Past year: ▼ 84%(0.10c – 0.63c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Apr 2008annual report▼ Bad
Annual report calls 2007 a disappointment after the two dry PEL 93 wells, which prompted a technical review of target selection and delayed drilling. Chairman points to Darling Basin as the core area and says the board is reviewing growth options including acquisitions.
31 Mar 2008annual report● Neutral
Statutory accounts for the year to 31 December 2007, with the directors' report and corporate details. Text is truncated, so no financial figures are visible. Confirms Horner resigned 20 December 2007 and Quinn became Managing Director on 1 August 2007.
14 Mar 2008director officer appointment● NeutralMajor
Chairman Klaus Zahnd will retire as chairman and director at the 23 May 2008 AGM, citing that he lives in Canada while operations are focused on Australia. A new chairman will be named after the AGM.
23 Jan 2008other● Neutral
Notice that 9,157,444 restricted shares and 300,000 restricted options (20 cents, expiring 23 May 2008) will be released from escrow on 12 February 2008. Administrative only.
20 Dec 2007director officer appointment● Neutral
Director Dan Horner resigned with immediate effect after a board composition review. He was one of the seven directors serving since the May 2007 listing. No reason beyond the review is given.
28 Nov 2007investor presentation▼ BadMajor
Management says the two dry PEL 93 wells do not end use of the Sky Hunter method. About $2m went on the wells and $1m on Darling seismic of the $6m IPO. Further funds are being sought, which it says is hampered by weak markets.
12 Nov 2007other● Neutral
Administrative Appendix 3B listing escrowed shares (300,000, 1,265,447 and 1,000,000) released or due for release from escrow, the last on 28 November 2007. No new shares are issued and no money is raised.
12 Nov 2007other● Neutral
Notice that 1,000,000 restricted shares and 2,000,000 restricted options (20 cents, expiring 23 May 2008) will be released from escrow on 28 November 2007. Administrative only.
7 Nov 2007asset acquisition disposition● NeutralMajor
Red Sky will not exercise its option to farm into EP 444 in the Carnarvon Basin, WA, despite some drillable prospects, saying it is focusing on the Cooper-Eromanga and Darling Basins. Ends the Carnarvon thread after its geochemical survey and half the interpretation costs.
26 Oct 2007other● Neutral
Notice that 1,265,447 restricted ordinary shares will be released from escrow on 10 November 2007. Administrative only.
3 Oct 2007drilling result▼ Bad
Magellan confirms Patron-1 was plugged and abandoned at 1,807 m with no commercial hydrocarbons. Having funded 49% of the well, it earned no interest in the prospect. Matches Red Sky's result.
2 Oct 2007drilling result▼ Bad
Red Sky's final Patron-1 report: total depth 1,807 m, logs show no economic hydrocarbons, and the well is being plugged and abandoned. Its second Cooper Basin test of the geochemical method also failed.
2 Oct 2007drilling result▼ Bad
Cooper Energy confirms Patron-1 is a dry hole with no economic hydrocarbons at any target. Red Sky and Magellan hold no ongoing equity in PEL 93, though they may drill further wells under the farm-in. Post-well, Stuart holds 70% and Cooper 30%.
2 Oct 2007drilling result▼ BadMajor
Patron-1 reached 1,807 m and logs showed no economic hydrocarbons, so the well will be plugged and abandoned. This is Stuart's confirmation of a second dry hole under the PEL 93 farm-in.
28 Sept 2007drilling progress report▼ Bad
Red Sky repeats Stuart's report: Patron-1 at 1,522 m, no shows in the Birkhead, drilling on to the Epsilon.
28 Sept 2007drilling progress report▼ Bad
Patron-1 is drilling ahead at 1,522 m. No shows were seen in the Birkhead, one of the main oil targets; the Epsilon is next.
27 Sept 2007well test result▼ Bad
Red Sky repeats that the Patron-1 Murta test (1,242-1,258 m) recovered only mud and muddy water. Drilling resumes toward the Birkhead, Patchawarra and Epsilon targets, expected to finish within six days.
27 Sept 2007drilling progress report● Neutral
Magellan, Red Sky's farm-in partner, reports Patron-1 at 1,289 m and about to test the Murta oil show. It is funding 49% of the well to earn 24.5% of any commercial discovery. No new result.
27 Sept 2007well test result▼ Bad
The first drill stem test of Patron-1's Murta oil show (1,242-1,258 m) recovered only 1.5 barrels of mud and 6.2 barrels of muddy water. This is not a discovery, and drilling resumes.
27 Sept 2007well test result▼ Bad
Cooper Energy confirms the Patron-1 Murta test recovered only mud and muddy water, and says drilling should finish within six days. Its costs are carried by third parties.
26 Sept 2007drilling progress report● Neutral
Stuart reports Patron-1 at 1,289 m, pulling out of the hole to test an oil show in the Murta Formation. The test result is not yet known.
26 Sept 2007drilling progress report● Neutral
Red Sky repeats that Patron-1 is at 1,289 m and about to test an oil show in the Murta Formation. Red Sky's 24.5% is marked subject to a commercial discovery.
25 Sept 2007drilling progress report● Neutral
Red Sky repeats Stuart's report: Patron-1 drilling ahead at 1,110 m in the Bulldog Shale. No new result.
25 Sept 2007drilling progress report● Neutral
Operator Stuart reports Patron-1 drilling ahead at 1,110 m in the Bulldog Shale, toward 1,800 m planned depth. No hydrocarbon result yet.
24 Sept 2007drilling progress report● Neutral
Patron-1 reached 672 m, surface casing was run and cemented, and operations were running in with an 8½-inch bit. No new result.
24 Sept 2007drilling progress report● Neutral
Patron-1 had reached 672 m, with surface casing run and cemented and a drill bit being run in. No new result; repeats the earlier 24 September report.
21 Sept 2007drilling spud● Neutral
Patron-1 spudded 20 September and was drilling surface hole at 381 m, with 1,800 m planned depth. Red Sky holds 24.5% post-success. This is the second well of the Stuart farm-in program.
21 Sept 2007other● Neutral
Red Sky's share registry moves from Computershare in Perth to Computershare in Adelaide from 24 September 2007. Administrative only.
20 Sept 2007drilling scheduled● Neutral
Red Sky repeats Stuart's announcement that Patron-1 will spud about 21 September. Red Sky pays 49% to earn 24.5%. Mean target is 2.4 million barrels of oil in place, and it is the second test of its geochemical method in the Cooper Basin.
19 Sept 2007drilling scheduled● NeutralMajor
Stuart announces Patron-1 in PEL 93 will start about 21 September, the second well under the Red Sky/Magellan farm-in. Mean target is 2.4 million barrels of oil in place. The agreement allows up to 12 wells over three years. Follows the Rainbird dry hole.
