Past year: ▼ 84%(0.10c – 0.63c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 July 2019quarterly activities report● Neutral
June quarter: still seeking alternative financial security for the licences; Flax restart planning continues. Gold Nugget is producing again, with a new separator being installed. Repaid $690,000 of loans and took $60,000 more from directors at 10%. Director fee shares approved at the 15 May AGM.
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.
13 May 2019agm notice● Neutral
Resolution 2, re-election of Guy Le Page, is withdrawn from the 15 May 2019 AGM notice following his resignation. Proxies already lodged remain valid. Administrative.
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.
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.
26 Apr 2019quarterly activities report● Neutral
March quarter: Innamincka licences transferred on 21 March and 190m shares placed at 0.18c for $342k. 100m shares were issued to Taylor Collison on 11 April. Gold Nugget still not producing. Flax restart planning continues; no restart date given.
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.
25 Jan 2019quarterly activities report● Neutral
December quarter: Beach purchase still not complete, with completion now expected by end of February 2019. Gold Nugget is not producing because of well problems. Largely repeats prior plans; no cash figures are visible in the text provided.
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.
25 Oct 2018quarterly activities report● Neutral
September quarter: Innamincka completion now expected by end of the December quarter; first placement raised $600k and the rights issue about $52k. Gold Nugget produced only 1,150 mcf in September, with ongoing well problems. Routine update repeating known plans.
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.
