Past year: ▼ 84%(0.10c – 0.63c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Jan 2021capital raising announcement▲ Good
Funds from the $4.3m shortfall and placement are received, with the 0.77m rights issue making $5.07m in total at 0.2c. This funds the Killanoola restart, 3D seismic and the security bond. Fieldwork is expected next quarter after completion.
20 Jan 2021capital raising announcement▲ GoodMajor
Binding commitments for $4.3m at 0.2c: $3.2m (1.6bn shares) of rights issue shortfall plus a $1.1m (550m share) placement. Beer & Co receive 6% fees and 70m options at $0.005. The company says it is now fully funded to complete Killanoola.
24 Dec 2020capital raising announcement▼ BadMajor
Rights issue raised only $771,478 from 385.7m new shares at 0.2c, about 19% of the roughly $4m target. 201.1m came from entitlements and 184.6m from shortfall. About 1.66 billion shortfall shares remain available.
What it means for a shareholder
386m new shares at A$0.002 to raise about A$771,478. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (500,000 at the issue price), your slice goes from 0.0206% to 0.0177% of the company. To keep it you'd need 79,299 more shares - about A$159 at the issue price.
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21 Dec 2020other● Neutral
Rights issue closed on 18 December. Shortfall shares will be allocated after applications are counted. Administrative, with no results yet.
7 Dec 2020other● Neutral
Rights issue closing date extended again, to 18 December 2020, because some shareholders still lack documents through mail delays. Results are now due 23 December. Administrative.
3 Dec 2020investor presentation● Neutral
December presentation on Killanoola: best-estimate 2.8 million barrels recoverable, 900 bopd initial rate from three wells, and sale deadline late February 2021. Valuation figures (NPV10 $14.2m for one well) are company assumptions. Largely repeats known facts.
30 Nov 2020other● Neutral
Rights issue closing date extended to 11 December 2020, because of possible COVID-19 mail delays. Results are now due 16 December. Administrative.
26 Nov 2020joint venture update▲ Good
Santos says Yarrow 2D seismic reprocessing is nearly complete and the next Yarrow well is scheduled for the second half of 2021. A roughly 20km pipeline would follow if commercial. Yarrow 2C is stated at 18 bcf.
23 Nov 2020other● Neutral
Company confirms the rights issue offer documents have been despatched, with notices sent to ineligible foreign shareholders. Administrative, no new information.
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.
19 Nov 2020other● Neutral
Letter telling shareholders outside Australia and New Zealand that they cannot take part in the rights issue. The record date was 18 November. Administrative.
13 Nov 2020capital raising announcement● NeutralMajor
Offer document for the 1-for-1 non-renounceable rights issue at 0.2c, up to about $4m, not underwritten. It would double the 2,046m shares on issue. $800k is earmarked for a security bond and $2.3m for Killanoola fieldwork if the acquisition proceeds.
6 Nov 2020asset acquisition disposition▲ GoodMajor
Red Sky agrees to buy Beach Energy's 100% of the Killanoola oilfield (PRL 13, South Australia), subject to regulatory approvals. It plans a 1-for-1 rights issue at 0.2c to raise about $4m, funding restart. It delivers the stated growth strategy of buying producing assets.
2 Nov 2020other● Neutral
ASX pauses trading in Red Sky shares pending a further announcement. No reason is given in the text; the next release (6 Nov) shows the pause preceded the Killanoola deal and raising (inference).
10 Sept 2020half year report● Neutral
Half-year to 30 June 2020: net loss $333,976 (prior period $836,234). Repeats the Santos progress, Yarrow well planning on 2D seismic and Ramsay's resignation. The document carries stray headers from an older Kilgore report; full financials are not visible.
31 July 2020capital raising announcement● NeutralMajor
Red Sky raised A$400,000 before costs by placing 400m shares at 0.1 cents each. That is well below the 0.25 cent price paid in the September 2019 placement. It adds to the share count.
What it means for a shareholder
400m new shares at A$0.001 to raise about A$400,000. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (1,000,000 at the issue price), your slice goes from 0.0611% to 0.0491% of the company. To keep it you'd need 244,471 more shares - about A$244 at the issue price.
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9 July 2020other● Neutral
Company lodges its amended constitution, approved by special resolution at the 9 July 2020 AGM. The text provided shows no detail of what changed. Administrative.
27 Mar 2020annual report● Neutral
Annual report for 2019: net loss $1,723,807 (2018: $1,156,287). It records the Santos farm-out and 503m shares placed to raise $1,124,500. It also states Beach has been released from the financial security. Audit and financial detail are not visible in the text.
27 Mar 2020other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report. Administrative, with no new information on operations or finances.
6 Nov 2019director officer appointment● Neutral
Red Sky appointed Gordon Ramsay, an experienced investment banking executive, as Non-Executive Chairman. The company said his networks and equity markets and resources expertise should help it develop and assess new opportunities.
23 Sept 2019capital raising announcement● NeutralMajor
Red Sky raised A$780,000 from sophisticated investors by issuing 313m shares at 0.25 cents each. Funds go to existing projects, working capital and new opportunities. It resolves the capital raising flagged at the 19 September trading halt.
What it means for a shareholder
313m new shares at A$0.0025 to raise about A$780,000. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (400,000 at the issue price), your slice goes from 0.0319% to 0.0255% of the company. To keep it you'd need 99,906 more shares - about A$250 at the issue price.
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19 Sept 2019price query● Neutral
Replying to an ASX price query, Red Sky said it knew of no undisclosed information and offered the Santos farm-out as the only explanation. It disclosed confidential talks with investors about a possible capital raising and placed its shares in a trading halt.
19 Sept 2019other● Neutral
ASX paused trading in Red Sky securities pending a further announcement. No reason is stated in this notice; the company's reply on the same day links it to a possible capital raising.
12 Sept 2019half year report▼ Bad
Half-year to 30 June 2019: net loss $836,234 (prior period $475,762). Repeats the Innamincka completion, $342k placement and Santos farm-out. The $800k escrow and Beach financial security remain unresolved. Full financials are not visible in the text provided.
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.
11 Sept 2019investor presentation● Neutral
Good Oil presentation repeating the Santos farm-out: Red Sky would hold 20% of the Innamincka licences, with no capital needed for exploration and development. Shows a share price of A$0.02 and 1.253bn shares on issue. Little new beyond the farm-out.
26 June 2019other▲ GoodMajor
Strategic review result for Yarrow: scoping a five-year project to deplete 20 bcf, valued at about $200m, with a A$12.3m pipeline that banks indicated could be debt-financed. First gas is targeted within three years. Exploration funding outcomes on Juniper and PRL180-182 are due in 2H 2019.
19 June 2019other▲ GoodMajor
Strategic review result for Flax: a low-capex first phase to reopen the six existing wells, which the company believes could take under six months. A second phase would test enhanced oil recovery. The A$100/bbl oil price and recovery uplift are company claims.
17 June 2019other● NeutralMajor
Corporate update: strategic review of its four Cooper Basin projects is nearly complete, focusing on low-capex, near-term cash flow. It is in advanced talks on a corporate bond to refinance the remediation bond, aiming to limit dilution, with details promised within four weeks.
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.
