Past year: ▼ 84%(0.10c – 0.63c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
Create a free account to see this worked out for your own holding.
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.
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.
31 July 2009quarterly activities report● Neutral
June quarter report mainly restates the Cydonia Surat Basin CSG acquisition and the $4m placement at 2 cents. It notes completion of the $350,000 placement and a $150,000 option placement. Red Sky keeps 100% of Darling Basin PELs 447-449, answering that open question.
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.
