1 Dec 2016other● Neutral
The 5-for-1 share consolidation approved at the 25 November AGM is complete, leaving 212,495,266 shares. Normal trading resumes 8 December. This is a share-count change, not a change in what each holder owns.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 Oct 2016annual report● Neutral
Corporate governance statement dated 26 October 2016, reporting against ASX principles, with some departures noted. Compliance disclosure only, no new business information.
26 Oct 2016annual report● Neutral
Appendix 4G, a form pointing to where the governance disclosures are found, here on the company website. Administrative filing with no new information.
26 Oct 2016annual report● Neutral
2016 annual report: the Victory-1 and Senagi-1 wells found no petroleum. Rey became Derby Block operator in June 2016 and proposes more seismic in late 2016 and drilling in 2017, with farmouts considered to support that.
20 Oct 2016joint venture update● NeutralMajor
Rey's subsidiary issued Oil Basins a Buy-out Notice on 19 October 2016 to acquire its 50% of EP487, saying cash calls made since June remain unpaid. This escalates the joint venture dispute.
20 Oct 2016joint venture update● Neutral
Oil Basins disputes the validity of Rey's Buy-out Notice and the process behind it, and says it will strongly defend its rights. The EP487 dispute remains open.
17 Oct 2016capital raising announcement● Neutral
Rey confirms issue of 66,666,666 shares at 1.5c ($1M) to a sophisticated investor, and gives the notice allowing them to be on-sold. Administrative follow-up to the 11 October placement.
What it means for a shareholder
66.7m new shares at A$0.015 to raise about A$1.0m. That's 6.3% dilution: every existing holder's slice gets 6.3% smaller. If you held A$1,000 of shares (66,667 at the issue price), your slice goes from 0.00669% to 0.00627% of the company. To keep it you'd need 4,463 more shares - about A$67 at the issue price.
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11 Oct 2016capital raising announcement● NeutralMajor
Rey raises $1M by placing 66,666,666 shares at 1.5c with Neway Energy International. Funds are for exploration on its oil and gas assets and working capital.
What it means for a shareholder
66.7m new shares at A$0.015 to raise about A$1.0m. That's 6.3% dilution: every existing holder's slice gets 6.3% smaller. If you held A$1,000 of shares (66,667 at the issue price), your slice goes from 0.00669% to 0.00627% of the company. To keep it you'd need 4,463 more shares - about A$67 at the issue price.
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23 Sept 2016director officer appointment● Neutral
Dr Zhiliang Ou is appointed an independent non-executive director. He has 27 years' engineering experience and is an executive director of a Hong Kong-listed company.
23 Sept 2016annual report● Neutral
Full-year statutory accounts to 30 June 2016, with directors' report and audit report. Confirms Jin Wei as Managing Director from 1 July 2016 and Kevin Wilson's departure. Financial figures not shown in the text provided.
5 July 2016director officer appointment● NeutralMajor
Non-executive director Jin Wei, on the board since December 2013, is appointed Managing Director, filling the vacancy left by Kevin Wilson. His role is on director terms, terminable on 3 months' notice.
1 June 2016director officer appointment● Neutral
Managing Director Kevin Wilson's resignation took effect 31 May 2016 after six months' notice, as flagged in December 2015. He will help with the transition. No successor named yet.
30 May 2016joint venture update● Neutral
Oil Basins confirms it resigned as EP487 operator, with Rey's subsidiary taking over. It keeps its 50% interest and is cutting costs by giving its two executive directors 6 months' notice.
26 May 2016joint venture update● Neutral
The Derby Block (EP487) operatorship case against Oil Basins was heard on 25 May 2016, with the decision reserved to noon the next day. No outcome yet.
26 May 2016joint venture update▲ GoodMajor
The WA Supreme Court ordered Oil Basins to resign immediately as EP487 operator, with Rey's subsidiary RLS designated operator. This resolves the dispute begun in February in Rey's favour.
16 May 2016debt financing▲ Good
ASF confirms Rey repaid its loan in full, $1,082,269.86 including interest. The $2M facility remains available to 30 June 2016. Repeats Rey's same-day notice.
16 May 2016debt financing▲ Good
Rey repaid ASF in full, $1,082,269.86 of principal and interest. The $2M facility stays available until 30 June 2016 and can be extended by agreement.
29 Apr 2016capital raising announcement▲ Good
Rey placed the remaining 18,598,424 rights issue shortfall shares at 1.5c, raising $278,976. This completes the rights issue, which totals about $3.72M.
20 Apr 2016farm in farm out completion● Neutral
Pilot Energy says WA regulator approved transfer of Caracal's 13.058% EP437 interest to it, completing the sale flagged earlier. Rey stays at 43.471%. Seismic over Wye Not and Becos will be reprocessed to pick a drilling target.
5 Apr 2016capital raising announcement▲ GoodMajor
The rights issue closed 31 March 2016 with applications for about 92.5% of the offer, raising $3,442,455.68 at 1.5c. A shortfall of 18,598,424 shares may be placed by 30 June 2016.
15 Mar 2016half year report▼ Bad
Half-year to 31 December 2015: net loss $3.252M (prior year $5.331M) and cash of only $56,000. Victory-1 and Senagi-1 were drilled without a discovery. The $1M placement and rights issue came after period end.
8 Mar 2016capital raising announcement● Neutral
Rey confirms the rights issue offer document and entitlement forms were posted on 8 March 2016 to eligible shareholders. Administrative confirmation only.
1 Mar 2016joint venture update● Neutral
Oil Basins defines four Derby Block drilling locations and aims to drill two in 2016. It says Rey paid about $154,000 to complete Year 1 cash calls, and stresses the court action will be defended. It cites Rey's own risk disclosure on operating history.
29 Feb 2016capital raising announcement● Neutral
Letter telling shareholders with addresses outside Australia, New Zealand, China and Hong Kong that they cannot take part in the rights issue. Administrative notice with no new information.
29 Feb 2016capital raising announcement● Neutral
Letter to shareholders restating the rights issue: 1-for-3 at 1.5 cents, up to 248,095,469 shares, closing 31 March 2016. Maximum shares after the offer would be 992,381,876. The Board recommends the offer. No new terms.
26 Feb 2016capital raising announcement● Neutral
Offer document for the 1-for-3 rights issue at 1.5 cents, raising up to about $3.72M. It is a short-form document under section 708AA, not a prospectus, and includes risk factors. Repeats the terms announced the same day.
26 Feb 2016capital raising announcement● NeutralMajor
Rey launches a 1-for-3 non-renounceable rights issue at 1.5 cents, raising up to $3.72M from up to 248.1M shares. It is not underwritten. Proceeds repay shareholder loans, fund investments and working capital. Non-participants are diluted.
What it means for a shareholder
248m new shares at about A$0.015 to raise about A$3.7m. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (66,694 at the issue price), your slice goes from 0.00672% to 0.00538% of the company. To keep it you'd need 16,674 more shares - about A$250 at the issue price.
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15 Feb 2016debt financing● Neutral
ASF extends the repayment date of its $2 million loan to Rey to 30 June 2016, and says the facility is fully drawn. This pushes back the earlier 29 January 2016 due date.
15 Feb 2016debt financing● Neutral
Rey confirms, by agreement with ASF, that the $2 million loan repayment date is extended to 30 June 2016. This repeats ASF's same-day notice.
12 Feb 2016other● Neutral
Routine notice confirming the issue of 33,333,333 shares at 3 cents ($1,000,000) from the earlier placement, allowing the shares to be on-sold. No new information.