24 June 2019admin correction● Neutral
Another ASIC Form 484 lodgement. It appears to record a cancellation of 2,880 fully paid ordinary shares under a buy-back (amount paid $864). Administrative, with a very small share count.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 May 2019admin correction● Neutral
Routine ASIC Form 484 lodgement (change to company details). No substantive information in the text provided.
31 May 2019admin correction● Neutral
Correction to the earlier filing: issued capital is 212,191,319 shares, not 212,171,319. Administrative only.
9 May 2019resource reserve update▲ GoodMajor
Doriemus releases an ERCE review of Rey's L15 licence: West Kora gross 2P reserves of 238 thousand barrels (earlier context said 0.38 million) plus 60.7 thousand barrels contingent resource, and a new undrilled Piralko prospect at 6.9 million barrels in place (27% chance). Doriemus targets site work in Q3.
26 Apr 2019quarterly activities report● Neutral
March quarter: recaps completion of the Fitzroy purchase to 40%, the signed Doriemus farm-ins over L15 and EP487, and the ASF facility rise to $3.8M and refinancing. Fitzroy suspension approved 16 January, deferring the survey to March 2021. EP487 well commitment is deferred to end 2019.
18 Apr 2019debt financing● Neutral
ASF Group says Rey will repay up to $2.5M of the $3.8M loan facility within three business days. The facility stays available for Rey to redraw. Mirrors Rey's refinancing announcement.
18 Apr 2019debt financing● NeutralMajor
Rey takes a new $3M loan from substantial shareholder Wanyan Liu, 12% interest, maturing 31 December 2020. It will repay up to $2.5M of the $3.8M ASF facility (redrawable) and fund working capital. This pushes out debt maturity beyond the 2019 date.
11 Apr 2019resource reserve update▲ Good
Doriemus releases the same joint announcement: ERCE assesses Butler at 3.14 Tcf gross unrisked mean prospective gas plus 42 million barrels of liquids, with 1.26 Tcf in EP487. Duplicates the Buru release.
11 Apr 2019resource reserve update▲ GoodMajor
A joint Buru and Doriemus announcement: an independent review (ERCE) puts the Butler prospect, spanning Rey's EP487 and Buru's EP129, at 3.14 Tcf gross unrisked mean prospective gas plus 42 million barrels of liquids. EP487 holds 1.26 Tcf of that; Doriemus would earn 50%. Chance of success is stated as 16%.
28 Mar 2019farm in farm out agreement▲ Good
Doriemus announces it signed the binding EP487 Farmout Agreement with Rey. To earn 50% and operatorship it must show well funding by 30 June 2019 and then drill within 12 months. Same deal as Rey's announcement.
28 Mar 2019farm in farm out agreement▲ GoodMajor
Rey signs the binding EP487 farm-out with Doriemus, subject to government approvals. Doriemus must raise funds by end June 2019 and drill the Butler Prospect commitment well within 12 months at its own cost to earn 50% and operatorship. Firms up the 31 December letter of intent.
28 Mar 2019farm in farm out completion▲ GoodMajor
Rey completes buying a further 15% of the Fitzroy permits EP457/458 from Mitsubishi for A$480,000, taking it to 40% with Buru at 60% and operator. Rey funds only 33.336% until production because Buru free carries 6.664%. Completes the December 2018 deal.
13 Mar 2019half year report▼ Bad
Half-year to 31 December 2018: net loss $8.27M versus $408,000 a year earlier, mainly a $7.45M write-down of the Fitzroy (EP457/458) assets to fair value. $2.7M of the ASF facility was drawn at 31 December.
7 Mar 2019listing compliance notice▼ Bad
Responding to an ASX query on the December quarter (cash $14,000, outflow of $333,000), Rey expects continued negative cash flow. It points to the Doriemus farm-ins and the ASF facility increase to $3.8M, and is assessing debt or equity raisings. It says it can continue operating.
5 Mar 2019farm in farm out agreement▲ Good
Doriemus signs the binding L15 Farmout Agreement with a Rey subsidiary. It earns 50% and operatorship by funding A$1M of work to restart West Kora oil production. West Kora last produced in 1996; L15 2P reserves are 0.38 million barrels. EP487 due diligence is complete.
5 Mar 2019debt financing● Neutral
Rey lifts its ASF Group loan facility from $3M to $3.8M, other terms unchanged. This is the third increase in a year, after $2M to $2.5M in July and $3M in November 2018.
5 Mar 2019debt financing● Neutral
ASF Group confirms its side of the increase in its facility to Rey from $3M to $3.8M, other terms unchanged. Duplicates Rey's announcement.
5 Mar 2019farm in farm out agreement▲ GoodMajor
Rey confirms it signed definitive L15 farm-out documents with Doriemus, subject to government approvals. Doriemus funds A$1M of development over 12 months to bring West Kora 1 back into production and be assigned 50%. This converts the 31 December letter of intent into a binding deal.
15 Feb 2019farm in farm out agreement▲ Good
Doriemus says it has completed due diligence on L15 (West Kora) to its satisfaction and will finalise the farm-in documents with Rey. EP487 due diligence runs to end February. The two farm-ins are independent of each other.
30 Jan 2019quarterly activities report● Neutral
December quarter: recaps the Fitzroy interest increase to 40%, the Doriemus letter of intent over EP487 and L15, the terminated Duchess Paradise sale, and the ASF loan extension to $3M. Operator lodged a further 12-month suspension application for the Fitzroy permits. Coal feasibility update continues.
31 Dec 2018farm in farm out agreement▲ GoodMajor
Rey signs a binding letter of intent for Doriemus to earn 50% and operatorship of EP487 and L15. Doriemus must spend up to A$1M reworking West Kora within 12 months and raise funds for a 4,000m EP487 well within 6 months. This answers the farmout search.
31 Dec 2018farm in farm out agreement● Neutral
Doriemus announces its side of the binding letter of intent to earn 50% and operatorship of Rey's EP487 and L15 (West Kora oil field). It aims to restart West Kora in 2019 and drill a 4,000m EP487 well, subject to due diligence and funding.
10 Dec 2018asset acquisition disposition● Neutral
Buru's announcement of the same deal: it pays $720,000 to lift its Fitzroy interest from 37.5% to 60%, while Rey goes from 25% to 40% by exercising pre-emptive rights. Duplicates Rey's announcement.
10 Dec 2018asset acquisition disposition▲ GoodMajor
Rey uses its pre-emptive rights to buy Mitsubishi's share of the Fitzroy permits EP457/458 for $480,000, lifting its interest from 25% to 40%. Buru rises to 60% as operator. Rey must fund its remaining share beyond a partial free carry; subject to approvals.
30 Nov 2018debt financing● Neutral
Rey raises its ASF Group loan facility from $2.5M to $3M, other terms unchanged. This is another increase after the July rise from $2M to $2.5M.
30 Nov 2018debt financing● Neutral
ASF Group confirms its side of the increase in its facility to Rey from $2.5M to $3M, other terms unchanged. Duplicates Rey's announcement.
23 Nov 2018material agreement termination▼ BadMajor
The A$24M sale of Blackfin (Duchess Paradise coal) to Yuanrun is terminated because the A$2M deposit was not paid by the extended 22 November date. This reverses the 30 July deal shareholders approved; Rey says it is looking at other options for the project.
7 Nov 2018material agreement▼ Bad
The due date for Yuanrun's full A$2M deposit on the Duchess Paradise sale is extended to 22 November 2018. The deposit was originally due within 10 days of the 30 July agreement, so it is well overdue.
29 Oct 2018other● Neutral
Corporate Governance Statement dated 29 October 2018, reporting against the ASX 3rd Edition principles. Administrative compliance document with no business developments.
29 Oct 2018other● Neutral
Appendix 4G key to corporate governance disclosures, lodged with the annual report. Administrative form with no business information.