Each one in plain English, with the numbers worked through for a shareholder.
17 Feb 2012capital raising announcement● Neutral
Notice for issue of 6,250,000 shares at 0.7c on 17 February 2012 without a prospectus, about $44k. Administrative; purpose not stated.
What it means for a shareholder
6.3m new shares at A$0.007 to raise about A$44,000. That's 0.445% dilution: every existing holder's slice gets 0.445% smaller. If you held A$1,000 of shares (142,857 at the issue price), your slice goes from 0.0102% to 0.0102% of the company. To keep it you'd need 639 more shares - about A$4 at the issue price.
The regulator has asked for yet more information on the Talma pilot application. A further revised application is due in March and a decision is now not expected until April, a further slip from the one-month decision promised in January.
Notice for issue of 8,333,334 shares at 0.6c on 30 January 2012 without a prospectus, about $50k. Administrative; purpose not stated.
What it means for a shareholder
8.3m new shares at A$0.006 to raise about A$50,000. That's 0.597% dilution: every existing holder's slice gets 0.597% smaller. If you held A$1,000 of shares (166,667 at the issue price), your slice goes from 0.012% to 0.0119% of the company. To keep it you'd need 1,000 more shares - about A$6 at the issue price.
December quarter: net outflow $407k before financing; Talma pilot approval still pending, expected within a month. Repeats the 114 PJ 3P reserves and ATP 840 renewal bid. Closing cash is not shown in the extract.
The NSW regulator asked for more information on the Talma pilot application, so a revised application was lodged in the Review of Environmental Factors process. The regulator said a determination would be made within one month.
Notice for issue of 5,666,667 shares at 0.6c on 4 January 2012 without a prospectus, about $34k. Administrative; the purpose is not stated.
What it means for a shareholder
5.7m new shares at A$0.006 to raise about A$34,000. That's 0.408% dilution: every existing holder's slice gets 0.408% smaller. If you held A$1,000 of shares (166,667 at the issue price), your slice goes from 0.0121% to 0.012% of the company. To keep it you'd need 683 more shares - about A$4 at the issue price.
Notice for issue of 4,857,143 shares at 0.7c on 6 December 2011 without a prospectus, about $34k. Administrative; the text does not say the purpose (inference: likely YA Global drawdown).
What it means for a shareholder
4.9m new shares at A$0.007 to raise about A$34,000. That's 0.351% dilution: every existing holder's slice gets 0.351% smaller. If you held A$1,000 of shares (142,857 at the issue price), your slice goes from 0.0104% to 0.0103% of the company. To keep it you'd need 503 more shares - about A$4 at the issue price.
Company says its 114 PJ of 3P reserves rank fifth among non-major eastern Australian gas companies, behind Metgasco's 2,542 PJ. Repeats the Talma pilot plan awaiting approval. No new data.
Notice that 150m restricted shares leave escrow on 5 December 2011, which adds to freely tradable shares. Administrative; the text does not say who holds them.
Approval application (110-page environmental review) for the Talma pilot has been lodged, with approval expected within weeks. Plan is to drill out the core hole and expose 480-570m, then flare and produce. This pushes the earlier Q4 timeline into further waiting.
September quarter: cash fell to $989k after a $394k net outflow. No field work; the Talma pilot still awaits approval. The $3m YA Global facility is in place, with 11m shares issued to YA Global as a commitment fee.
Red Sky signs the proposed $3m equity facility with YA Global, drawable over 3 years at up to $100k per 10 trading days. Shares price at the lowest 10-day VWAP, with a 5% commission. Company says current cash funds the Talma pilot.
Notice for issue of 12.5m shares at 0.6c on 27 September 2011, without a prospectus. Admin notice; the issue is not explained in the text (inference: related to the YA Global facility).
What it means for a shareholder
12.5m new shares at A$0.006 to raise about A$75,000. That's 0.906% dilution: every existing holder's slice gets 0.906% smaller. If you held A$1,000 of shares (166,667 at the issue price), your slice goes from 0.0122% to 0.0121% of the company. To keep it you'd need 1,525 more shares - about A$9 at the issue price.
Half-year report to 30 June 2011 shows a net loss of $5.12m (prior period $3.42m). It restates known events: Kangaroo Creek discovery, permit relinquishments and the revised farm-in. The cover carries leftover Kilgore Oil & Gas headings, apparently template errors.
Managing Director's presentation repeats the Clarence Moreton reserves, Kangaroo Creek discovery and revised farm-in. Adds 1.366bn shares, market value of about $11m at 0.8c, and a 74% share price fall since Nov 2010 versus 37% for peers. No new results.
Presentation repeats the August Kangaroo Creek study: 81.8m gross interval, 28.9m net pay, 28 Mscfd flow, gas-in-place of 3.0-6.5 PJ per sq km if fully gas-charged. Pilot well planned for Q4 2011, pending approvals. No reserve booked.
Study on the Kangaroo Creek sandstone finds an 83m gross column at Talma #1 and a 28 Mscfd flow from a 10m interval. Permeability is low, and seal and structure are unconfirmed. Company says pilot drilling is needed to size the resource; no reserve booked.
Binding term sheet with Clarence Moreton Resources replaces the lapsed option. Red Sky can rise from 30% to 70% in PEL 457/479 in four 10% stages, one well each, with the Talma pilot earning 10% in PEL 457. A $3m equity facility over 3 years is proposed, subject to due diligence.
Notice that listed 2c options (ROGOA) must be exercised by 5pm 2 September 2011 or lapse. The shares last traded at 0.8c, below the 2c exercise price. Administrative.
June quarter: cash was $1.383m after a $1.44m placement against a $1.357m outflow. Next-quarter outflow forecast is $400k. Reports the shift to near-term production via the Kangaroo Creek discovery, with non-core permits relinquished and 15m shares issued to Adelaide.
28 June 2011material agreement termination● Neutral
Adelaide Energy confirms the ATP 904P farm-in with Red Sky is terminated in return for 15m Red Sky shares with a 12-month escrow. Adelaide now holds 100% of the permit. Counterparty's view of the same deal announced by Red Sky.
28 June 2011asset acquisition disposition● NeutralMajor
Red Sky narrows to two areas, Clarence Moreton and ATP 946. It ends the ATP 904P farm-in for 15m escrowed shares to Adelaide Energy, relinquishes the Sandy Camp and Tibooburra permits, and cuts its ATP 840 unconventional interest to 25%. Spending commitments are substantially reduced.
Red Sky lets its option lapse to earn a further 40% in PEL 457 and 479 for $3m per permit, keeping its 30%. Talks continue on a revised farm-in. This resolves the earlier open decision on spending $3m per permit.
Duplicate of the same-day announcement: Red Sky lets the option to earn a further 40% in PEL 457 and 479 lapse, keeps 30%, and negotiates a revised farm-in. Re-release with no new content.
9 May 2011capital raising announcement● NeutralMajor
Placement raises $1.44m through 120m shares at 1.2c, with a free 1-for-2 option (60m listed options at 2c, September). Funds mainly go to the Talma pilot well. It adds to the share count of about 1.23bn.
What it means for a shareholder
120m new shares at A$0.012 to raise about A$1.4m. That's 8.9% dilution: every existing holder's slice gets 8.9% smaller. If you held A$1,000 of shares (83,333 at the issue price), your slice goes from 0.00677% to 0.00617% of the company. To keep it you'd need 8,120 more shares - about A$97 at the issue price.
Presentation repeats known Clarence Moreton reserves and the Kangaroo Creek pilot plan, and adds a 27MW Summerland Way power project with a company-estimated $30m NPV and a 2013 target go-ahead. Cash $1.4m at 31 March; market value $21m at 1.7c.
