Past year: ▼ 84%(0.10c – 0.63c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Feb 2009drilling progress report● Neutral
Drillsearch's weekly update: Planet Downs-1, in which Red Sky may earn up to 25% if it is a discovery, spudded 22 February and was at 310 m. Chilla 3A is a Drillsearch well in which Red Sky has no interest.
18 Feb 2009farm in farm out agreement● Neutral
Drillsearch's copy of the Planet Downs-1 announcement: Red Sky can earn up to 25% of a discovery, using its $1m deposit. The well targets about 1 mmbbls (P50). Duplicate of the Red Sky release.
18 Feb 2009farm in farm out agreement● NeutralMajor
Red Sky and Drillsearch agreed that the $1m deposit, held after the earlier farm-in expired, gives Red Sky up to 25% of any discovery at Planet Downs-1, targeting about 1 mmbbls (P50). This settles the use of the deposit.
3 Oct 2007drilling result▼ Bad
Magellan confirms Patron-1 was plugged and abandoned at 1,807 m with no commercial hydrocarbons. Having funded 49% of the well, it earned no interest in the prospect. Matches Red Sky's result.
2 Oct 2007drilling result▼ Bad
Red Sky's final Patron-1 report: total depth 1,807 m, logs show no economic hydrocarbons, and the well is being plugged and abandoned. Its second Cooper Basin test of the geochemical method also failed.
2 Oct 2007drilling result▼ Bad
Cooper Energy confirms Patron-1 is a dry hole with no economic hydrocarbons at any target. Red Sky and Magellan hold no ongoing equity in PEL 93, though they may drill further wells under the farm-in. Post-well, Stuart holds 70% and Cooper 30%.
2 Oct 2007drilling result▼ BadMajor
Patron-1 reached 1,807 m and logs showed no economic hydrocarbons, so the well will be plugged and abandoned. This is Stuart's confirmation of a second dry hole under the PEL 93 farm-in.
28 Sept 2007drilling progress report▼ Bad
Red Sky repeats Stuart's report: Patron-1 at 1,522 m, no shows in the Birkhead, drilling on to the Epsilon.
28 Sept 2007drilling progress report▼ Bad
Patron-1 is drilling ahead at 1,522 m. No shows were seen in the Birkhead, one of the main oil targets; the Epsilon is next.
27 Sept 2007drilling progress report● Neutral
Magellan, Red Sky's farm-in partner, reports Patron-1 at 1,289 m and about to test the Murta oil show. It is funding 49% of the well to earn 24.5% of any commercial discovery. No new result.
26 Sept 2007drilling progress report● Neutral
Stuart reports Patron-1 at 1,289 m, pulling out of the hole to test an oil show in the Murta Formation. The test result is not yet known.
26 Sept 2007drilling progress report● Neutral
Red Sky repeats that Patron-1 is at 1,289 m and about to test an oil show in the Murta Formation. Red Sky's 24.5% is marked subject to a commercial discovery.
25 Sept 2007drilling progress report● Neutral
Red Sky repeats Stuart's report: Patron-1 drilling ahead at 1,110 m in the Bulldog Shale. No new result.
25 Sept 2007drilling progress report● Neutral
Operator Stuart reports Patron-1 drilling ahead at 1,110 m in the Bulldog Shale, toward 1,800 m planned depth. No hydrocarbon result yet.
24 Sept 2007drilling progress report● Neutral
Patron-1 reached 672 m, surface casing was run and cemented, and operations were running in with an 8½-inch bit. No new result.
24 Sept 2007drilling progress report● Neutral
Patron-1 had reached 672 m, with surface casing run and cemented and a drill bit being run in. No new result; repeats the earlier 24 September report.
21 Sept 2007drilling spud● Neutral
Patron-1 spudded 20 September and was drilling surface hole at 381 m, with 1,800 m planned depth. Red Sky holds 24.5% post-success. This is the second well of the Stuart farm-in program.
20 Sept 2007drilling scheduled● Neutral
Red Sky repeats Stuart's announcement that Patron-1 will spud about 21 September. Red Sky pays 49% to earn 24.5%. Mean target is 2.4 million barrels of oil in place, and it is the second test of its geochemical method in the Cooper Basin.
19 Sept 2007drilling scheduled● NeutralMajor
Stuart announces Patron-1 in PEL 93 will start about 21 September, the second well under the Red Sky/Magellan farm-in. Mean target is 2.4 million barrels of oil in place. The agreement allows up to 12 wells over three years. Follows the Rainbird dry hole.
21 Aug 2007drilling result▼ Bad
Magellan confirms Rainbird-1 reached 2,154 m with no commercial hydrocarbons in the target horizons; residual oil only is interpreted in the Patchawarra. The well is being plugged and abandoned. Matches Red Sky's dry-hole news.
20 Aug 2007drilling result▼ BadMajor
Rainbird-1 was plugged and abandoned at 2,154 m with only minor hydrocarbons on logs, a dry hole in Red Sky's first test of its geochemical method in the Cooper Basin. Management says the technology remains valid and will announce the next prospect shortly.
17 Aug 2007drilling progress report● Neutral
Magellan's weekly report repeats that Rainbird-1 was at 2,004 m in the Patchawarra with gas anomalies noted. Same information as Red Sky's 16 August update.
17 Aug 2007drilling progress report▼ Bad
Rainbird-1 was at 2,127 m, deepened because the Patchawarra is thicker than expected. No significant shows in the main oil targets (McKinlay, Birkhead); only minor shows in the Patchawarra. Early sign the main oil targets are not working.
16 Aug 2007drilling progress report● Neutral
Rainbird-1 was drilling at 2,004 m in the Patchawarra Formation, where gas anomalies were noted for later evaluation by logs and tests. No result yet.
10 Aug 2007drilling result● Neutral
Red Sky completed two Darling Basin seismic surveys totalling 159.5 line km (Corinya 2007 and Yallock 2007). Results are expected in 8-10 weeks and are hoped to identify several drillable prospects. Completes the surveys planned in July.
10 Aug 2007drilling progress report● Neutral
Rainbird-1 had reached 660 m and was cementing surface casing. No new result; target and 49% funding for 24.5% unchanged.
8 Aug 2007drilling spud● Neutral
Magellan announced it had farmed into PEL 93 and that Rainbird-1 spudded on 7 August, earlier than the late-August timing expected. The well was planned to reach about 2019 m in roughly 17 days, and Red Sky's stake after a commercial discovery is 24.5%.
8 Aug 2007drilling spud● NeutralMajor
Rainbird-1 spudded 7 August 2007, Red Sky's first well since listing and the first Cooper Basin test of its geochemical method. Red Sky pays 49% to earn 24.5%; the target is 6.4 million barrels of oil in place (P10, unrisked).
2 Aug 2007farm in farm out agreement● NeutralMajor
New PEL 93 farm-in with Magellan replaces the earlier deal. Red Sky and Magellan each pay 49% of Rainbird-1 costs to earn 24.5%, cutting Red Sky's stake from 49% (it was to fund 98%). Magellan will reimburse part of Red Sky's survey costs.
16 July 2007drilling scheduled● Neutral
Two Darling Basin seismic surveys are planned: Corinya 2007 (100 km, PEL 451) and Yallock 2007 (50 km, PEL 420), to test geochemical anomalies. Results are expected to point to drillable prospects. Continues the planned Darling Basin seismic work.
