Past year: ▼ 84%(0.10c – 0.63c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Aug 2009investor presentation● Neutral
Presentation repeats the Cydonia deal, with shareholder approval due 11 September. It gives a potential 8.2 tcf gas in place (4.9 tcf recoverable) as undiscovered resource, and a first work program of two core holes costing about $2.5m. Cash is about $4m after the raise.
14 Aug 2009capital raising announcement● Neutral
Prospectus offers up to 300m options at $0.0005 each to raise up to $150,000, closing 28 August 2009. This is the small option placement flagged in the quarterly report.
14 Aug 2009material agreement▲ Good
Due diligence on Cydonia is complete and formal agreements are being finalised. Consideration is clarified: 150m shares and 150m options for vendors, 50m options to GBU Capital for advice, and 150m deferred shares once Cydonia earns 50% of ATP 840 or 904. Shareholder vote 11 September.
29 July 2009other● Neutral
Section 708A notice for 4,175,000 shares issued on 24 July 2009 as payment for corporate advisory services. Administrative.
28 July 2009asset acquisition disposition▲ GoodMajor
Red Sky agrees to buy Cydonia Resources, which can earn up to 100% of two Surat Basin coal seam gas permits (about 1,700 km2), for 150m shares and 150m options at $0.04, plus 150m milestone shares. It also plans a $4m placement of 200m shares at 2 cents. Rohan Gillespie is to be Managing Director. This is a strategy change after the failed Planet Downs well.
2 July 2009security holder rights change● Neutral
ASX granted a waiver on notice timetables for the 30.82m listed ROGO options ($0.30 exercise, expiring 31 July 2009). Shares last traded at $0.015, so the options are far out of the money. Administrative.
25 May 2009director officer appointment● Neutral
Bryan Quinn, who stepped down as Managing Director in February, resigns as a director. Roland Berzins, an experienced resources director and company secretary, joins the board, which is now Le Page, Hyndes and Berzins.
25 May 2009admin correction● Neutral
Revised corporate governance statement and updated shareholder information. At 25 May 2009 there are 287,308,972 shares on issue and 624 holders. Sky Hunter holds 14.27%, and 30,819,470 listed options remain. Administrative.
20 May 2009security holder rights change● Neutral
Besides the 27,602,971 shares already notified, 15,094,885 options will also be released from escrow on 23 May 2009. Administrative notice.
11 May 2009other● Neutral
Replying to an ASX query on its weak March-quarter cash, Red Sky confirmed the $350,000 placement is complete and it expects about $100,000 of security deposits back from surrendered tenements. It expects similar cash outflows for the rest of 2009 and says funds suffice.
8 May 2009security holder rights change● Neutral
27,602,971 ordinary shares will be released from escrow on 23 May 2009. Administrative notice.
1 May 2009quarterly activities report▼ BadMajor
March quarter cash fell to $71,000 after a $126,000 operating outflow. Shareholders approved shares to Sky Hunter (13,875,000) settling about C$800,000 of debt, and 175m placement shares at 0.2c ($350,000) are due in May. Planet Downs consumed the $1m deposit.
29 Apr 2009annual report● Neutral
Re-release of the annual report, with unreadable and truncated text. Text not readable.
14 Apr 2009director officer appointment● Neutral
Andrew Cooke resigned as joint Company Secretary, leaving David Ballantyne as secretary. Administrative.
31 Mar 2009annual report● Neutral
Annual report for 2008 with directors' biographies, but the text is garbled and truncated, so no financial figures are readable. Text not readable.
11 Mar 2009drilling result▼ BadMajor
Planet Downs-1 was plugged and abandoned on 7 March 2009 at 1,444 m. Oil shows were seen, but poor permeability and limited column height meant no discovery. Red Sky's 25% earning right was tied to a discovery, so its $1m deposit yields nothing.
10 Mar 2009other● Neutral
Red Sky moved its registered office and principal place of business to Suite 2, 16 Ord Street, West Perth. The notice is dated 10 March 2008, apparently a typo for 2009, and gives no reason for the move.
26 Feb 2009drilling progress report● Neutral
Drillsearch's weekly update: Planet Downs-1, in which Red Sky may earn up to 25% if it is a discovery, spudded 22 February and was at 310 m. Chilla 3A is a Drillsearch well in which Red Sky has no interest.
18 Feb 2009farm in farm out agreement● Neutral
Drillsearch's copy of the Planet Downs-1 announcement: Red Sky can earn up to 25% of a discovery, using its $1m deposit. The well targets about 1 mmbbls (P50). Duplicate of the Red Sky release.
18 Feb 2009director officer appointment● NeutralMajor
After shareholders approved the $350,000 placement at 0.2 cents, directors Adams, Bradley, Arnett and Skipper resigned. Quinn stepped down as Managing Director but stays as non-executive. RM Capital's Guy Le Page and Robert Hyndes join, a change of control of the board.
18 Feb 2009farm in farm out agreement● NeutralMajor
Red Sky and Drillsearch agreed that the $1m deposit, held after the earlier farm-in expired, gives Red Sky up to 25% of any discovery at Planet Downs-1, targeting about 1 mmbbls (P50). This settles the use of the deposit.
11 Feb 2009director officer appointment● Neutral
David Ballantyne, a chartered accountant who is company secretary of several other small energy companies, is appointed a Company Secretary. Administrative.
4 Feb 2009asset acquisition disposition▼ BadMajor
Red Sky will not renew PEL 451 in the Darling Basin, again citing the need to preserve cash. With PELs 419 and 420 already dropped, this removes the permit with up to six leads.
29 Dec 2008asset acquisition disposition▼ BadMajor
Red Sky will not renew Darling Basin PELs 419 and 420, which expired 18 December 2008, and has relinquished its right to earn into PEL 93 after not drilling a third well. The stated reason is preserving cash. This reverses the 500 km Darling seismic plan.
29 Dec 2008capital raising announcement● NeutralMajor
Red Sky signed a Heads of Agreement with RM Corporate Finance, which will help restructure and recapitalise the company and underwrite a $350,000 placement at 0.2 cents per share, subject to shareholder approval. This is the first raising since the $0.20 IPO.
2 Dec 2008other● Neutral
Registered office moved to Filippo Chartered Accountants, Lower Ground, 395 Collins Street, Melbourne. Administrative only; no reason is given.
21 Oct 2008debt financing● NeutralMajor
Debt to major shareholder Sky Hunter for airborne surveys, CAD$900,000, was renegotiated after a CAD$100,000 payment. The rest is settled by a payment on a new project acquisition, or by issuing 10,000,000 shares plus extras if no acquisition proceeds.
12 Sept 2008half year report▼ Bad
Half-year to 30 June 2008 shows an operating loss of $689,294, against $527,042 a year earlier. The PEL 110 agreement expired on 8 August 2008 and Red Sky is exploring ways to re-enter. Text is truncated, so no other figures are visible.
11 Aug 2008other● Neutral
Registered office and principal place of business moved to the Melbourne offices of Filippo Chartered Accountants, Level 8, 50 Queen Street. Administrative only; no reason is given.
23 May 2008director officer appointment● NeutralMajor
Barry Adams becomes Chairman after Klaus Zahnd retired at the AGM. Adams is a director with about 30 years of oil and gas experience, including at Esso and Woodside. This resolves the leadership change flagged in March.
