Past year: ▼ 84%(0.10c – 0.63c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Jan 2010director officer appointment▲ Good
Murray Durham joins the Red Sky board as Executive Director with immediate effect. He was most recently Oil and Gas Marketing Director at Apache Energy and earlier ran BHP Billiton's coal seam gas business globally.
15 Jan 2010regulatory community update▲ Good
Central, as operator, formally notified the NT government of a coal discovery in EP 93, based on 144m of coal in CBM93-004. Red Sky holds 10% of the joint venture. Central notes its views may not reflect those of its partners.
11 Jan 2010drilling spud● Neutral
Central spudded CBM93-003, the second of five Pedirka coal seam gas wells, on 9 January. Red Sky holds 10% through its subsidiary. Net coal of roughly 20-30m is expected. This is Central's announcement.
6 Jan 2010drilling result▲ GoodMajor
Central reports Pedirka well CBM93-004, in which Red Sky holds 10%, reached 978m with about 144m of coal and fair to excellent gas readings. Thicker than expected, it supports widespread coal. Preliminary results; this is Central's announcement.
29 Dec 2009joint venture update▼ Bad
Central Petroleum publicly disputes Red Sky's 17 December description of its farm-in. It says Red Sky cannot walk away, and may only opt out of costs for the second and third drilling targets, not permit by permit. Central is still investigating its legal position, so the 'resolved' claim is contested.
18 Dec 2009regulatory community update▲ GoodMajor
PEL 123 in NSW, acquired with Surat Resources, has been granted at 100%. The two-year program is geological studies, then one core hole to about 500m. Work programs for PELA 124 and 125 are still being negotiated.
18 Dec 2009contract award▲ Good
Red Sky contracted TDC Drilling for Romona #1, its first coal seam gas well, in ATP 840, expected to spud late January and finish by end February. Completing it meets the initial farm-in obligation and earns a 50% interest in ATP 840.
17 Dec 2009joint venture update▲ GoodMajor
Red Sky says it has reached further agreement with PXA, resolving the dispute and entitling it to a 10% interest across Central's permits. It says participation is optional permit by permit. The first Pedirka coal seam gas well spudded in early December.
30 Nov 2009capital raising announcement▲ GoodMajor
Red Sky raised $4.5m through a placement of 125m shares at $0.036, led by Melbourne Capital, after shareholders approved the Norwest and Surat Resources deals on 27 November. Issued shares reach about 971.5m. Funds go to exploration and working capital.
What it means for a shareholder
125m new shares at A$0.036 to raise about A$4.5m. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (27,778 at the issue price), your slice goes from 0.00556% to 0.00444% of the company. To keep it you'd need 6,944 more shares - about A$250 at the issue price.
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25 Nov 2009joint venture update▼ Bad
Central Petroleum has referred its dispute with PXA over Red Sky's 10% farm-in to formal arbitration after talks failed. Central maintains the assignment was valid. The Pedirka drilling program proceeds regardless, with the first well due early December. Dispute still unresolved.
24 Nov 2009regulatory community update● Neutral
Red Sky clarifies its presentation's 'trillion tonnes of coal' claim for the Central permits. The source report gives a conceptual exploration target of 1.1-1.4 trillion tonnes above 1,000m, with insufficient exploration to define a resource. This qualifies the earlier presentation.
23 Nov 2009investor presentation● Neutral
20:20 Investor Series presentation. Says the ATP 840 hole now expects a January 2010 spud with landowner consents secured, and a Pedirka five-hole program runs Dec 2009 to April 2010. Cash is $3.5m. Largely restates known deals.
21 Oct 2009investor presentation● Neutral
October presentation says the company is positioning as a major coal seam gas player, with market cap comparatives of $50m-$150m. First ATP 840 core hole is expected to spud in November and the program is described as fully funded. Mostly restates known deals.
19 Oct 2009asset acquisition disposition▲ GoodMajor
Red Sky agrees to buy Surat Resources, with three coal seam gas permits (about 23,000 km2) in northern NSW next to the Norwest permits, for 80m shares subject to shareholder approval. Potential 26 tcf gas in place, undiscovered, giving a contiguous area above 53,000 km2.
16 Oct 2009director officer appointment▲ GoodMajor
Gerrit de Nys becomes non-executive Chairman with immediate effect. He co-founded Hong Kong's Shui On Group, held senior roles at IMC Group, and has been a non-executive director of Horizon Oil.
16 Oct 2009joint venture update▼ Bad
Central Petroleum's board will issue a dispute notice over PXA's failure to sign the deeds for Red Sky's farm-in. Possible outcomes are: the farm-in proceeds, it is blocked, or PXA pre-empts on the same terms. Delays may continue.
15 Oct 2009joint venture update● Neutral
Red Sky agrees with Central that PXA must ratify its farm-in. It reaffirms its acreage strategy, listing 1,700 km2 in Surat (Qld), 71,600 km2 in NSW via Norwest (vote in November) and Darling Basin PELs 447-449.
15 Oct 2009joint venture update▼ Bad
Central Petroleum says PXA has not signed the deeds needed to complete Red Sky's farm-in. This could leave Red Sky unable to become a participant and delay the work program. This is a Central announcement and the dispute is unresolved.
8 Oct 2009asset acquisition disposition▲ GoodMajor
Red Sky agrees to buy Norwest Hydrocarbons, holding 100% of seven coal seam gas permits (about 71,600 km2) in northern NSW, for 80m shares. Needs shareholder approval. Potential 34 tcf gas in place, undiscovered; work commitments are funded from existing cash.
1 Oct 2009farm in farm out agreement▲ GoodMajor
Red Sky, via a subsidiary, farms into Central Petroleum's Central Australian permits for a minimum 10% in 27 permits. It funds up to 20% of the first three conventional wells per permit and 20% of the first A$3m of seismic. It also pays A$5m per trillion cubic feet of 3P reserves found.
18 Sept 2009asset acquisition disposition▲ GoodMajor
Red Sky completed buying 100% of Cydonia on 18 September after shareholder approval on 11 September. Both ATPs are granted and the $4m placement is finalised. The first drill hole is expected before Christmas.
18 Sept 2009director officer appointment▲ GoodMajor
Rohan Gillespie becomes Managing Director immediately, as flagged at the Cydonia deal. He is Managing Director of Energy Infrastructure and Resources, a major Cydonia shareholder that will run the work program, and formerly led BHP Billiton's coal seam gas business.
11 Sept 2009half year report▼ Bad
Half-year to 30 June 2009: net loss $1,217,390 (prior period $776,797). Planet Downs-1 drilling used the $1m deposit with Great Artesian Oil and Gas. Red Sky keeps Darling Basin PELs 447-449 and has the Cydonia deal pending.
10 Sept 2009capital raising announcement▲ GoodMajor
The $4m placement of shares has closed oversubscribed. Cydonia settlement and issue of all securities are expected within a fortnight.
8 Sept 2009capital raising announcement● Neutral
Holding statements sent for the 300 million listed options (code ROGOA), so the $150,000 option offer at $0.0005 is complete. Administrative.
7 Sept 2009capital raising announcement● Neutral
Prospectus dated 7 September 2009, closing 15 September, with risk factors and pro-forma balance sheet. The readable text does not state the offer size or price; the offer's terms are not readable here.
4 Sept 2009regulatory community update▲ Good
ATP 904, one of the two Surat Basin permits Cydonia is farming into, has now been granted by the Queensland government. ATP 840 was already granted, so both permits behind the Cydonia acquisition are in place.
1 Sept 2009investor presentation● Neutral
Good Oil Conference presentation repeats the Cydonia deal: two core holes costing about $2.5m, 8.2 tcf potential gas in place (4.9 tcf recoverable, undiscovered), vote on 11 September, about $4m cash after the raise. No new facts in the readable text.
25 Aug 2009capital raising announcement● Neutral
Prospectus for the offer of up to 200m shares at $0.02 to raise $4m, closing 11 September 2009, the same day as the general meeting. Shares are due to start trading around 21 September. It formalises the previously announced placement.
What it means for a shareholder
200m new shares at A$0.020 to raise about A$4.0m. That's 29% dilution: every existing holder's slice gets 29% smaller. If you held A$1,000 of shares (50,000 at the issue price), your slice goes from 0.01% to 0.00714% of the company. To keep it you'd need 20,000 more shares - about A$400 at the issue price.
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21 Aug 2009capital raising announcement● Neutral
Replacement prospectus for the same offer of up to 300m options at $0.0005 to raise up to $150,000, closing 28 August 2009. It replaces the 14 August version. No new substance is readable.
