Past year: ▲ 0%(38.0c – 60.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Nov 2006well test result● Neutral
The Demier 3-G re-completion, the first of the four-well program, was fracked and is returning treatment water with a gas show and about 100 psi casing pressure. Gas rates are expected to rise as water is pumped off.
30 Oct 2006drilling progress report● Neutral
Re-completion work has started on four more existing wells (Demier 2-G, Demier 3-G, Country Club 2-A, Country Club 1-A East), due by end November. That would bring completed wells to nine. Four new wells are planned in the rest of 2006.
30 Oct 2006annual report● Neutral
Annual report for the year to 30 June 2006, with the chairman's review dated 20 October 2006. It restates the first-year achievements: 100% of the Osage project, infrastructure built, and two new CBM wells drilled. No new operating results in the text provided.
4 Oct 2006well test result▲ GoodMajor
First two new coal bed methane wells, #2-29 and #4-29, are completed and selling gas at initial rates of about 50 and 20 MCFGD. A new shallow zone was found. This follows the August completion work; 15 wells are targeted to be tied in by end 2006.
2 Oct 2006annual report● Neutral
Full-year financial report to 30 June 2006 for Red Fork Energy, the company's first year after its October 2005 listing. Lists the same board and HLB Mann Judd as auditor. The text provided is truncated, so no financial figures can be given.
31 Aug 2006drilling progress report● Neutral
Completion work is underway before production testing on the first two coal wells, #2-29 and #4-29. No flow rates yet; tie-in to infrastructure is expected in the September quarter.
17 July 2006drilling result▲ Good
Redfork #2-29 and #4-29 both reached 1,441 feet and hit the target coals, 2 to 4 feet thick each, consistent with other producing wells in the field. Casing is cemented and the wells await completion; flow rates are not yet known.
14 July 2006capital raising announcement● Neutral
The 750,000-share offer at 22 cents is complete, raising $165,000 before costs, to replenish working capital after the acquisition of the extra 22.5% interest.
10 July 2006drilling spud▲ GoodMajor
The first coal bed methane well, Redfork #2-29, was spudded on 7 July 2006 to about 1,500 feet, the first of four planned. A gas-in-place estimate by independent engineers is expected by end of March quarter 2007.
13 June 2006farm in farm out completion▲ GoodMajor
The purchase of the extra 22.5% was completed on 2 June 2006, giving Red Fork 100% working interest (80% net revenue interest) in the Cherokee Basin project. A $165,000 share offer at 22 cents is now open to replenish working capital.
13 June 2006capital raising announcement● Neutral
Short-form prospectus for up to 750,000 new shares at 22 cents to raise up to $165,000. It mostly refers back to earlier disclosures, so it adds no new operating information.
What it means for a shareholder
750,000 new shares at A$0.220 to raise about A$165,000. That's 1.6% dilution: every existing holder's slice gets 1.6% smaller. If you held A$1,000 of shares (4,545 at the issue price), your slice goes from 0.00965% to 0.0095% of the company. To keep it you'd need 72 more shares - about A$16 at the issue price.
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30 May 2006capital raising announcement● NeutralMajor
The A$1.32 million placement of 6 million shares at 22 cents, announced 19 April, is complete and funds the 22.5% interest purchase. Red Fork also plans a further 750,000 shares at 22 cents to raise $165,000 for working capital.
What it means for a shareholder
6.0m new shares at A$0.220 to raise about A$1.3m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (4,545 at the issue price), your slice goes from 0.00997% to 0.00881% of the company. To keep it you'd need 598 more shares - about A$132 at the issue price.
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10 May 2006well test result▲ Good
The first three re-completed wells (Bass 90-1, Osage 86-1, Church 88-1) are online, with project flows of about 300 thousand cubic feet of gas and 20 barrels of oil a day. The company estimates about A$1.4 million a year of revenue at those rates, and says cash is about A$5.8 million.
19 Apr 2006asset acquisition disposition▲ GoodMajor
Red Fork agrees to buy the remaining 22.5% of its Osage County project for US$1.8 million, lifting its working interest from 77.5% to 100% (80% net revenue interest) and giving it operatorship. It is part-funded by a A$1.32 million placement of 6 million shares at 22 cents.
16 Mar 2006half year report● Neutral
Half-year to 31 December 2005 shows a loss of $336,548 and cash of about $4.67 million after the A$5.66 million listing. Confirms the 77.5% working interest in 4,160 acres in Osage County, Oklahoma. No new operational information beyond the quarterly report.
