7 Apr 2008other● Neutral
ANZ discloses its Opes Prime securities-lending holdings across many ASX companies and says it has begun a disposal programme. The Red Fork entry is not visible in the text provided. Not specific to Red Fork.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Apr 2008other▲ Good
About 12.9m Red Fork shares (about 14.1%) held for Opes Prime were placed with existing substantial holders and domestic and international institutions. The company says this removes the share overhang flagged the day before.
3 Apr 2008other▼ Bad
ANZ Nominees holds 9,143,139 Red Fork shares (about 10.1%) on behalf of Opes Prime, which is in receivership. The company cannot confirm whether all are margin-loan shares and is working with major shareholders to secure buyers if they are sold.
27 Mar 2008drilling progress report▲ Good
Fracture treatments on the Weir-Pitt Coal in Redfork #3-29, #5-29 and #2-32 are underway, with testing into sales before quarter end. Four wells (two at Osage, two at West Tulsa) are to start by quarter end, and 12-16 more are committed for the first half of 2008.
4 Mar 2008material agreement▲ GoodMajor
Terms are agreed with a US regional gas transmission company to build a tap connecting the 30,000-acre Eastern Oklahoma project to a sales line. Drilling is brought forward 12 months to the first half of 2008, saving about US$1.5m versus the earlier 15-mile pipeline plan.
22 Feb 2008drilling progress report● Neutral
Nine Osage wells are to be completed or re-completed in the March quarter, including the Bass #89-1 oil well, which is being completed in a second zone (Tyner Sand). Pipeline work continues to tie in the four recently drilled wells.
30 Jan 2008quarterly activities report▲ Good
December quarter: gross Osage production A$430,000 and net income A$340,000, up 12% on the prior quarter. Holdings are 45,000 acres and the A$10m placement is complete. Three new wells were drilled and completions have started. Targets remain over 6 MMcfe/day within 24 months.
29 Jan 2008regulatory community update▲ Good
Leasing has grown about 250% in nine months to roughly 45,000 acres, at 100% interest and 80-87.5% net revenue. It says cash is about A$10m, West Tulsa drilling is set to start, and four Osage wells are due tied-in in the March quarter.
17 Jan 2008drilling progress report● Neutral
A completion rig is on site at Osage and has started on Redfork #4-28 (Red Fork Sand, about 80 Mcf/day natural flow earlier). It then moves to #3-29, #5-29 and #2-32. All four wells are expected tied-in during the March quarter 2008.
9 Jan 2008drilling result▲ Good
Redfork #2-32 reached about 1,417 ft, again confirming the known coals with a good gas show in the Red Fork Sand. Completion and tie-in are expected in the March quarter. Deeper wells #1-18 and #1-20 are still planned this month.
7 Jan 2008drilling spud● Neutral
Redfork #2-32 spudded on 4 January 2008 at Osage, planned to about 1,417 ft. The deeper Redfork #1-18 and #1-20 wells are contracted for this month, weather permitting.
7 Jan 2008capital raising announcement● Neutral
Administrative notice: 10,598,530 shares were issued at 55c on 7 January 2008, completing Tranche 2 of the Hartleys placement. With Tranche 1 this totals about 18.5m shares, up to A$10.175m. No new information.
What it means for a shareholder
10.6m new shares at A$0.550 to raise about A$10.2m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (1,818 at the issue price), your slice goes from 0.00228% to 0.00201% of the company. To keep it you'd need 242 more shares - about A$133 at the issue price.
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24 Dec 2007drilling result▲ Good
Redfork #5-29 reached about 1,451 ft, confirming the known coals with a good gas show in the Dawson Coal and a strong show in the Prue Sand conventional zone. Completion is expected in the March quarter 2008. The deeper #1-18 and #1-20 wells are now due early in the new year.
20 Dec 2007drilling spud● Neutral
Redfork #5-29 spudded on 19 December 2007 at Osage, planned to about 1,500 ft to test all coal zones. Three further wells are contracted over the rest of December and early January.
18 Dec 2007capital raising announcement● Neutral
Administrative notice: 7,901,470 shares were issued at 55c to Hartleys' clients on 13 December 2007. This is Tranche 1 of the placement announced in November. No new information.
What it means for a shareholder
7.9m new shares at A$0.550 to raise about A$4.3m. That's 9.9% dilution: every existing holder's slice gets 9.9% smaller. If you held A$1,000 of shares (1,818 at the issue price), your slice goes from 0.00253% to 0.00228% of the company. To keep it you'd need 200 more shares - about A$110 at the issue price.
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11 Dec 2007drilling result▲ Good
Redfork #3-29 reached about 1,341 ft and logs showed gas in at least three zones (Dawson Coal, Oswego Limestone, Redfork Sand). Completion and tie-in are expected in the March quarter 2008. Redfork #5-29 spuds later this week.
7 Dec 2007drilling spud▲ GoodMajor
Redfork #3-29 is set to spud at the 100%-owned Osage project, to about 1,500 ft, the first of four wells over about six weeks. The company confirms a drilling schedule for Q1 2008, with staged 6-10 well programs planned through 2008.
30 Nov 2007investor presentation● Neutral
AGM presentation largely repeating known points: strategy, 100% owned Oklahoma acreage now stated at 37,000 acres leased, 36.4 Bcfe 2P reserves, and the A$10.2m capital raising. No new results in the text provided.
23 Nov 2007capital raising announcement▲ GoodMajor
Placement of up to 18.5m shares at 55c to raise up to A$10.175m, in two tranches: 7.9m now and 10.6m subject to approval at a meeting around 28 December. Funds are for drilling, pipelines and leasing; target over 6 MMcfe/day within 24 months.
What it means for a shareholder
18.5m new shares at A$0.550 to raise about A$10.2m. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (1,818 at the issue price), your slice goes from 0.00253% to 0.00201% of the company. To keep it you'd need 468 more shares - about A$257 at the issue price.
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20 Nov 2007admin correction● Neutral
Registered office and principal place of business moved to Level 2, 79 Hay Street, Subiaco, effective immediately. Administrative notice only.
16 Nov 2007drilling scheduled▲ Good
Osage drilling restarts with two rigs contracted and permits for five wells; first spud planned for the first week of December, with completion and sales in early 2008. The newly acquired gas gathering system is to be connected in the first half of 2008.
12 Nov 2007investor presentation● Neutral
Hartleys begins research coverage and the company issues an updated investor presentation. It repeats known facts: 71.6m shares, price 68c, market cap about A$48.7m, cash about A$3m, no debt, 34,000 acres leased.
31 Oct 2007quarterly activities report● Neutral
September quarter: sales about A$350,000 and receipts A$305k. Operating and investing outflow was A$1.92m and cash at quarter end A$2.533m. Reserve upgrade, 1 MMcfe/day and pipeline purchase are repeated. Holdings 32,000 acres; up to five Osage wells planned by year end.
30 Oct 2007annual report● Neutral
Annual report for the year to 30 June 2007, with chairman's letter citing 1 MMcfe/day production and independently certified 2P reserves of 36.4 Bcfe. Repeats known facts; financial statements are not in the text provided.
24 Oct 2007other● Neutral
Notice that Wise-owl.com has updated its research note, available on the company website. No new company information.
16 Oct 2007resource reserve update▲ GoodMajor
Independent engineers Lee Keeling lift proved and probable reserves 250% to 36.4 Bcfe, with total reserves at 62.2 Bcfe. This replaces the in-house 37.6 Bcfe estimate of June. It includes about 1.44 million barrels of oil, all within the 4,200-acre Osage project.
15 Oct 2007security holder rights change● Neutral
5,890,000 shares and 9,912,500 unlisted options (20c, expiring 30 April 2009) will be released from escrow on 29 October 2007. Shares become freely tradeable. Administrative notice.
1 Oct 2007annual report● Neutral
Annual financial report for the year to 30 June 2007. The extract shows only the directors, with Suzie Foreman replacing Richard Homsany as company secretary from 31 July 2007. Financial figures are not in the text provided.
19 Sept 2007other● Neutral
The company launched a redesigned corporate website. Administrative notice with no operational or financial content.
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.