Past year: ▼ 51%(1.00c – 5.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 July 2014drilling progress report● Neutral
Dunnart-2 has set the 13 3/8-inch conductor at about 85 m and is moving to drill toward 300 m. The Bookara Sandstone target is expected at about 617 m. No hydrocarbon shows yet, and none were expected at this depth.
14 July 2014drilling spud▲ GoodMajor
Dunnart-2 began drilling at 10am on 13 July 2014. Key expects about four weeks to drill, test and log to total depth. This is Rey's first well under its new EP437 earn-in.
10 July 2014other● Neutral
Duplicate of the secondary trading notice for the 10M shares issued on 10 July at 10c. Administrative; no new information.
10 July 2014capital raising announcement● Neutral
Rey issues 10M shares at 10c ($1M) to existing shareholder Wan Yan Liu, lifting her stake to about 13.1%. This is the first part of the $3M placement; documents for a further 20M shares ($2M) are being finalised.
What it means for a shareholder
10.0m new shares at A$0.100 to raise about A$1.0m. That's 1.6% dilution: every existing holder's slice gets 1.6% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00158% to 0.00156% of the company. To keep it you'd need 158 more shares - about A$16 at the issue price.
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10 July 2014other● Neutral
Standard secondary trading notice for the 10M shares issued on 10 July at 10c, allowing them to be on-sold. Administrative; no new information.
8 July 2014material agreement▲ GoodMajor
Rey signs a non-binding-style framework cooperation agreement with state-owned China National Fuels Corporation to jointly develop oil and gas opportunities and infrastructure in Western Australia, especially the Canning Basin. The text gives no funding or commitments.
3 July 2014security holder rights change● Neutral
Rey says 2.598M performance rights lapsed and were cancelled: 800,000 director rights and 1.8M executive rights (1.5M plus 298,000). Administrative; trims the roughly 7.5M share rights outstanding.
2 July 2014drilling progress report● Neutral
Key reports Rig 7 and equipment are on site at Dunnart-2 with the derrick raised, and drilling is due to begin in the coming days. Preparation only, with no well result yet.
1 July 2014other● Neutral
Rey lodges an ASIC Form 484 under Listing Rule 3.8A. Administrative filing; no substance in the text beyond the filing itself.
30 June 2014capital raising announcement● NeutralMajor
Rey will raise up to $3M by placing up to 30M shares at 10c: $1M is signed, and documents for a further $2M are being finalised. Cash would be about $5M, funding its Dunnart-2 earn-in, Canning Basin seismic share and working capital.
What it means for a shareholder
30.0m new shares at A$0.100 to raise about A$3.0m. That's 4.5% dilution: every existing holder's slice gets 4.5% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00158% to 0.00151% of the company. To keep it you'd need 475 more shares - about A$48 at the issue price.
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23 June 2014drilling progress report● Neutral
Key reports earthworks and rig mobilisation have started at Dunnart-2, with the cellar well, flare pit and sump built. Conductor-hole spud is expected in the first week of July. Site preparation only, no result.
13 June 2014farm in farm out completion▲ GoodMajor
FIRB approval received and all conditions met, so Rey's farm-in to Perth Basin permit EP437 is complete: it can earn 43.47% by funding 86.94% of costs, capped at $1.7M for Dunnart-2 (670 m). Rey's share of unrisked prospective resource is 0.5-1.5 million barrels.
13 June 2014regulatory community update▲ Good
Key, as operator, says it has received Western Australian drilling approval for Dunnart-2. Rig 7 is due on site at the end of June, with spud expected in early July. This clears the DMP approval that the earlier schedule depended on.
13 June 2014drilling scheduled▲ Good
Key, as operator, says the land access agreement and Rig 7 drilling contract for Dunnart-2 are done. Spud is expected in July subject to DMP approval. Rey's farm-in to EP437 is still to be completed.
29 May 2014admin correction● Neutral
Replacement of the morning's EP437 farm-in release. Terms are unchanged (up to 43.47%, $1.7M cap). The Dunnart and Wye Knot resource figures are removed and referred to Key's 15 April announcement.
29 May 2014farm in farm out agreement▲ Good
Key Petroleum's release of the same EP437 farmout to Rey: Rey earns up to 43.47% by funding 86.94% of costs, capped at $1.7M for the Dunnart-2 well. Duplicates Rey's own announcement.
29 May 2014farm in farm out agreement▲ GoodMajor
Rey farms into Perth Basin permit EP437, earning up to 43.47% by funding 86.94% of costs, capped at $1.7M for the Dunnart-2 well, planned for Q3 2014. Subject to FIRB approval. This is Rey's first new oil interest outside the Canning Basin.
14 Apr 2014drilling scheduled▼ BadMajor
After Buru said its 2014 Ungani-trend program is under review, Rey says it may pursue a sole-risk well if the JV declines one, and is talking to financiers. This shifts from the earlier expectation of a JV well in 2014; work program not finalised.
10 Apr 2014other● Neutral
Rey lodges an ASIC Form 484 under Listing Rule 3.8A. Administrative; no substance in the text beyond the filing itself.
12 Mar 2014half year report● Neutral
Half-year report to 31 December 2013 includes KPMG's review conclusion and independence declaration, with no issues found. Financial figures are not in the extracted text.
21 Feb 2014regulatory community update● Neutral
The Public Environmental Review for Duchess Paradise opens for public comment from 24 February to 22 April 2014. This is the approvals step Rey said it would continue after the Crystal sale fell through.
13 Feb 2014drilling scheduled▲ GoodMajor
Buru's first look at the Ungani Trend seismic in EP457 shows several targets like the Ungani discoveries 10-15 km away. At least one will be proposed for a JV well later in 2014. A first oil well candidate for Rey's 25% stake.
3 Dec 2013director officer appointment● Neutral
Jin Wei joins the board as non-executive director from 2 December 2013, as nominee of Crystal Yield, which holds about 19.9%. This fulfils the appointment flagged in October.
29 Nov 2013investor presentation● Neutral
MD's AGM presentation restates the shift from coal to Fitzroy Blocks oil and gas exploration. It shows 631M shares, 10c price, $63M market cap and about $6M cash. Crystal holds 19.9%. No new announcements.
25 Nov 2013drilling progress report▲ Good
Buru finished 234 line km of 2D seismic over the Ungani Trend in EP457, with good data quality. Gravity survey due early December. First oil well still targeted for Q2 2014; EP458 seismic scheduled for 2014. Rey holds 25%.
7 Nov 2013price query● Neutral
Rey answers an ASX query on its share price rising from 8.7c (31 Oct close) to a high of 12.5c. It says it knows of no undisclosed information, pointing to the Crystal placement, Buru's Apache farmout news in the Canning Basin and a research report.
29 Oct 2013capital raising announcement▲ GoodMajor
Rey issued 17M shares at 8c to Crystal, raising $1.36M and lifting Crystal to about 19.9%. This completes the placement announced 14 October. Cash is now about $6.3M.
What it means for a shareholder
17.0m new shares at A$0.080 to raise about A$1.4m. That's 2.9% dilution: every existing holder's slice gets 2.9% smaller. If you held A$1,000 of shares (12,500 at the issue price), your slice goes from 0.00223% to 0.00216% of the company. To keep it you'd need 379 more shares - about A$30 at the issue price.
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29 Oct 2013capital raising announcement● Neutral
Secondary trading notice for the Crystal issues: 53,571,429 shares at a deemed 5.6c and 17,000,000 at 8c. Shares on issue rise to 631,454,302. Otherwise standard compliance wording.
25 Oct 2013annual report● Neutral
The 2013 annual report's chair called the year one of restructuring, with the focus moving from coal to oil and gas, and expected at least two oil targets to be drilled in the Fitzroy Blocks in 2014. It described the Duchess Paradise sale as the conditional staged sale announced in July 2013.
14 Oct 2013material agreement termination▼ BadMajor
Crystal will not proceed with buying Duchess Paradise, so the $21M staged sale is being terminated. Instead its $3M Stage 1 payment converts to 53.6M shares at 5.6c, and it subscribes $1.36M at 8c, taking it to 19.9%. Rey says cash of about $6.5M funds oil and gas work through 2014.
