Past year: ▼ 51%(1.00c – 5.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Oct 2014resource reserve update● Neutral
Duchess Paradise P1-seam coal resources and reserves were restated under the 2012 JORC Code: 305.8 Mt resource and 26.3 Mt reserve (17.8 Mt marketable). The figures are unchanged from 2011, and no mining has occurred.
28 Oct 2014annual report● Neutral
Annual Report for the year to 30 June 2014, with added proved and probable detail for the 26.27 Mt coal reserve (20.4 Mt proved, 5.8 Mt probable). Board is unchanged. The extract is truncated, so no financial figures are available.
2 Oct 2014drilling result▲ GoodMajor
Key, as operator, says Dunnart-2 logs show at least 5 m of good reservoir sand likely oil-bearing, with drilling fluid invasion mixing the samples. The joint venture agreed in principle to production test it, subject to budget and approvals, and is weighing up to three more prospects.
29 Sept 2014annual report● Neutral
Full-year accounts to 30 June 2014, with the directors' report and KPMG as auditor. The extract provided is truncated and shows only the board (unchanged) and no financial figures, so nothing further can be stated.
9 Sept 2014other● Neutral
Standard secondary trading notice for the 4,854,368 shares issued on 9 September at 10.3c, allowing them to be on-sold. Administrative; no new information.
9 Sept 2014capital raising announcement● Neutral
Disclosure that the 4,854,368-share placement lifted shares on issue from 655,202,151 to 660,056,519, a dilution of 0.74%. No underwriting, fees or costs were incurred.
9 Sept 2014capital raising announcement▲ GoodMajor
Rey completes its $3M raising by issuing a final 4,854,368 shares at 10.3c to a sophisticated investor. This closes the placement started in July, and the funds support Dunnart-2 and Fitzroy seismic.
What it means for a shareholder
4.9m new shares at A$0.103 to raise about A$500,000. That's 0.735% dilution: every existing holder's slice gets 0.735% smaller. If you held A$1,000 of shares (9,709 at the issue price), your slice goes from 0.00148% to 0.00147% of the company. To keep it you'd need 72 more shares - about A$7 at the issue price.
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1 Sept 2014drilling result● NeutralMajor
Dunnart-2 is cased to 657 m and suspended, and the rig released, ready for production testing subject to approval. Only two small 50cc fluid samples were recovered before a tool failure. The joint venture will decide next steps after evaluation.
27 Aug 2014drilling result▲ Good
Preliminary logs suggest reservoir-quality sand at the top of the Bookara, and approval was received to suspend Dunnart-2 with 7-inch casing. The joint venture will decide whether production testing is warranted. No more daily reports will be issued.
26 Aug 2014drilling progress report● Neutral
Wireline logs were run and are being interpreted, with results from the formation tester still to be integrated. Key has applied to suspend the well with 7-inch casing for possible later production testing. No conclusion on pay yet.
25 Aug 2014well test result● NeutralMajor
The second drill stem test over 13 m failed mechanically, so it was invalid, though the tool held sandstone fluorescing like live oil. Dunnart-2 then reached 670 m total depth with further oil shows. Wireline logging is next.
22 Aug 2014drilling progress report▲ Good
After cleaning the hole, Dunnart-2 drilled 11 m more of Bookara Sandstone to 627 m, finding further fluorescence and oil shows. A second drill stem test over 614-627 m is being prepared.
21 Aug 2014well test result▼ Bad
The first drill stem test tools were completely plugged with shale fill, so the test was invalid. It says nothing about the oil zone itself. The joint venture will re-test or drill deeper and test again.
21 Aug 2014drilling progress report● Neutral
The first drill stem test over 614-616.87 m may have misrun or plugged, as fill was noted in the hole. The joint venture is weighing a re-run or drilling deeper first. No flow result yet.
20 Aug 2014drilling result▲ GoodMajor
Dunnart-2 hit the Bookara Sandstone at 614 m and found live light oil (preliminary 34° API) in the first 2.87 m drilled. Rey (43.47%) now awaits a drill stem test to confirm the oil is recoverable. This is the first oil sign from the well.
19 Aug 2014capital raising announcement● Neutral
Rey discloses its 15M-share placement at 10c: 11.63M shares under the 7.1A capacity, the rest under 7.1. Shares on issue rose from 643.6M to 655.2M on the 7.1A portion, a dilution of 1.80%. No fees or underwriting.
19 Aug 2014drilling progress report▲ Good
Dunnart-2 drilled to 612 m, with two gas shows about ten times background in the Kockatea Shale (Arranoo Sandstone) at roughly 529-531 m. The Bookara Sandstone target is predicted at 616 m, so the main result is close.
19 Aug 2014capital raising announcement● Neutral
Secondary trading notice for a further 15M shares issued at 10c on 19 August ($1.5M). This is part of the $3M placement announced 30 June.
What it means for a shareholder
15.0m new shares at A$0.100 to raise about A$1.5m. That's 2.3% dilution: every existing holder's slice gets 2.3% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00156% to 0.00153% of the company. To keep it you'd need 234 more shares - about A$23 at the issue price.
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18 Aug 2014drilling progress report▲ Good
Dunnart-2 has drilled to 496 m and met an encouraging wet gas show at 460-475 m in coal, several times higher than at Dunnart-1. That interval is not reservoir rock. The Bookara target at about 617 m is next, then a drill stem test.
11 Aug 2014drilling progress report● Neutral
Dunnart-2 remains at 294 m while the blowout preventer is fitted and tested, with extra crew arriving. Daily reports will begin once drilling resumes. No new result.
4 Aug 2014drilling progress report● Neutral
Dunnart-2 is still at 294 m while rig maintenance is finished before the blowout preventer is fitted. The fixed-price drilling contract means the joint venture incurs no cost while waiting. The 8.5-inch section to the Bookara is expected to take two to three days.
31 July 2014quarterly activities report● Neutral
June quarter report: Dunnart-2 spudded 13 July and is at 294 m. About 370 line km of Fitzroy 2D seismic is expected to start in August. No coal drilling is planned this year given coal prices, and the Duchess Paradise approval response continues. The $3M raising is underway.
28 July 2014drilling progress report● Neutral
Dunnart-2 reached casing point at 294 m, with the Cadda Formation within 1 m of prediction, and 9 5/8-inch casing is being cemented. Next is blowout preventer work, then drilling to the Bookara at about 617 m. No shows yet.
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.
