Past year: ▼ 84%(0.10c – 0.63c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Sept 2021drilling result▲ Good
Slickline work shows the Killanoola SE-1 well bore is clear. This removes the need for a rig at this stage, though a wellhead must be installed before perforating the 16m of potential pay. It resolves the 13 September question.
3 Aug 2021drilling progress report● Neutral
Crews began work on site at Killanoola to check the DW-1 rods are free moving, following the 29 July approval. The pump recommissioning and a later rig for perforations remain planned. Operational step, no new result.
9 Apr 2021resource reserve update● Neutral
Summary combining Killanoola (100%, 2C 2.8 mmbbl) with Red Sky's 20% of Innamincka. Total net 2C is 5.1m barrels of oil and 7.6 bcf gas. Both Killanoola wells are to be tested this year, SE-1 first. Mostly repeats earlier figures.
19 Nov 2020resource reserve update● NeutralMajor
Maiden resource statement for Killanoola: contingent oil resources of 0.8 / 2.8 / 5.4 million barrels (1C/2C/3C). No reserves are booked, as the acquisition has not completed and commerciality is unconfirmed. Previous operators' reserve claims are not adopted.
11 Sept 2019farm in farm out agreement▲ GoodMajor
Farm-out to Santos, which can earn 80% and operatorship of all six Innamincka Dome licences by funding up to A$9m: Yarrow 3D seismic, a Yarrow appraisal well and a Flax appraisal well. This relieves Red Sky of the A$5.0m bond. Conditional on ministerial approval.
20 May 2019farm in farm out completion▲ GoodMajor
Ministerial consent granted and the remaining 25% of PRL182 transferred from Bengal for $1, as agreed 24 October 2018. Red Sky now holds 100% of all six Innamincka Dome licences. CEO Knox targets a starter project for early cashflow by end of 2019.
6 May 2019resource reserve update▲ GoodMajor
Independent consultant RISC report assigns net 2C contingent resources of 9.9 mmbbl oil and 17.7 bcf gas to Flax and 18.3 bcf gas to Yarrow, both 100% owned. RISC found no new well data and no reason to change prior estimates; it judged Yarrow and Flax developments economic.
21 Mar 2019farm in farm out completion▲ GoodMajor
South Australia's minister approved the transfer and Red Sky completed the Beach acquisition: 100% of five Innamincka Dome permits including Flax, and 75% of PRL182. This ends the long-delayed deal from July 2018; re-commissioning planning for Flax has begun.
4 Sept 2015drilling scheduled● Neutral
Sites for the first two Cache production wells are chosen; permits are expected in October, and the raising funds only the first well. The second well is planned for the first half of 2016. Further asset talks and alternative funding are under way, with no terms given.
16 June 2015resource reserve update▲ GoodMajor
Notice of meeting for 17 July sent, with an independent valuation of the 50% Cache interest at $29.66m–$35.27m (preferred $30.02m) against a purchase price of $1.2m–$2.1m. Cites ~5.1–6m barrels recoverable; the field currently makes 10–20 barrels a day. The expert called the deal fair and reasonable.
17 May 2013farm in farm out completion▲ GoodMajor
NSW approves renewal of PEL 457, triggering the second ERM milestone: $1,000,000 payable to Red Sky, which keeps its 20% interest. A further $1m is due on PEL 479 renewal; ERM payments total up to $2.7m.
5 Dec 2012farm in farm out completion▲ Good
First ERM milestone met: ERM Gas has been assigned a registered 10% in each of PEL 479 and 457, triggering a $700,000 payment to Red Sky. Red Sky keeps 20% in both permits, as set out in the September deal.
13 Sept 2012farm in farm out completion▲ GoodMajor
The ERM Gas deal reached financial close on 13 September 2012. ERM funds 6-9 wells, can earn up to 80% PEL 478 and 60% PEL 479/457, and pays Red Sky up to $2.7m on milestones. 150m shares go to ERM at 0.7c. Resolves the repeated delays.
13 Sept 2012farm in farm out completion▲ Good
ERM Power's own announcement that the farm-in completed. It earns minimum 50% in PEL 457 and 479 and 65% in PEL 478, with options to reach 100%, and subscribes for 150m Red Sky shares at 0.7c (9.5%). Confirms Red Sky's announcement.
7 Sept 2012farm in farm out completion● Neutral
Red Sky says the ERM Gas transaction should reach financial close early next week, with documentation near final and conditions substantially met. This is a one-week slip from the previous update. Not yet completed.
4 July 2012farm in farm out agreement▲ GoodMajor
Term sheet with ERM Gas: it funds six to nine wells across PEL 478, 479 and 457 and pays Red Sky up to $2.7m on milestones. Red Sky issues 150m shares (about 9.5%) and drops to 20% in PEL 479 and 457, with a $10m buy-out option. Needs shareholder approval and due diligence. Replaces the Clarence Moreton Resources farm-in.
4 July 2012farm in farm out agreement▲ Good
ERM Power's own announcement of the same deal, with the buyer's view: it earns at least 50% in PEL 457 and 479 and 65% in PEL 478, with payments of up to $7.45m to the parties. It would also take 150m Red Sky shares (9.5%). Conditional on shareholder approvals.
3 Feb 2012resource reserve update● Neutral
Restates certified reserves on a 100% basis: PEL 479 2P 17 PJ, 3P 159 PJ; PEL 457 3P 221 PJ, 2C 629 PJ. Red Sky's 30% share: 5.1 PJ 2P, 47.7 PJ and 66.3 PJ 3P, 188.7 PJ 2C. No change from before.
3 Nov 2011drilling scheduled● Neutral
Approval application (110-page environmental review) for the Talma pilot has been lodged, with approval expected within weeks. Plan is to drill out the core hole and expose 480-570m, then flare and produce. This pushes the earlier Q4 timeline into further waiting.
11 Aug 2011resource reserve update● Neutral
Presentation repeats the August Kangaroo Creek study: 81.8m gross interval, 28.9m net pay, 28 Mscfd flow, gas-in-place of 3.0-6.5 PJ per sq km if fully gas-charged. Pilot well planned for Q4 2011, pending approvals. No reserve booked.
11 Aug 2011resource reserve update● NeutralMajor
Study on the Kangaroo Creek sandstone finds an 83m gross column at Talma #1 and a 28 Mscfd flow from a 10m interval. Permeability is low, and seal and structure are unconfirmed. Company says pilot drilling is needed to size the resource; no reserve booked.
10 Aug 2011farm in farm out agreement▲ GoodMajor
Binding term sheet with Clarence Moreton Resources replaces the lapsed option. Red Sky can rise from 30% to 70% in PEL 457/479 in four 10% stages, one well each, with the Talma pilot earning 10% in PEL 457. A $3m equity facility over 3 years is proposed, subject to due diligence.
14 June 2011farm in farm out agreement▼ BadMajor
Red Sky lets its option lapse to earn a further 40% in PEL 457 and 479 for $3m per permit, keeping its 30%. Talks continue on a revised farm-in. This resolves the earlier open decision on spending $3m per permit.
14 June 2011farm in farm out agreement● Neutral
Duplicate of the same-day announcement: Red Sky lets the option to earn a further 40% in PEL 457 and 479 lapse, keeps 30%, and negotiates a revised farm-in. Re-release with no new content.
28 Apr 2011drilling scheduled▲ GoodMajor
Lab work estimates 83m gross pay in the Kangaroo Creek sandstones (480-563m) at Talma. A single unstimulated pilot well beside Talma #1 is planned for June/July 2011, operating Aug/Sep, running over a year; approvals have begun and landowner consents are in place.
11 Apr 2011drilling result▲ GoodMajor
Talma #1 flowed gas to surface from the Kangaroo Creek sandstones above the Walloon coals, suggesting a possible significant extra gas resource, shallow (under 600m) and possibly needing no fracturing. Testing continues, and a small local power station is being studied.
21 Mar 2011resource reserve update▲ GoodMajor
MHA certified maiden 2P reserves of 17 PJ in PEL 479 and a 210% rise in 3P reserves, on a 100% basis. PEL 479 3P was 159 PJ, PEL 457 3P 221 PJ and PEL 457 2C contingent resources 629 PJ. The company said it would start planning production pilots.
15 Mar 2011farm in farm out completion▲ GoodMajor
Completing Annvale #1 and Talma #1 earns Red Sky 30% in each of PEL 479 and 457. It can lift this to 70% by spending $3m per permit, a decision that will depend on the coming reserves upgrade.
9 Mar 2011farm in farm out agreement▲ GoodMajor
ATP 946 (Yaraka, central Queensland) has been granted, so the Resolve Geo farm-in proceeds. Two core holes (about $1.6m) within 12 months earn 10%; a further $5m earns 80% more. 40m shares are issued to Resolve Geo now and 40m more if the option is exercised. Company cites a possible 10 TCF resource if coal thickness and gas content meet expectations.
2 Mar 2011resource reserve update▲ Good
Drilling data has gone to MHA for an updated reserves statement due in about three weeks. The company expects some contingent resources to convert to reserves, but no new volumes were released.
