilling permits in the larger play, and the company expects to exceed its 10,000-acre target there.
17 May 2007drilling scheduled▲ Good
A 12-well completion program has begun at Osage, targeting zones behind pipe in existing wells, starting with #1-29, #1-17, Broken Drum #2C and CC #1A. #1-28 becomes a salt water disposal well. Completion by end June would give 17 wells tied in.
10 May 2007asset acquisition disposition▲ GoodMajor
Holdings grow by about 13,500 gross acres to about 18,000 acres (leased or committed), mostly in the first new shale and coal gas area, at 100% working interest and US$30-50 per acre. An initial gas-in-place estimate is promised for the June quarter.
7 May 2007director officer appointment● Neutral
David Prentice is promoted to Managing Director. Bruce Miller takes a full-time role as head of geology and exploration, and Perry Gilstrap will head operations. Follows Michael Fry's appointment as chairman.
4 May 2007director officer appointment● NeutralMajor
Director Michael Fry becomes chairman after founder and chairman Tony Brennan resigned to focus on other directorships. Brennan had chaired the company since its October 2005 listing.
13 Apr 2007asset acquisition disposition▲ GoodMajor
The leasing campaign added about 5,000 gross acres, taking holdings to about 9,200 acres. Leases in hand cover about 2,800 acres at 100% working interest (87.5% net revenue) and US$30 per acre, with 2,200 more committed. Continues the 7 March campaign.
30 Mar 2007well test result▲ GoodMajor
Initial completions worked: Redfork #1-29 tested at about 14 barrels of oil equivalent a day, #1-17's Tyner Sand swabbed at potential of about 17 barrels a day, and Broken Drum #1C Woodford Shale flows about 75 mcf/day. First production from the new oil and shale zones.
28 Mar 2007other● Neutral
Tricom Equities has started research coverage of the company and the report is being sent to shareholders. No new operating or financial information in the announcement itself.
16 Mar 2007half year report● Neutral
Half-year report to 31 December 2006. The extract largely restates known drilling results (CBM wells #2-29 and #4-29, and the Arbuckle oil find in #1-29 and new zones in #1-28). Financial figures are truncated and not readable here.
8 Mar 2007drilling result▲ GoodMajor
Redfork #1-17 reached about 2,360 feet and found about 6 feet of Wilcox Sand with free oil and 14 feet of gas-bearing Prue Sand. It sits 1,700 feet from Bass #89-1, which has produced about 35,000 barrels from the Wilcox, extending that oil reservoir.
7 Mar 2007other● NeutralMajor
Redfork began a leasing campaign on Oklahoma's Cherokee Platform, targeting about 25,000 acres initially and up to 100,000 acres across three project areas. The campaign aims at shallow unconventional CBM and shale plays, funded by the recent placement, cash reserves and cash flow.
27 Feb 2007drilling spud● Neutral
Redfork #1-17 was spudded on 26 February 2007, to about 2,700 feet to test all coals and the oil-bearing Arbuckle. It appears to be the third well of the campaign. Repeats the six-wells-in-March-quarter and cashflow-positive statements.
26 Feb 2007capital raising announcement▲ GoodMajor
Placement of 12.5m shares at 40c raises A$5m before costs: A$3.525m now, A$1.475m subject to shareholder approval. Funds go to Osage County development and working capital. Company again says it is cashflow positive, with six wells due in the March quarter.
What it means for a shareholder
12.5m new shares at A$0.400 to raise about A$5.0m. That's 21% dilution: every existing holder's slice gets 21% smaller. If you held A$1,000 of shares (2,500 at the issue price), your slice goes from 0.00531% to 0.00419% of the company. To keep it you'd need 663 more shares - about A$265 at the issue price.
Create a free account to see this worked out for your own holding.
9 Feb 2007production update▲ GoodMajor
Completion has begun on Redfork #1-29. The CBM wells are ramping up, with #2-29 at 60 MCFG/day and #4-29 at about 15. The company says it is now cashflow positive, with sales funding lease operating and corporate costs.
19 Jan 2007drilling result▲ Good
Full log analysis of #1-28 confirms about 4 feet of Weir-Pitt coal and two new zones about 28 feet thick each: oil shows in the Redfork Sand, a gas show in the Woodford Shale. The company is considering a cheaper twin well to produce them.
3 Jan 2007drilling result▲ GoodMajor
Redfork #1-28 reached about 2,978 feet and logs show hydrocarbons in the known coals plus two new zones, the Redfork Sand and Woodford Shale. This extends the #1-29 results; completion plans are still being designed for both wells.
29 Dec 2006drilling spud● Neutral
Redfork #1-28, the second of three wells in this campaign, was spudded on 21 December 2006 to about 2,700 feet. It targets the coals and the Arbuckle oil formation, like #1-29.
19 Dec 2006drilling result▲ GoodMajor
Redfork #1-29 reached 2,724 feet. Logs show about 32 feet of oil-bearing Burgen Sand and Arbuckle with free oil in samples, the company's first oil discovery in its own acreage. Completion is planned early in the new year.
12 Dec 2006drilling spud▲ GoodMajor
Redfork #1-29 spudded on 10 December 2006, to about 2,700 feet to test the coals and the oil-bearing Arbuckle formation. It is the first of three wells, the company's first deeper oil test after its shallow CBM wells.
27 Nov 2006well test result● Neutral
The Demier 2-G re-completion is finished and gas is flowing to the sales line at a modest initial rate of about 20 mcfg/day, which the company expects to rise as water is pumped off. Country Club 2A is next.
14 Nov 2006drilling progress report● Neutral
Re-completion of the Demier 2-G well began on 10 November, with initial results expected the following week. Country Club 2A is next, and the four-well program is still due by end November.
