13 May 2019director officer appointment● NeutralMajor
Guy Le Page resigned as Non-Executive Director and Chairman of Red Sky effective 13 May 2019. The announcement gave no reason and named no replacement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 May 2019resource reserve update▲ GoodMajor
Independent consultant RISC report assigns net 2C contingent resources of 9.9 mmbbl oil and 17.7 bcf gas to Flax and 18.3 bcf gas to Yarrow, both 100% owned. RISC found no new well data and no reason to change prior estimates; it judged Yarrow and Flax developments economic.
29 Mar 2019annual report▼ Bad
Year to December 2018: net loss $1,156,287 (2017: $992,875); $703,174 raised at 0.4c during the year. Repeats the Innamincka completion, $800k escrow and 0.18c placement. Full financials are not visible in the text provided.
29 Mar 2019annual report● Neutral
Corporate governance checklist lodged with the annual report; no business substance. The form carries dates stating 29 March 2018, which looks like a typo for 2019 (inference).
21 Mar 2019farm in farm out completion▲ GoodMajor
South Australia's minister approved the transfer and Red Sky completed the Beach acquisition: 100% of five Innamincka Dome permits including Flax, and 75% of PRL182. This ends the long-delayed deal from July 2018; re-commissioning planning for Flax has begun.
20 Mar 2019capital raising announcement● NeutralMajor
The placement of 190m shares at 0.18c raised $342,000 before costs, from existing investors using existing placement capacity. Shares on issue rise to about 1.013bn. Funds go to existing projects and working capital; far smaller than the original $2.2m target.
What it means for a shareholder
190m new shares at A$0.0018 to raise about A$342,000. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held A$1,000 of shares (555,556 at the issue price), your slice goes from 0.061% to 0.0505% of the company. To keep it you'd need 115,935 more shares - about A$209 at the issue price.
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8 Mar 2019capital raising announcement● NeutralMajor
Red Sky applied for ministerial consent after amending the Beach deal: it must post an $800,000 escrowed assurance, forfeited if Beach is not released within six months. CEO Knox lends the $800k at 10%, with 66.67m shares subject to approval. It also plans a $342k placement at 0.18c, a steep drop from 0.4c.
5 Feb 2019material agreement▼ Bad
Completion deadline for the Beach Innamincka purchase extended again, to 14 February 2019, now conditional on ministerial consent. Another short delay to a deal first signed in July 2018.
15 Jan 2019material agreement▼ Bad
Completion deadline for the Beach Innamincka purchase extended to 31 January 2019, with royalty and native title assignments still outstanding. Pauline Moffatt joins as Joint Company Secretary. The acquisition, first signed July 2018, is still not complete.
24 Oct 2018asset acquisition disposition▲ GoodMajor
Red Sky signed a conditional agreement to buy Bengal Energy's 25% of PRL182 for $1, giving 100% of all six Innamincka Dome permits. It takes on decommissioning and rehabilitation liabilities. Completion depends on approvals and on the Beach purchase completing, and the agreement lapses after 180 days.
13 Sept 2018investor presentation● Neutral
Good Oil presentation: 823m shares, 0.4c price, $3.0m market cap, and a goal of a $1 billion company in 3-5 years. Lists Innamincka estimates, including Flax 2C 9.9m barrels oil, subject to review. Gold Nugget recent output 889 mcf/d. Mostly repeats known facts.
10 Sept 2018half year report▼ Bad
Half-year to 30 June 2018: net loss $475,762 (prior-year half $401,499). Repeats the Innamincka acquisition and capital raising; Andrew Knox is listed as Managing Director from 6 July 2018. The document carries stray Kilgore Oil & Gas headers.
22 Aug 2018capital raising announcement▼ BadMajor
The rights issue closed with only 13.3m of 151.7m shares taken up, raising about $53,174 against the roughly $600,000 sought. The board may place the 138.5m-share shortfall within three months. Shares on issue become 772.0m.
8 Aug 2018regulatory community update● Neutral
ASX granted a listing rule waiver allowing second-tranche placement shares and fee shares to be issued after the 10 September 2018 meeting, once the Innamincka acquisition completes and ministerial approvals are received. Administrative, though it ties share issues to completion.
8 Aug 2018capital raising announcement● Neutral
Rights issue prospectus and acceptance forms were sent to eligible shareholders on 8 August 2018. Timetable unchanged, closing 17 August. Administrative notice.
31 July 2018capital raising announcement● NeutralMajor
Prospectus for a non-underwritten rights issue of one new share for every five held at 0.4c, to raise up to about $600,000. It closes 17 August 2018. This is the long-delayed rights issue, now with terms set and no underwriter.
31 July 2018capital raising announcement● Neutral
Notice to optionholders: options carry no rights issue entitlement unless exercised before the 3 August record date. Administrative repeat of the rights issue terms.
31 July 2018capital raising announcement● Neutral
Shareholder notice for the rights issue: 1-for-5 at 0.4c, up to 151.7m shares, about $600,000, open only to holders in Australia or New Zealand. Repeats the prospectus timetable; no new information.
31 July 2018capital raising announcement● Neutral
Notice to shareholders outside Australia and New Zealand that they will not be offered the rights issue. Administrative only.
17 July 2018director officer appointment● Neutral
Bill Lodwick, a geophysicist with over 35 years' experience, is appointed Exploration and Development Manager reporting to the CEO. His first task is restarting production at the Innamincka Dome project.
10 July 2018asset acquisition disposition▲ GoodMajor
Red Sky signed a conditional agreement to buy Beach Energy's Innamincka Dome interests in the Cooper Basin: 100% of five PRLs and 75% of another, including the shut-in Flax oil field. Funded by a proposed $2.2m raise at 0.4c: $1.6m placement and $600k rights issue. This is the Australian acquisition long sought.
9 July 2018director officer appointment▲ GoodMajor
Andrew Knox, formerly CFO of Cue Energy for 22 years, becomes CEO and Managing Director, with a $156,000 base salary. Up to 30m performance shares (subject to approval) vest if the share price doubles, quadruples and rises eightfold. The chair ties him to the newly acquired Innamincka project.
28 Mar 2018other● Neutral
Appendix 4G corporate governance checklist lodged with the 2017 annual report. Administrative filing with no new business information.
28 Mar 2018annual report● Neutral
2017 annual report: net loss $992,875 (2016: $4,954,855). Gold Nugget remains unresolved, with several consultants' plans still being evaluated. The company also says it is now looking at assets in Australia as well as North America. Board unchanged.
12 Sept 2017half year report● Neutral
Half-year to 30 June 2017: net loss $401,499 (prior-year half $624,439). Repeats the $130,000 placement, note conversion into 385.3m shares and Gold Nugget compressor removal; rights issue terms still not set. The document carries stray Kilgore Oil & Gas headers.
22 Aug 2017asset acquisition disposition● NeutralMajor
Red Sky disposed of its 50% interest in Cache Martini No. 1 LLC, leaving no interest in the Cache oilfield. It was transferred for nominal consideration, with the buyer assuming environmental obligations. Gold Nugget still shows high pressures and inconsistent flows. Shares now 608.7m.
20 July 2017capital raising announcement● NeutralMajor
The full $1,150,000 convertible note converted at 0.3117c a share, issuing 385.3m shares (including capitalised interest) and 184.5m 1c options to Nov 2019. This clears the note debt but sharply increases the share count from 223.4m.
28 June 2017capital raising announcement● NeutralMajor
Placement of 32.5m shares at 0.4c raised $130,000, with 1-for-1 attaching 1c options (to Nov 2019) subject to shareholder approval. Funds go to acquisition due diligence and working capital. The $500k-plus rights issue is still to be timed; shares on issue now 223.4m.
19 June 2017other● Neutral
Share registry moves from Link Market Services to Advanced Share Registry Services (Nedlands, WA) effective 3 July 2017. Administrative notice only.
21 Apr 2017other● Neutral
Share registry provider Link Market Services is changing its Perth office address from 24 April 2017. Red Sky is merely listed among its clients; no new business information for shareholders.