Past year: ▼ 84%(0.10c – 0.63c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 July 2018quarterly activities report● Neutral
June quarter: restates the Innamincka acquisition and the $2.2m raise; the first $600,000 placement tranche was completed after quarter-end, with $1m conditional on completion. Gold Nugget is hard to produce and the company is considering its position in it, to focus on the Cooper Basin.
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.
24 Apr 2018quarterly activities report● Neutral
March quarter: consultants still reviewing Gold Nugget; a petroleum engineer suggests smaller 2.0-inch tubing, but no plan is final and the compressor is being removed. The roughly $700,000 rights issue, terms still unset, slips again to early Q2 2018. Company says it is evaluating assets in North America and Australia.
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.
25 Jan 2018quarterly activities report● Neutral
December quarter: the field manager says the Gold Nugget problem is mechanical, not reserves, and suggests changing tubing from 2.5 to 2.0 inches; no plan finalised. The roughly $700,000 rights issue slips to the first quarter of 2018.
18 Oct 2017quarterly activities report● Neutral
September quarter: consultants reviewed Gold Nugget to find a way to get consistent flow; it can exceed 600 mcf in some cases but stays inconsistent. Cache disposed. The rights issue is now described as about $700,000 (up from $500k), expected late in the fourth quarter.
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.
19 July 2017quarterly activities report▼ Bad
June quarter: $130,000 placement completed; convertible note still to convert; rights issue of $500k still unscheduled. Gold Nugget produced very little gas, and the compressor is being removed as it did not work as well as hoped. Other extraction methods will be investigated.
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.
28 Apr 2017quarterly activities report▼ Bad
March quarter: shareholders approved the $1.15m convertible note and 50-to-1 consolidation on 9 March. Gold Nugget produced very little gas over the winter; pressure and water problems continue, with no commercial gas expected before the third quarter 2017. $500k rights issue terms still unset.
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.
30 Mar 2017other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report. Administrative filing with no new business information.
30 Mar 2017annual report▼ Bad
2016 annual report: net loss $4,954,855 (2015: $2,204,228). Shareholders approved the convertible note and 50-to-1 consolidation on 9 March 2017. Convertible note now $1.15m; rights issue $500k still to be set. Board is Le Page (chair), Carey, Wing.
27 Feb 2017security holder rights change● NeutralMajor
Notice of the 50-to-1 share consolidation, subject to the 9 March 2017 shareholder meeting: 6,161,396,921 shares become an estimated 123,227,938. Effective 13 March, with new holdings issued 21 March. Part of the RM Corporate recapitalisation.
9 Feb 2017security holder rights change● Neutral
100,000,000 unlisted options (exercisable at 0.9c) expired on 20 December 2016. Capital structure is now 6,161,396,921 shares and no options.
1 Feb 2017director officer appointment● Neutral
Non-executive director Russell Krause resigned, citing other work commitments. This leaves three directors: Le Page, Carey and Wing, after the December board overhaul.
31 Jan 2017quarterly activities report▼ Bad
December quarter: harsh winter froze the Gold Nugget flow line, and the company says it now has a working system. Cache fully impaired. RM Corporate funding deal and 50-to-1 consolidation await shareholder approval. Company says it lacked finances to act on new acquisition opportunities.
22 Dec 2016production update▼ BadMajor
Gold Nugget has not produced consistent gas as hoped, owing to higher pressure and water production; directors await a formal production update. Cache has been written down because of ongoing running and environmental costs. Reverses the earlier stabilisation message.
15 Dec 2016capital raising announcement● NeutralMajor
Binding deal with RM Corporate Finance to underwrite a $1m convertible note (8%, converting at the lower of 0.5c or 80% of VWAP) and a $500k rights issue, plus a 50-to-1 share consolidation. Smith and Reinhart leave the board; Le Page and Wing join. Carey becomes non-executive.
28 Oct 2016quarterly activities report▼ BadMajor
September quarter: Gold Nugget flows 300–500 mcf a day, below the earlier 500–1,000 expectation. 336.3m shares issued for the 70% interest. Cache, now judged unlikely to be developed at current oil prices, is to be marketed or funded out. Cash was A$25,000.
24 Oct 2016production update● Neutral
Gold Nugget produced a steady 300–500 mcf a day in September, below the earlier 500+ days and the 500–1,000 expected. Management is holding output conservatively for two months; it says higher gas prices offset the lower volumes. (Dated 2015 in the text, apparently an error.)
13 Sept 2016half year report▼ Bad
Half-year to 30 June 2016: net loss $624,439 (prior-year half $755,099). Repeats the Gold Nugget completion, A$350k note, compressor and third-acquisition talks. The document carries stray headers from an older Kilgore Oil & Gas report.
28 July 2016quarterly activities report● Neutral
June quarter: Gold Nugget purchase completed (70% held, US$240k still owed) and compressor installed with flow above 500 mcf a day. A$350k convertible note done. Cache stays on care and maintenance; due diligence on a third acquisition is near complete, financing not yet arranged.
26 July 2016admin correction● Neutral
Amended re-lodgement of the 25 July Gold Nugget update. Same content: five days with the compressor, all days above 500 mcf a day, two above 600, about US$1,500 a day at current gas prices, with tuning continuing for 30 days. No new results.
