28 Jan 2022quarterly activities report▼ Bad
December quarter cash flow report: cash fell to $85,000 from $515,000. Operating outflow $376,000 and exploration spend $304,000, with $300,000 borrowed. Facilities $14.5M, $10.7M drawn, $3.8M undrawn.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Jan 2022material agreement termination▼ BadMajor
Rey agrees with Southernpec not to proceed with stages 2 and 3 of the Surat acquisition, ending the path to 75% set out in December 2020. It keeps its 20% stake and is discussing capital-raising options with Southernpec for the next drilling.
29 Oct 2021annual report● Neutral
Re-lodgement of the FY2021 annual report (year to 30 June 2021), with the same contents as the 29 September filing. Nothing new apparent in the visible text.
26 Oct 2021quarterly activities report● Neutral
September quarter cash flow report: cash rose to $515,000 from $36,000, funded by $950,000 of borrowings. Operating outflow $410,000. Facilities now $14.5M (ASF $2M, Liu $12.5M, both due Oct 2022), $10.45M drawn, $4.05M undrawn.
22 Oct 2021material agreement● Neutral
Surat stage two start extended a fourth time, to 31 December 2021, to allow a commercial study on the flow-test results and fundraising for stage two. Rey holds 20% of Southernpec. Rey still needs to raise money for the stage.
1 Oct 2021agm notice● Neutral
AGM set for 4:30pm Monday 29 November 2021, with director re-election on the agenda. Director nominations close 11 October 2021. Administrative.
29 Sept 2021annual report● Neutral
FY2021 annual report (year to 30 June 2021). Chair says Surat flow testing finished in June 2021 with encouraging results and Rey is assessing further investment. Describes the Fitzroy farm-out to Origin and a Duchess Paradise referral to NNTT mediation.
29 Sept 2021other● Neutral
Appendix 4G governance checklist signed 29 September 2021, pointing to the corporate governance statement. Administrative filing with no new substance.
29 Sept 2021other● Neutral
Corporate governance statement for FY2021, reporting against the ASX 4th Edition principles. Notes some departures from the recommendations. Compliance paperwork with no new business information.
23 July 2021quarterly activities report▼ Bad
June quarter cash flow report: cash fell to $36,000 from $68,000. Net operating outflow $485,000, including $371,000 interest; $1M borrowed. Facilities total $14.5M with $9.5M drawn; $5M undrawn ($3M Liu, $2M ASF).
30 June 2021material agreement● Neutral
Surat stage two start extended a third time, to 30 September 2021. Flow tests on Avondale-1/2/4 and Deepwater-1 began mid-June and data is being analysed, with results due soon. Rey holds 20% of Southernpec.
18 June 2021debt financing▲ Good
ASF extends its $2M loan facility maturity from 31 October 2021 to 31 October 2022. The $2M principal has been fully repaid and can be redrawn. Other terms unchanged. Removes the near-term ASF repayment date.
17 May 2021material agreement● Neutral
Rey agrees a $300,000 advance payment, part of Surat stage two, to fund flow testing. This lifts its stake in Southernpec from 10% to 20%. Total stage two cost is unchanged; the remaining balance still depends on the original conditions.
30 Apr 2021debt financing● NeutralMajor
Wanyan Liu consolidates his three loans ($0.5M, $5M, $3M, all drawn) into one $12.5M facility, adding $4M of new capacity. Interest stays 12% paid quarterly in cash; maturity pushed to 31 October 2022, removing the 2021 repayment dates.
26 Apr 2021quarterly activities report● Neutral
March quarter: Origin farm-in formalised (Rey 20%, Buru 40%, Origin 40% of Fitzroy), Surat stage one done (10% of Southernpec), Duchess Paradise talks referred to NNTT. Buru's withdrawn licence application voided the L15 oil disposal quote, so Rey must find another method.
21 Apr 2021material agreement● Neutral
Surat Gas Project stage two investment start extended again, from 16 April to 30 June 2021, for more flow-test preparation with the joint venture partner. Second delay to the deal Rey signed in December 2020; stage two is still not triggered.
19 Apr 2021security holder rights change● Neutral
Minimum-holding buy-back cancelled 13,443 shares for $2,757, leaving 211,927,539 shares on issue. Administrative.
15 Apr 2021farm in farm out completion▲ GoodMajor
Rey executes the formal farm-in agreement with Origin, which is assigned 40% of EP457/458 from Rey and Buru, leaving Rey 20%. Origin pays $3M: $1M now into a JV account for 2D seismic, $2M after the first $1M is spent. Completes the December letter deal.
16 Mar 2021debt financing● Neutral
Wanyan Liu's $500,000 Loan #1 maturity extended from 31 March 2021 to 31 October 2022. The $5M (Oct 2021) and $3M (Dec 2021) Liu loans are to be 'addressed later in the year'. Further push-out of related-party debt.
10 Mar 2021half year report● Neutral
Half-year to 31 Dec 2020: net loss $605,000 (prior $602,000); finance costs $460,000, mainly ASF and Liu loan interest. Repaid $1.54M to ASF in August 2020. Holds 10% of Southernpec; Origin farm-in and Surat stage two (now 16 April) pending.
5 Mar 2021material agreement● Neutral
Rey has completed stage one of the Surat gas deal and holds 10% of Southernpec. The stage two investment start is extended from 28 Feb to 16 April 2021 to allow more time for flow-test preparation. A delay to the Surat deal.
10 Feb 2021security holder rights change● Neutral
Minimum-holding buy-back cancelled 13,734 shares for $3,571, leaving 211,940,982 shares on issue. Administrative.
25 Jan 2021quarterly activities report● Neutral
December quarter: Origin farm-in letter agreement and the Surat gas project entry. EP487 suspension approved, with the commitment well deferred to end 2021. L15 oil disposal due before June 2021. Cash $92,000 with $2.55M of loan facility available; 205,723 shares bought back at $0.218.
21 Dec 2020farm in farm out agreement▲ Good
Origin's release on its Canning Basin farm-in with Buru across seven permits. It takes 40% of the two Fitzroy permits (shared with Rey) in exchange for carrying costs. Third-party announcement mirroring the Buru and Rey news.
21 Dec 2020security holder rights change● Neutral
Minimum-holding buy-back cancelled 9,334 shares for $2,520, leaving 211,954,716 shares on issue. Administrative.
21 Dec 2020farm in farm out agreement▲ GoodMajor
Buru announces a binding letter agreement for Origin Energy to earn 40% of EP457/458 by funding a ~$3M 2D seismic survey. Buru and Rey each give up 20%, leaving Buru 40%, Origin 40%, Rey 20%. Resolves the Fitzroy farm-out search.
21 Dec 2020asset acquisition disposition● NeutralMajor
Rey signs a term sheet to acquire up to 75% of Southernpec (Australia), which holds interests in 7 Surat Basin, Queensland gas licences. Stage one is $400,000 for 10%; stage two $4.8M (cash $1.5M plus shares) for 55%, conditional on a flow test by 28 Feb 2021. A move beyond the Canning Basin.
21 Dec 2020farm in farm out agreement▲ GoodMajor
Rey signs a binding letter agreement to farm out 20% of EP457/458 to Origin, taking Rey from 40% to 20%. A formal agreement is due by 31 March 2021, otherwise Origin completes for $3M, half ($1.5M) to Rey. Origin may fund a $6M well by 2024.
30 Nov 2020security holder rights change● Neutral
Minimum-holding buy-back cancelled 16,187 shares for $4,183, leaving 211,964,050 shares on issue. Administrative.
30 Oct 2020security holder rights change● Neutral
Minimum-holding buy-back cancelled 180,202 shares for $38,192, leaving 211,980,237 shares on issue. Small housekeeping buy-back of tiny holdings.