13 Sept 2007half year report● Neutral
Half-year report to 30 June 2007 shows an operating loss of $527,042 (versus $288,156 a year earlier). It restates the Cooper and Darling Basin programs; text is truncated, so no further figures are available.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Sept 2007capital raising announcement● Neutral
Options rights issue completed with 14,832,226 options allotted to the underwriter. Total raised was $308,195 (shareholders $159,872, underwriter $148,322). Options trade as ROGO, $0.30 strike, expiring 31 July 2009. Resolves the underwriter shortfall thread.
3 Sept 2007other● Neutral
Red Sky has set up a new head office, registered office and principal place of business at 89 High Street, Kew, Melbourne, after Bryan Quinn became Managing Director. Administrative.
27 Aug 2007other● Neutral
Notice that 300,000 restricted ordinary shares will be released from escrow on 13 September 2007. Administrative only.
22 Aug 2007capital raising announcement● NeutralMajor
Options rights issue closed 17 August: shareholders took 15.99m of 30.82m options, raising $159,872. The underwriter takes the 14.83m shortfall ($148,322). Funds cover offer costs and working capital. Quotation expected 28 August.
21 Aug 2007drilling result▼ Bad
Magellan confirms Rainbird-1 reached 2,154 m with no commercial hydrocarbons in the target horizons; residual oil only is interpreted in the Patchawarra. The well is being plugged and abandoned. Matches Red Sky's dry-hole news.
20 Aug 2007drilling result▼ BadMajor
Rainbird-1 was plugged and abandoned at 2,154 m with only minor hydrocarbons on logs, a dry hole in Red Sky's first test of its geochemical method in the Cooper Basin. Management says the technology remains valid and will announce the next prospect shortly.
17 Aug 2007drilling progress report● Neutral
Magellan's weekly report repeats that Rainbird-1 was at 2,004 m in the Patchawarra with gas anomalies noted. Same information as Red Sky's 16 August update.
17 Aug 2007drilling progress report▼ Bad
Rainbird-1 was at 2,127 m, deepened because the Patchawarra is thicker than expected. No significant shows in the main oil targets (McKinlay, Birkhead); only minor shows in the Patchawarra. Early sign the main oil targets are not working.
16 Aug 2007drilling progress report● Neutral
Rainbird-1 was drilling at 2,004 m in the Patchawarra Formation, where gas anomalies were noted for later evaluation by logs and tests. No result yet.
10 Aug 2007drilling result● Neutral
Red Sky completed two Darling Basin seismic surveys totalling 159.5 line km (Corinya 2007 and Yallock 2007). Results are expected in 8-10 weeks and are hoped to identify several drillable prospects. Completes the surveys planned in July.
10 Aug 2007drilling progress report● Neutral
Rainbird-1 had reached 660 m and was cementing surface casing. No new result; target and 49% funding for 24.5% unchanged.
8 Aug 2007drilling spud● Neutral
Magellan announced it had farmed into PEL 93 and that Rainbird-1 spudded on 7 August, earlier than the late-August timing expected. The well was planned to reach about 2019 m in roughly 17 days, and Red Sky's stake after a commercial discovery is 24.5%.
8 Aug 2007drilling spud● NeutralMajor
Rainbird-1 spudded 7 August 2007, Red Sky's first well since listing and the first Cooper Basin test of its geochemical method. Red Sky pays 49% to earn 24.5%; the target is 6.4 million barrels of oil in place (P10, unrisked).
6 Aug 2007capital raising announcement● Neutral
Re-lodgement of the 19 July options rights issue prospectus: one option per three shares at 1 cent, $0.30 exercise price, expiring 31 July 2009, underwritten by Allegra Capital. Closing date 17 August. No new terms.
2 Aug 2007farm in farm out agreement● NeutralMajor
New PEL 93 farm-in with Magellan replaces the earlier deal. Red Sky and Magellan each pay 49% of Rainbird-1 costs to earn 24.5%, cutting Red Sky's stake from 49% (it was to fund 98%). Magellan will reimburse part of Red Sky's survey costs.
1 Aug 2007director officer appointment● Neutral
Confirms Bryan Quinn took over as Managing Director from 1 August 2007. Klaus Zahnd is now Non-Executive Chairman and Barry Adams a Non-Executive Director. Completes the transition announced on 12 July.
27 July 2007investor presentation● Neutral
Allegra Capital presentation in Perth restating strategy, board and prospect estimates. States cash of $3.5m and market capitalisation of $18.5m, with Bryan Quinn named as MD from 1 August. No new operational result.
19 July 2007capital raising announcement● NeutralMajor
Prospectus for a non-renounceable options issue: one option per three shares at 1 cent, exercisable at $0.30, expiring 31 July 2009, record date 30 July. Underwritten by Allegra Capital. Delivers the options issue planned at listing.
16 July 2007drilling scheduled● Neutral
Two Darling Basin seismic surveys are planned: Corinya 2007 (100 km, PEL 451) and Yallock 2007 (50 km, PEL 420), to test geochemical anomalies. Results are expected to point to drillable prospects. Continues the planned Darling Basin seismic work.
12 July 2007director officer appointment▲ GoodMajor
Bryan Quinn, formerly of Esso, Rio Tinto and Powercor, becomes Managing Director from 1 August 2007. Klaus Zahnd resigns as MD but stays Chairman, and Barry Adams ends his CEO consulting contract but stays as a non-executive director. This resolves the permanent MD thread.
4 July 2007investor presentation● Neutral
Corporate profile restating known facts. It gives Rainbird-1 expected recoverable reserves of 1 to 3 million barrels of oil equivalent and a first well in August. It lists Petrouska-1 in PEL 106 for September. No new transaction or result.
3 July 2007drilling scheduled● Neutral
Red Sky says Rainbird-1 in PEL 93 is expected to spud toward the end of August, as part of Stuart's six-well program, with Red Sky funding 98%. The release says it earns 48%, whereas earlier material said 49%. Timing moves from June to late August.
31 May 2007farm in farm out completion▲ GoodMajor
Great Artesian's release says Red Sky deposited $1m, meeting the final condition of its PEL 91/106 farm-in. Red Sky can fund up to three wells, with drilling expected in the second half of 2007. This advances the earlier farm-in.
31 May 2007farm in farm out completion▲ Good
Red Sky's own release confirms the $1m deposit toward up to three Great Artesian wells. First choice is Petrouska-1 in the Spinel block, subject to Great Artesian's technical review and a Blue Energy drilling decision. Drilling is due to start in the third quarter.
30 May 2007drilling scheduled▲ GoodMajor
Stuart Petroleum will drill Rainbird-1 in PEL 93 from June 2007 in a seven-well program. Red Sky funds 98% of the well to earn 49%. It is the first well drilled for Red Sky since listing.
30 May 2007investor presentation● Neutral
AGM presentation repeating the listing story: Rainbird-1 first of 12 PEL 93 prospects (Red Sky pays 98% to earn 49%), the 18-month technology licence and the $6m use of funds ($3.4m drilling). No new results.
25 May 2007other▲ GoodMajor
Red Sky says it raised $6 million at $0.20 per share and listed on 23 May 2007. It holds farm-in interests in four Cooper Basin permits and Carnarvon Basin's EP 444. It proposes a 1-for-3 options issue at 1 cent, exercisable at $0.30.
21 May 2007other▲ GoodMajor
Red Sky Energy was admitted to the ASX official list on 21 May 2007 under code ROG, with 53,132,549 shares issued at $0.20. Trading was due to start on 23 May.
21 May 2007other● Neutral
ASX circular confirming quotation of 53,132,549 shares from 23 May 2007. 39,325,862 shares are escrowed (27,602,971 for 24 months) and 20,894,885 options are unquoted. Administrative detail of the listing.