23 Feb 2011other● Neutral
Registered office and principal place of business moved to Level 17, 500 Collins Street, Melbourne, with new phone and fax numbers. Administrative; follows the earlier move from West Perth.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Feb 2011flow test result▲ GoodMajor
Drill stem test of Annvale #1 over 675-688m showed good permeability, with a gas flare twice the size of Talma #1's. The company says this is a good indication the gas is producible and supports reserve certification.
21 Feb 2011well test result▲ GoodMajor
Talma #1 core testing shows average gas content of 5 m3 per tonne raw, 15 m3 per tonne dry ash free, with coals apparently fully saturated and up to 25% ethane. The company calls this very important for certifying reserves, and the results are comparable to Metgasco's Riflebird well.
18 Feb 2011drilling result▲ GoodMajor
Annvale #1 finished at 900m with 19.4m of gassy coal and 27 core samples taken for gas testing. The company says results to date have met expectations. This completes the second well of the Clarence Moreton program; wireline and permeability tests follow.
15 Feb 2011drilling progress report● Neutral
Annvale #1 coring is at 870m with 18m of gassy coal so far. Expected total depth is 900m.
14 Feb 2011drilling progress report● Neutral
Annvale #1 coring is at 797m, with 11m of gassy coal intersected so far.
10 Feb 2011drilling progress report● Neutral
The Annvale #1 re-drill reached the 650m coring point, and coring will start shortly.
7 Feb 2011drilling progress report● Neutral
The Annvale #1 re-drill reached 300m, with coring expected to begin at 650m.
3 Feb 2011director officer appointment● Neutral
Adrien Wing, a Melbourne-based CPA, replaces Lloyd Flint as company secretary. The company is moving its registered office to Melbourne.
31 Jan 2011drilling progress report▼ Bad
Annvale #1 cored to 695m with several gassy coal seams, but downhole problems force the well to be re-drilled. It will be re-spudded on the same pad within days. This is a second setback for the well.
28 Jan 2011drilling result● NeutralMajor
Carinda #1 reached 354m. Logs showed 5.2m of coal across 14 seams, in line with expectations, though some seams are too shallow to hold gas. The company plans 6-8 wells across the Sandy Camp permits for about $1m, with a decision around mid-2011.
27 Jan 2011drilling progress report● Neutral
Annvale #1 coring has started at 569m and reached 631m, with coal expected shortly.
27 Jan 2011security holder rights change● Neutral
6,219,941 options at 20 cents expired on 31 December 2010 with no exercise. This was the 20c option series noted in the share structure, so no cash was raised.
21 Jan 2011investor presentation● Neutral
Radio interview with the managing director repeating known results: Talma #1 found a 240m gassy interval and gas flowed in a test. He expects three to four more core holes in 2011 and is considering a pilot. No new data.
17 Jan 2011drilling progress report● Neutral
Depco will mobilise on Friday 21 January to start drilling Annvale #1, giving a new start date after the flood delays.
17 Jan 2011drilling progress report● Neutral
Carinda #1 reached 258m. Coal seams were seen but coring was not possible because of unconsolidated claystones. Drilling continues to 350m, then wireline logs will measure the coal.
11 Jan 2011drilling progress report▼ Bad
Annvale #1 mobilisation by Depco is delayed again by Queensland flooding, which limits access to equipment and may affect the site. No new spud date was given, so the 7 January re-spud slips further.
10 Jan 2011drilling spud● Neutral
Carinda #1 spudded on 9 January in the Sandy Camp Project (100% Red Sky), after months of flood delays. Target depth is 350m, coring Cretaceous coals in the Coonamble Embayment.
16 Dec 2010drilling progress report▲ Good
Early Talma #1 permeability tests are described as sufficient to support certification and viable production, with a gas flare seen; full analysis pending. Annvale #1 will be re-spudded 7 January with Depco; Carinda #1 slips to January due to flooding.
16 Dec 2010other● Neutral
Share trading policy document setting out when directors and staff may trade Red Sky shares and the insider trading rules. Administrative; no new operational or financial information.
13 Dec 2010drilling result▲ GoodMajor
Talma #1 finished at 836m with 23.5m net gassy coal across 29 seams, versus 15m assumed in the November certification. The company expects recoverable resource to rise by at least 500 PJ, to be confirmed in Q1 2011.
9 Dec 2010drilling result▲ Good
Talma #1 has hit 21m net coal across 25 gassy seams at 788m, depth planned 860m. The company says results exceed expectations; gas content testing is pending.
6 Dec 2010drilling progress report▲ Good
Talma #1 coring is going smoothly: 6m net coal across 8 gassy seams at 677m, with 15m net expected. Carinda #1 is delayed again by rain blocking site access.
30 Nov 2010capital raising announcement● NeutralMajor
Red Sky places 70 million shares at 2 cents to raise $1.4m before costs, led by Melbourne Capital. Funds go to Clarence Moreton exploration and working capital. Cash was $2.40m at September.
What it means for a shareholder
70.0m new shares at A$0.020 to raise about A$1.4m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (50,000 at the issue price), your slice goes from 0.01% to 0.00877% of the company. To keep it you'd need 7,000 more shares - about A$140 at the issue price.
Create a free account to see this worked out for your own holding.
26 Nov 2010drilling progress report● Neutral
TDC has mobilised to Talma #1 (PEL 457) and will start coring this weekend at 480m, with planned total depth 820m.
23 Nov 2010investor presentation● Neutral
Business update pitching the Clarence Moreton Basin, with Red Sky holding about 16% of acreage. Argues it could reach Metgasco's reserves position for about $10m and values certified reserves at $74-76m. Plans a reserves expansion program, subject to funds.
23 Nov 2010drilling progress report▼ Bad
Unresolved drilling problems at Annvale #1 mean TDC moves to Talma #1; Annvale gets a new top hole later. Carinda #1 is set to spud 27 November. Extra costs are covered by existing funds, the company says.
19 Nov 2010security holder rights change● Neutral
140 million shares under voluntary 12-month escrow will be released from restriction on 3 December 2010. More stock becomes tradable.
18 Nov 2010asset acquisition disposition● NeutralMajor
The 150 million deferred shares owed to Cydonia Resources vendors were issued on 18 November, taking shares to about 1.12 billion. This settles the 150m milestone shares thread; they carry a 12-month trading lock.
17 Nov 2010drilling progress report▼ Bad
Drill bit problems with contractor TDC have delayed the start of coring at Annvale #1, now expected over the weekend.