Past year: ▼ 84%(0.10c – 0.63c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 May 2010drilling progress report● Neutral
Central's CBM93-002 in EP 93 (Red Sky 10%) hit 3m of Permian coal at 510m and coring is starting. Central also notified a coal discovery in CBM107-002 (65m total coal, TD 604m); Ooraminna 2 spud slipped to 4 June. No gas results yet.
25 May 2010investor presentation● Neutral
AGM presentation pitching Red Sky as a partner for LNG players, with market cap of $17m and targets of at least 50tcf gas-in-place. Repeats known plans for PEL 467 and ATP 946; ATP 946 spud depends on resolving two native title claims.
25 May 2010director officer appointment● Neutral
Non-executive director Roland Berzins resigned at the close of the AGM, with 6m shares held indirectly through RH and CM Berzins. Company secretary David Ballantyne also resigned and Lloyd Flint was appointed in his place.
18 May 2010farm in farm out agreement▲ GoodMajor
Red Sky will manage the farm-out of all ATP 840 rights, seeking a partner to fund a well and 100km seismic (est. $4.0-5.5m) for 50%. Red Sky would earn 20% of Clark Oil's conventional rights and keep its 50% non-conventional interest. A sizeable oil prospect is also identified.
17 May 2010drilling result● Neutral
Central's CBM107-002 in EP 107 (Red Sky 10%) reached 604m TD with 65m cumulative coal, including 16m and 20m seams. Thinner than the 130m in CBM107-001. Gas content tests are not done, and an independent review is pending.
11 May 2010drilling progress report● Neutral
Carinda #1 in PEL 467 is on schedule for a late June spud. Environmental review is being amended, council consent is being sought, and rig modifications are underway. This follows the earlier delays from floods.
4 May 2010drilling progress report● Neutral
Central's CBM107-002 in EP 107 (Red Sky 10%) hit coal at 237.6m, about 32m shallower than forecast. Central calls it encouraging; no gas content result yet.
3 May 2010drilling spud● Neutral
Central spudded CBM107-002 on 30 April in EP 107, where Red Sky holds 10%. Central says the earlier CBM107-001 hit 130m of coal, well above forecast. Central's view only; no gas result yet.
30 Apr 2010annual report● Neutral
Full 2009 annual report, dated chairman's letter 16 April 2010, restating the shift to coal seam gas, $9m raised before costs and the Cydonia, Norwest and Surat Resources acquisitions. Mostly repeats known events; text is truncated.
20 Apr 2010investor presentation● Neutral
Conference presentation repeating known plans: one PEL 467 core hole in June (potential 7tcf gas-in-place) and ATP 946 (estimated 10.4tcf in place, 6.2tcf recoverable, from the company's own assumptions). Nothing new announced.
19 Apr 2010resource reserve update● Neutral
After Romona #1's thin coal, a technical adviser's review identifies potential for basin-centred gas in ATP 840, compared to the US Piceance Basin. No volume is given. Red Sky will consider work options and a farm-in; a further 50% needs another well and 100km of seismic.
16 Apr 2010drilling scheduled▼ Bad
The PEL 467 well is delayed again, to late June, because of rig modifications, site access and permitting after the floods. The earlier late April target is missed.
31 Mar 2010annual report● Neutral
Annual report for 2009 describes the company's repositioning as a coal seam gas explorer, with $9m raised during the year before costs and the Cydonia, Norwest and Surat Resources acquisitions. Mostly restates known events; text is truncated.
31 Mar 2010investor presentation● Neutral
Conference presentation pitching Red Sky as an LNG-linked coal seam gas explorer, with a claimed 50tcf potential gas-in-place target portfolio and market cap of about $20m. Repeats known facts, including 971m shares and PEL 467 and ATP 946 drilling plans.
26 Mar 2010drilling scheduled▼ Bad
Flooding in northern NSW has delayed the PEL 467 well. The original site is abandoned for a new location with better access, and the spud date moves to late April.
22 Mar 2010admin correction● Neutral
Central corrects a date error (12 December should read 12 March 2010) in its 18 March statement on Red Sky's farm-in. The substance is unchanged.
18 Mar 2010joint venture update▼ Bad
Central says it maintains its 24 December position and is assessing its options, with legal advice, over Red Sky's 12 March farm-in announcement. The Central dispute over Red Sky's farm-in reading remains unresolved.
17 Mar 2010farm in farm out agreement▲ GoodMajor
Red Sky signed a term sheet to earn up to 100% of coal seam gas rights in ATP 946 (about 7,650km2, central Queensland). Two core holes (about $1.5m) earn 10%; a further $5m earns 80%. 40m shares are issuable on grant, 40m more on exercise. Conditional on grant, native title and approvals.
15 Mar 2010drilling scheduled● Neutral
Central started road works ahead of drilling Ooraminna 2, an Amadeus Basin appraisal well in EP 82 where Red Sky holds 10%. Central says the prospect may hold up to 2 tcf at a high estimate of undiscovered gas. Central's view only.
12 Mar 2010farm in farm out agreement● NeutralMajor
Red Sky said it would meet remaining cash calls for Pedirka Basin permits EP 93 and 107 under its Broadacre farm-in with Central. It elected not to earn its 10% interest in a number of permits outside the Pedirka Basin.
11 Mar 2010material agreement● NeutralMajor
Red Sky signed a binding term sheet with Enhanced Biogenic Methane to fund a roughly $600,000 single-well demonstration of gas-boosting technology. EBM is associated with Managing Director Rohan Gillespie and would get a 25% farm-in interest plus royalty where used. Subject to shareholder approval if required.
11 Mar 2010other● Neutral
Transol (ASX:TNC), which holds 20% of Enhanced Biogenic Methane with a right to acquire up to 100%, re-releases Red Sky's term sheet announcement. No new substance beyond Red Sky's own announcement.
9 Mar 2010regulatory community update▲ Good
PELA 124 and 125 in NSW, acquired with Surat Resources, are granted at 100%. This resolves the open work program negotiation: year 1 geological studies, year 2 two stratigraphic wells. Floods push back the PEL 467 spud.
2 Mar 2010drilling scheduled● Neutral
Red Sky is preparing its next well in PEL 467 (100%, northern NSW), a roughly $700,000 well. Expected net coal is 4-5m, and nearby gassy water bores are cited as an indicator. Cash is about $5.3m after Romona #1 and Central cash calls.
23 Feb 2010drilling result▼ BadMajor
Romona #1 reached 640m and found only 1.6m of coal over 8 seams, including one gassy seam under 1m thick. Red Sky says this is less than expected and not commercial. The well earns a 50% interest in ATP 840, but Talwood #1 is deferred pending analysis.
22 Feb 2010admin correction● Neutral
Administrative notice: the share register moves from Computershare to Advanced Share Registry Services from 1 March 2010. No impact on holdings.
5 Feb 2010drilling spud● Neutral
Central spudded CBM107-001, the third Pedirka coal seam gas well, on 4 February. Red Sky holds 10%. It tests coal along strike from the CBM93-004 discovery, with planned total depth about 1,214m. Central's announcement.
2 Feb 2010drilling spud● Neutral
Romona #1, Red Sky's first coal seam gas well, in ATP 840 has spudded with TDC Drilling and reached 66m. Target completion is end February. Completing it earns the 50% interest in ATP 840.
28 Jan 2010drilling result▼ Bad
Central reports Pedirka well CBM93-003, 10% Red Sky, reached 896m and will be plugged and abandoned. It found only thin coals of 0.4m and 1.2m in core, with residual tar noted. The next well, CBM107-001, is being mobilised.
27 Jan 2010drilling scheduled▲ GoodMajor
Romona #1, Red Sky's first coal seam gas well in ATP 840, will spud on 29 January. Red Sky will then drill Talwood #1 in ATP 904, which earns a one-third interest. A third well is expected in NSW.
