Past year: ▼ 84%(0.10c – 0.63c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Sept 2010drilling scheduled▲ GoodMajor
Red Sky reverses July's plan to farm out PEL 467 first and will now drill Carinda #1 in October, making a three-well program with the two Clarence Moreton wells. It says lower costs mean available cash covers all three.
30 Aug 2010drilling progress report▲ Good
Landowner consent is now secured for both Clarence Moreton wells, and regulatory approval is received for the first, with the second expected next week. First well still on track to spud in late September.
23 Aug 2010drilling progress report● Neutral
Clarence Moreton drilling prep advances: landowner consent for the first of two wells, rig available in September, first spud expected late September. Red Sky says remaining cash funds both wells; Central settlement had minimal cash impact. Darling Basin PELs 447-449 relinquished as not prospective.
27 July 2010drilling progress report● Neutral
Ooraminna 2 (Red Sky 10%) reached about 1,666m and logs are being run; an acid squeeze of the Pioneer Sandstone may raise gas flow. Johnstone West 1 is expected to spud around 14 August. No new result yet.
22 July 2010farm in farm out agreement▲ GoodMajor
Red Sky farms into four Clarence Moreton Basin permits in NSW (PEL 457, 478, 479, PSPA 37). One well earns 30% each; a further $3m earns another 40%, with an option to buy the rest. Two core holes are planned for late 2010.
20 July 2010drilling progress report● Neutral
Ooraminna 2 (Red Sky 10%) continues to flare gas but no new zones have been found. Drilling is delayed by blocked downhole equipment; an acid wash of the Pioneer Sandstone is being considered once the well reaches about 1,777m.
7 July 2010drilling progress report● Neutral
Central's Ooraminna 2 (EP 82, Red Sky 10%) has cemented casing and is preparing to drill the main Pioneer Sandstone target, expected about 7 July. Slower than planned. Central's 2 tcf high-estimate figure is an undiscovered prospect, not a result.
2 July 2010drilling scheduled▼ BadMajor
Carinda #1 in PEL 467, due to spud late June, is now being revised; PEL 467 and surrounds (Sandy Camp, up to 11tcf gas-in-place) are to be farmed out. ATP 946 is not yet granted, with two core holes planned for Q4 2010. Focus shifts to ATP 946.
31 May 2010drilling progress report● Neutral
Central's CBM93-002 in EP 93 (Red Sky 10%) hit 3m of Permian coal at 510m and coring is starting. Central also notified a coal discovery in CBM107-002 (65m total coal, TD 604m); Ooraminna 2 spud slipped to 4 June. No gas results yet.
18 May 2010farm in farm out agreement▲ GoodMajor
Red Sky will manage the farm-out of all ATP 840 rights, seeking a partner to fund a well and 100km seismic (est. $4.0-5.5m) for 50%. Red Sky would earn 20% of Clark Oil's conventional rights and keep its 50% non-conventional interest. A sizeable oil prospect is also identified.
17 May 2010drilling result● Neutral
Central's CBM107-002 in EP 107 (Red Sky 10%) reached 604m TD with 65m cumulative coal, including 16m and 20m seams. Thinner than the 130m in CBM107-001. Gas content tests are not done, and an independent review is pending.
11 May 2010drilling progress report● Neutral
Carinda #1 in PEL 467 is on schedule for a late June spud. Environmental review is being amended, council consent is being sought, and rig modifications are underway. This follows the earlier delays from floods.
4 May 2010drilling progress report● Neutral
Central's CBM107-002 in EP 107 (Red Sky 10%) hit coal at 237.6m, about 32m shallower than forecast. Central calls it encouraging; no gas content result yet.
3 May 2010drilling spud● Neutral
Central spudded CBM107-002 on 30 April in EP 107, where Red Sky holds 10%. Central says the earlier CBM107-001 hit 130m of coal, well above forecast. Central's view only; no gas result yet.
19 Apr 2010resource reserve update● Neutral
After Romona #1's thin coal, a technical adviser's review identifies potential for basin-centred gas in ATP 840, compared to the US Piceance Basin. No volume is given. Red Sky will consider work options and a farm-in; a further 50% needs another well and 100km of seismic.
16 Apr 2010drilling scheduled▼ Bad
The PEL 467 well is delayed again, to late June, because of rig modifications, site access and permitting after the floods. The earlier late April target is missed.
26 Mar 2010drilling scheduled▼ Bad
Flooding in northern NSW has delayed the PEL 467 well. The original site is abandoned for a new location with better access, and the spud date moves to late April.
17 Mar 2010farm in farm out agreement▲ GoodMajor
Red Sky signed a term sheet to earn up to 100% of coal seam gas rights in ATP 946 (about 7,650km2, central Queensland). Two core holes (about $1.5m) earn 10%; a further $5m earns 80%. 40m shares are issuable on grant, 40m more on exercise. Conditional on grant, native title and approvals.
15 Mar 2010drilling scheduled● Neutral
Central started road works ahead of drilling Ooraminna 2, an Amadeus Basin appraisal well in EP 82 where Red Sky holds 10%. Central says the prospect may hold up to 2 tcf at a high estimate of undiscovered gas. Central's view only.
12 Mar 2010farm in farm out agreement● NeutralMajor
Red Sky said it would meet remaining cash calls for Pedirka Basin permits EP 93 and 107 under its Broadacre farm-in with Central. It elected not to earn its 10% interest in a number of permits outside the Pedirka Basin.
2 Mar 2010drilling scheduled● Neutral
Red Sky is preparing its next well in PEL 467 (100%, northern NSW), a roughly $700,000 well. Expected net coal is 4-5m, and nearby gassy water bores are cited as an indicator. Cash is about $5.3m after Romona #1 and Central cash calls.
23 Feb 2010drilling result▼ BadMajor
Romona #1 reached 640m and found only 1.6m of coal over 8 seams, including one gassy seam under 1m thick. Red Sky says this is less than expected and not commercial. The well earns a 50% interest in ATP 840, but Talwood #1 is deferred pending analysis.
5 Feb 2010drilling spud● Neutral
Central spudded CBM107-001, the third Pedirka coal seam gas well, on 4 February. Red Sky holds 10%. It tests coal along strike from the CBM93-004 discovery, with planned total depth about 1,214m. Central's announcement.
2 Feb 2010drilling spud● Neutral
Romona #1, Red Sky's first coal seam gas well, in ATP 840 has spudded with TDC Drilling and reached 66m. Target completion is end February. Completing it earns the 50% interest in ATP 840.
28 Jan 2010drilling result▼ Bad
Central reports Pedirka well CBM93-003, 10% Red Sky, reached 896m and will be plugged and abandoned. It found only thin coals of 0.4m and 1.2m in core, with residual tar noted. The next well, CBM107-001, is being mobilised.
27 Jan 2010drilling scheduled▲ GoodMajor
Romona #1, Red Sky's first coal seam gas well in ATP 840, will spud on 29 January. Red Sky will then drill Talwood #1 in ATP 904, which earns a one-third interest. A third well is expected in NSW.
11 Jan 2010drilling spud● Neutral
Central spudded CBM93-003, the second of five Pedirka coal seam gas wells, on 9 January. Red Sky holds 10% through its subsidiary. Net coal of roughly 20-30m is expected. This is Central's announcement.
6 Jan 2010drilling result▲ GoodMajor
Central reports Pedirka well CBM93-004, in which Red Sky holds 10%, reached 978m with about 144m of coal and fair to excellent gas readings. Thicker than expected, it supports widespread coal. Preliminary results; this is Central's announcement.
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.
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.
