Past year: ▼ 84%(0.10c – 0.63c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Jan 2009quarterly activities report▼ Bad
December quarter: PELs 419 and 420 lapsed to conserve cash, PEL 93 farm-in with Magellan expired 4 November, and PEL 451 renewal is undecided until February. Exploration spend was $75,000. The $350,000 RMCF placement goes to a 18 February meeting.
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.
31 Oct 2008quarterly activities report● Neutral
Seismic permitting continues for the planned 500 km Darling Basin program, and PEL 447 was renewed for two years on 4 September. Orion's Nyngynderry 1 in neighbouring PEL 8 was dry. PEL 106 deposit use remains under review. Text truncated.
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.
31 July 2008quarterly activities report▼ Bad
Red Sky did not complete the drilling needed to earn PEL 110 and is in talks to secure participation, so Bales 1 did not go ahead in Q2 as planned. The $1m PEL 106 deposit is under review. PELs 447, 448 and 449 were recommended for renewal with 25% relinquished. Text truncated.
31 July 2008quarterly activities report▼ Bad
June 2008 quarter cash flow shows cash of $741,000 at quarter end, down from $1.137m, after a $396,000 operating outflow. No new funds were raised in the quarter. This is a low cash balance; the raising mentioned in November 2007 has not appeared.
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.
29 Apr 2008quarterly activities report▼ Bad
A 500 km seismic program is planned across the six Darling Basin permits. Red Sky has decided to withdraw from PEL 91, citing limited potential, and PEL 106 interpretation is delayed by processing problems. Bales 1 in PEL 110 still expected in Q2 2008.
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.
31 Jan 2008quarterly activities report● Neutral
Darling Basin seismic found at least one drillable lead in PEL 420 and up to six in PEL 451. Red Sky chose not to drill the two PEL 91 prospects. Bales 1 in PEL 110 is now expected in Q2 2008. Text truncated.
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.
