8 Apr 2024price query● Neutral
ASX queried a price fall from $0.005 to $0.0035 and higher trading volume. Red Sky replied it knew of no undisclosed information and had no other explanation, and confirmed it is complying with Listing Rule 3.1.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Mar 2024annual report● Neutral
Appendix 4G and corporate governance statement lodged with the annual report, dated 27 March 2024. Compliance paperwork with no operational or financial information.
27 Mar 2024annual report● Neutral
Annual report for year to 31 December 2023. The MD's letter recaps first Yarrow production, the Origin gas deal, the completed seismic survey and Killanoola's Viva Energy sale and DW1 production start, and says the company is pursuing acquisitions. Financial figures not visible in the extract.
27 Feb 2024other● Neutral
Administrative notice: from 4 March 2024 the share registry moves from Advanced Share Registry to Automic. No effect on holdings.
22 Jan 2024admin correction● Neutral
Replacement of the December 2023 quarterly report released the same day. Content is essentially the same, with the gas revenue line reworded to $264,344 and the gas volume figure removed. No new operational information.
22 Jan 2024quarterly activities report● Neutral
December 2023 quarter: first Yarrow gas revenue of $264,344 from 19,581 GJ, with about $1.05m accrued for gas and liquids. Cash $2.67m, down from $2.88m. Killanoola DW1 pump failure and 2024 rig plan restated; acquisitions still pursued.
15 Dec 2023production update● NeutralMajor
Killanoola DW1 flowed oil at an initial 62 bbl/day, but a downhole pump failure halted the test; contractors demobilised and a new pump awaits 2024 work. Separately, first Innamincka revenue was received for November gas sales to Origin.
29 Nov 2023joint venture update● Neutral
Santos completed the Yarrow joint seismic survey, with Red Sky free carried. Data will be processed and interpreted in coming months and used for a full field development plan.
22 Nov 2023admin correction● Neutral
Re-release of the 13 November Killanoola approval announcement to meet ASX Listing Rule 5.25.3, adding the contingent resource table and recovery factor explanation (cut from 40% to 30% for waxy crude). No new approval or result.
13 Nov 2023regulatory community update▲ GoodMajor
South Australian government approved production from the existing pay zone at Killanoola DW1, with contractors to mobilise immediately. This clears the approval step that was holding up production under the Viva Energy sale agreement.
30 Oct 2023material agreement▲ GoodMajor
Transportation, processing and product-sale agreements for Yarrow were finalised with the Cooper Basin joint venture (SACBJV). Red Sky will be reimbursed for transferring the southern 4km of flowline, which it says offsets a significant portion of farm-in costs. This clears the commercial agreements flagged earlier.
24 Oct 2023quarterly activities report● Neutral
September 2023 quarterly: cash $2.88m, down from $3.3m. Yarrow gas flowing, Origin deal signed, condensate and ethane sales started, first cashflow expected Q4. Killanoola still awaiting government approval for production at DW1.
10 Oct 2023joint venture update● Neutral
The Yarrow joint seismic survey with Santos has started, with surveying from 4 October and data recording due to begin 17 October. Data is still expected in Q4 2023. Red Sky remains free carried.
2 Oct 2023material agreement▲ GoodMajor
Red Sky signed an umbrella gas sales agreement with Origin Energy, intended to cover all its Yarrow gas until 1 January 2026 on a take-or-pay basis, sold at Moomba. This sets the buyer for Red Sky's first revenue, following the pipeline completion.
7 Sept 2023investor presentation● Neutral
Good Oil Conference presentation repeating known facts: Yarrow production, Viva Energy crude deal, 135.5 mmbbl Killanoola oil in place. Snapshot shows 5,302m shares, A$0.005 price, nil debt. No new information.
6 Sept 2023joint venture update▲ Good
Red Sky agreed a joint seismic survey with Santos over parts of PRL14 (including Yarrow) and PRL17, with Red Sky free carried. Acquisition is expected in Q4 2023 and will inform where further Yarrow wells go.
24 Aug 2023half year report● Neutral
Half-year report to 30 June 2023: net loss $712,251 (prior period loss $834,656), cash $3.3m. Recaps Yarrow first gas and the Viva Energy crude sale deal; no new operational information.
22 Aug 2023contract award▲ GoodMajor
Red Sky signed an agreement to sell all Killanoola crude to Viva Energy, delivered by road to its Geelong refinery and priced against dated Brent. This resolves the long-running offtake gap. Government approvals are still needed before DW1 production starts.
18 Aug 2023production update▲ GoodMajor
Santos completed the Yarrow pipeline and first gas from Yarrow 3 has begun, with output ramping up gradually. Red Sky's first revenue is expected in Q3 2023 once commercial agreements are finalised, which are still under discussion.
27 July 2023quarterly activities report● Neutral
June 2023 quarterly: cash $3.3m, down from $3.72m. Yarrow pipeline tie-in is complete with first gas expected by end July, and sales agreements are being finalised. PRL 17 was renewed to June 2028. Killanoola offtake is still unresolved.
31 May 2023other● Neutral
Company constitution as amended at the 31 May 2023 AGM. Governance document with no stated operational or financial impact in the text provided.
29 May 2023joint venture update▲ Good
Santos reports the ~18km Yarrow pipeline is on time and on budget, due for completion in early July. Yarrow 3 should come on in Q3 2023. Red Sky is pursuing options to sell its share of the gas.
28 Apr 2023quarterly activities report● Neutral
March 2023 quarterly: cash $3.72m, down from $4.17m. Recaps the Yarrow pipeline decision and the Killanoola 135.5 mmbbls upgrade. Killanoola site works are complete, but an offtake agreement and approvals are still pending.
21 Apr 2023resource reserve update▲ GoodMajor
New 3D seismic interpretation lifts Killanoola's best-estimate oil in place to 135.5 mmbbls, up 45.7% from 93.0 mmbbls. The low case fell to 28.9 mmbbls and the high rose to 157.4. Production still needs an offtake agreement and government approvals.
30 Mar 2023agm notice● Neutral
The 2023 AGM is set for 31 May 2023 at 10am Melbourne time. Director nominations close 6 April 2023. Administrative notice only.
23 Mar 2023other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report. Administrative filing with no new operational or financial information.
23 Mar 2023annual report● Neutral
FY2022 annual report. The MD's letter says Yarrow 3 first production is expected in Q3 2023 and Yarrow 1 re-entry later in the year. Killanoola production is held up by difficulty finding a buyer for the viscous crude. The company is still pursuing acquisitions.
6 Feb 2023material agreement▲ GoodMajor
Santos and Red Sky agreed to build an ~18km pipeline connecting Yarrow 3 to the grid, with Red Sky revenue expected from Q3 2023. Pressure data shows connected volume >1.7 BCF. The Flax horizontal well is swapped for A$5m of investment in the Yarrow 3 flowline.
30 Jan 2023quarterly activities report● Neutral
December 2022 quarterly: cash $4.17m at 31 December. Yarrow 3 frac and 5.0 MMscf/d flowback recapped, with a development decision to follow pressure analysis. Killanoola sales agreement for crude is 'well advanced', needed before extended testing at DW1.
8 Dec 2022well test result▲ Good
Production logging confirms the Yarrow 3 flow is 85% from the Patchawarra and 15% from the Tirrawarra, in line with expectations. The 5.0 MMscf/d flowback rate is unchanged; about a week more pressure data will inform volume estimates.