Past year: ▼ 84%(0.10c – 0.63c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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 2010quarterly activities report● Neutral
September quarter: cash fell to $2.40m from $3.03m after $631k net outflow. Plans now to relinquish PEL 465 and 466 for lack of coal seam gas potential; Carinda #1 targeted this calendar year. Central withdrawal settlement called immaterial.
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.
