Past year: ▼ 84%(0.10c – 0.63c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Nov 2022flow test result▲ GoodMajor
Yarrow 3 frac completed as planned, with post-frac flowback at a stable rate of about 5.0 MMscf/d (790psi wellhead pressure, 36/64" choke). Management is 'extremely pleased'. Volumes are still to be assessed through production logging and pressure analysis.
21 Nov 2022drilling progress report▲ Good
Fraccing of Yarrow 3 began the previous Friday after the weather delay, expected to take about three days, followed by roughly seven days of flow testing.
28 Oct 2022drilling progress report▼ Bad
Yarrow 3 fraccing has been delayed because severe weather is stopping rigs reaching the site. No new date given. Another weather delay on Yarrow, following earlier postponements.
20 Oct 2022drilling scheduled▲ Good
Santos will frac Yarrow 3 immediately, from late October subject to weather, with a two-stage frac then flowback to assess it as a producer. If successful, next steps are fracing Yarrow 1, then an 18km pipeline and possibly more 3D seismic.
14 Oct 2022quarterly activities report● Neutral
September 2022 quarterly: cash $4.74m at 30 September (down from $5.38m). Covers the Yarrow 3 drilling, gas in both zones and the approved pipeline. Killanoola rig, perforation and topside equipment are still at the planning stage.
29 Sept 2022drilling result▲ Good
Santos finished Yarrow 3 with no incidents: casing set at 2,744.5m, well suspended and rig released. Gas is indicated in the Patchawarra and Tirrawarra, and the logging data will now be evaluated to set the forward plan. Restates results already reported.
26 Sept 2022drilling result▲ GoodMajor
Yarrow 3 reached 2,748m and preliminary logs show gas in both the Tirrawarra sandstone and Patchawarra formation, with some results above 8% porosity and 50% hydrocarbon saturation. The well will be cased and suspended as a potential producer. Flow rates are not yet known.
21 Sept 2022drilling progress report▲ Good
Santos was drilling Yarrow 3 ahead at 2,384m. At the current rate, the 2,720m target depth was expected to be reached within about 24 hours, and no results had been reported yet.
16 Sept 2022drilling spud▲ GoodMajor
Santos began drilling the Yarrow 3 gas appraisal well on 15 September 2022, after months of delays. Planned depth is about 2,700m over two weeks, with Red Sky free carried up to $3m. Pipeline route is now approved; Yarrow 2C resource is 18 bcf.
6 Sept 2022investor presentation● Neutral
Good Oil Conference presentation repeats known facts: Killanoola 93 mmbbl oil in place, 27.9 mmbbl 2C, heated-crude plan, and 20% Innamincka interest. Notes 5,302m shares, no debt, and seismic processing completed with interpretation under way. Yarrow gas well listed for Q3 2022.
24 Aug 2022half year report● Neutral
Half-year report to 30 June 2022: net loss $834,656 (versus $637,449 a year earlier), with remuneration costs of $571,001 up from $283,044. Restates the Killanoola 93 mmbbl estimate and Yarrow drilling now due in October. No subsequent events reported.
29 July 2022quarterly activities report● Neutral
June 2022 quarterly: cash $5.38m at 30 June. Restates the 93 mmbbl oil in place estimate and says planning continues to put DW1 into production and perforate new zones. Santos's Yarrow drilling slips again, now to October. AGM resolutions all passed on 26 May.
26 May 2022investor presentation● Neutral
AGM presentation restates the 93 mmbbl oil in place and 27.9 mmbbl 2C figures. It adds that the waxy crude (pour point 36°C) will be heated through production and trucking, and a rig is still being sought. Yarrow vertical well now scheduled for August 2022.
5 May 2022resource reserve update▲ GoodMajor
Independent report lifts Killanoola best-estimate oil in place from 7 to 93 mmbbls (up 1228%), and net 2C contingent resource from 2.8 to 27.9 mmbbl. Lab tests showed a highly waxy crude (pour point 36°C), so recovery factor was cut from 40% to 30%.
29 Apr 2022quarterly activities report● Neutral
March 2022 quarterly: cash $6.321m at 31 March. Seismic is being processed, and offtake talks for Killanoola oil are under way. The extended production test now waits for a market for the oil as well as perforation. Santos's Yarrow drilling is expected in June 2022.
25 Mar 2022agm notice● Neutral
The 2022 annual general meeting is set for 26 May 2022, with director nominations closing 5 April 2022. Administrative notice only.
24 Mar 2022annual report● Neutral
Annual report for 2021 restates the year's progress: Killanoola acquisition, DW1 test, seismic, and Rob Annells as chairman. Santos's Yarrow well is now expected in June 2022. Management says it hopes to announce an acquisition of producing or near-producing assets this year.
24 Mar 2022admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, dated 24 March 2022. Administrative filing with no new information on operations or finances.
2 Mar 2022drilling progress report▲ Good
Killanoola 3D seismic acquisition finished on schedule; data now goes to processing and interpretation. Red Sky has begun planning to contract a rig and perforate extra zones at DW1 and SE1, and is exploring early production from DW1's existing 5m of pay.
14 Feb 2022regulatory community update● Neutral
Killanoola 3D seismic survey has started after landowner agreements were concluded, expected to take up to a month. Separately, Santos's Yarrow drilling is delayed again by wet weather, with the rig moved to another well. This extends the earlier January slip; no new date given.
18 Jan 2022quarterly activities report● Neutral
December 2021 quarterly: cash $6.996m at 31 December. DW-1 test completed, PRL13 renewed for five years from 31 January 2022, and 3D seismic about to start. Santos's Yarrow 3 drilling has slipped from December to late January because the rig was held up at an earlier well.
22 Dec 2021well test result▲ Good
Killanoola DW-1 preliminary production test completed with no incidents: the pump worked and fluid samples were collected for assay. Oil flowed with no water at an average 40 bopd from the existing 5m of pay. Samples will support talks with potential oil buyers; an extended test follows perforation.
16 Dec 2021drilling scheduled● Neutral
Santos plans to start drilling the Yarrow 3 gas well in the last week of 2021, fully funded by Santos with Red Sky free carried. Planned depth is about 2,700m, taking roughly two weeks. Yarrow's 2C contingent resource is 18 bcf.
13 Dec 2021well test result▲ GoodMajor
Killanoola-1 DW-1 flowed live oil with no water to surface from the existing 5m of pay, averaging 40 bopd. It is the first oil from the field since Red Sky bought it. Oil samples will be collected and the rate raised gradually.
6 Dec 2021regulatory community update▲ Good
Final government approval received for a production test of Killanoola DW-1's existing 5m of pay. Contracts are awarded and testing is expected to start 10 December. This resolves the long-pending approval for pumping the well.
5 Nov 2021joint venture update● Neutral
Killanoola approval for testing DW-1's existing 5m of pay is in its final stages. The SE-1 perforation is delayed because the government requires production tubing first, so Red Sky is negotiating to buy a workover platform. Santos now expects to drill Yarrow in late December.
15 Oct 2021quarterly activities report● Neutral
September 2021 quarterly: cash was $7.434m at 30 September after the $5.1m raising. Pump restart and SE-1 perforation still await further approvals, and landowner talks for the 3D seismic have begun. Yarrow well expected late November.
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.
13 Sept 2021regulatory community update▲ Good
South Australian energy department approves slickline operations at Killanoola SE-1, the first re-entry in over 10 years. If the well bore is clear, Red Sky will go straight to perforating the 16m of potential pay; otherwise a rig is needed.
9 Sept 2021half year report● Neutral
Half-year report to 30 June 2021 shows a net loss of $362k (prior period $334k). Restates the $4.3m earlier raising and 6.4m boe contingent resources. Subsequent events list the August placement and SPP shares. The cover carries stray 'Kilgore' template headings.
