Past year: ▼ 84%(0.10c – 0.63c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Nov 2010resource reserve update▲ GoodMajor
MHA certifies initial Clarence Moreton volumes: 179 PJ of 3P reserves (PEL 457) and 938 PJ of 2C contingent resources across three permits. Red Sky holds no interest yet; completing both wells earns 30% of PEL 457 and 479.
8 Nov 2010drilling spud● Neutral
TDC rig mobilised to Annvale #1 for coring to 950m over two weeks. Gricks spudded the second well, Talma #1 (PEL 457), on 8 November; coring there follows Annvale.
1 Nov 2010drilling progress report▲ Good
Annvale #1 reached 504m, with coring due to start next week. The MHA reserves statement is expected within two weeks. The company welcomes BG Group's final investment decision on the Queensland Curtis LNG Project.
26 Oct 2010drilling spud▲ GoodMajor
Annvale #1 (PEL 479) spudded on 22 October and reached 80m before surface casing was cemented. Coring of coal is due from about 600m, over a 350m interval, with total depth 950m. First Clarence Moreton well begins.
20 Oct 2010drilling scheduled▲ Good
Annvale #1 (PEL 479), the first Clarence Moreton well, is set to spud on Friday 22 October. The well is very close to Metgasco's Casino Project.
20 Oct 2010security holder rights change● Neutral
Two sets of unlisted 20c options (874,944 and 3.5m) expired unexercised on 30 September 2010. Nothing was raised from them.
18 Oct 2010drilling scheduled● Neutral
Rain has eased and the first Clarence Moreton well could spud later this week. No firm date is given yet.
12 Oct 2010drilling scheduled▼ Bad
Further unexpected heavy rain stopped the rig being mobilised, so the 12 October spud will not happen. More rain is forecast and no new date is given; the company calls it very frustrating.
7 Oct 2010drilling scheduled● Neutral
Rains have eased, and the first Clarence Moreton well is now expected to spud on Tuesday 12 October.
4 Oct 2010drilling scheduled▼ Bad
More heavy rain has again delayed the first Clarence Moreton spud. No new date is given and it is unlikely to happen this coming week.
29 Sept 2010drilling scheduled▼ Bad
Heavy rain has delayed the first Clarence Moreton spud to 5 October. Annvale #1 (PEL 479) now goes first because it has the best access, with Talma #1 to follow, reversing the order in the 20 September plan.
27 Sept 2010other● Neutral
MHA Petroleum Consultants of Denver appointed to certify reserves and resources for the Clarence Moreton permits, initial statement due mid to late October, update early 2011. Red Sky has not yet earned any interest in these permits.
20 Sept 2010drilling scheduled● Neutral
Clarence Moreton schedule set: Talma #1 (PEL 457) to spud week of 27 September, Annvale #1 (PEL 479) mid-October, coring through October to early November. Both wells expected to hit up to 20 metres of gassy Walloon coal; Annvale approval received.
14 Sept 2010half year report▼ Bad
Half-year to 30 June 2010 shows a net loss of $3.42m (vs $1.22m a year earlier). Text repeats known plans: ATP 946 farm-in, Sandy Camp farm-in search, Romona #1 earning 50% of ATP 840 unconventional rights. Report is partly garbled.
10 Sept 2010security holder rights change● Neutral
150 million shares held under voluntary 12-month escrow will be released for trading on 20 September 2010. These match the size of the earlier Cydonia acquisition share issue (inference), so more stock may become tradable.
8 Sept 2010investor presentation● Neutral
Good Oil conference presentation repeating known plans: Carinda #1 in October, two Clarence Moreton core holes in October/November, ATP 946 (called Yaraka) cores in 2011, and a farm-in search for ATP 840. Nothing new announced.
1 Sept 2010drilling scheduled▲ GoodMajor
Red Sky reverses July's plan to farm out PEL 467 first and will now drill Carinda #1 in October, making a three-well program with the two Clarence Moreton wells. It says lower costs mean available cash covers all three.
30 Aug 2010drilling progress report▲ Good
Landowner consent is now secured for both Clarence Moreton wells, and regulatory approval is received for the first, with the second expected next week. First well still on track to spud in late September.
23 Aug 2010drilling progress report● Neutral
Clarence Moreton drilling prep advances: landowner consent for the first of two wells, rig available in September, first spud expected late September. Red Sky says remaining cash funds both wells; Central settlement had minimal cash impact. Darling Basin PELs 447-449 relinquished as not prospective.
30 July 2010material agreement termination● NeutralMajor
Red Sky confirms withdrawal from all permits in its joint venture with Central Petroleum, ending the dispute and its Pedirka and NT interests. The announcement gives no terms; refers to Central's release.
30 July 2010material agreement termination● NeutralMajor
Central says it settled the farm-in dispute: Red Sky withdraws from all Central-farmed permits and returns its interests for an undisclosed sum, ending the Farmout Agreement. Resolves the dispute and default notices; the settlement amount is not disclosed.
27 July 2010drilling progress report● Neutral
Ooraminna 2 (Red Sky 10%) reached about 1,666m and logs are being run; an acid squeeze of the Pioneer Sandstone may raise gas flow. Johnstone West 1 is expected to spud around 14 August. No new result yet.
22 July 2010farm in farm out agreement▲ GoodMajor
Red Sky farms into four Clarence Moreton Basin permits in NSW (PEL 457, 478, 479, PSPA 37). One well earns 30% each; a further $3m earns another 40%, with an option to buy the rest. Two core holes are planned for late 2010.
20 July 2010drilling progress report● Neutral
Ooraminna 2 (Red Sky 10%) continues to flare gas but no new zones have been found. Drilling is delayed by blocked downhole equipment; an acid wash of the Pioneer Sandstone is being considered once the well reaches about 1,777m.
13 July 2010well test result▲ Good
Ooraminna 2 (Red Sky 10%) flow-tested gas from the Pioneer Sandstone at roughly 190 Mcfd, versus 12 Mcfd in the 1963 Ooraminna-1 well; no water. A small rate; Central plans to keep drilling to 1,770m and may stimulate the zone.
7 July 2010drilling progress report● Neutral
Central's Ooraminna 2 (EP 82, Red Sky 10%) has cemented casing and is preparing to drill the main Pioneer Sandstone target, expected about 7 July. Slower than planned. Central's 2 tcf high-estimate figure is an undiscovered prospect, not a result.
5 July 2010debt default or forbearance▼ BadMajor
Central says it has sent default notices to Red Sky's NT subsidiary for about $1.9m of unpaid cash calls and about $3.8m of farm-out costs (including the $1.9m). This follows the dispute over Red Sky's March farm-in election.
5 July 2010joint venture update● Neutral
Red Sky says the Central default notices are the contractual route for giving up its right to earn interests in non-Pedirka permits, and so removes any need to pay the $3.8m. Company's interpretation of the agreements; Central had described it as money owed.
2 July 2010drilling scheduled▼ BadMajor
Carinda #1 in PEL 467, due to spud late June, is now being revised; PEL 467 and surrounds (Sandy Camp, up to 11tcf gas-in-place) are to be farmed out. ATP 946 is not yet granted, with two core holes planned for Q4 2010. Focus shifts to ATP 946.
1 June 2010investor presentation● Neutral
Singapore LNG conference pitch, repeating the known story: Red Sky as a partner for CSG-to-LNG, targeting at least 50tcf gas-in-place, market cap $17m. Seeks partners to fund work across its portfolio. Nothing new announced.
