Past year: ▼ 51%(1.00c – 5.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Feb 2016joint venture update▼ BadMajor
Rey and its subsidiary have started Supreme Court of WA proceedings against Oil Basins. They seek orders that Oil Basins resign as Derby Block operator and that Rey's subsidiary be appointed. Rey again denies being in default. The dispute escalates to litigation.
5 Feb 2016regulatory community update▲ Good
The WA regulator deemed the Year 1 work program for the Derby Block (EP487) complete and approved the Year 2 variation, as reported by Oil Basins. Rey holds 50% through a subsidiary. Keeps the permit in good standing.
4 Feb 2016capital raising announcement● NeutralMajor
Rey raises $1 million through a placement of 33,333,333 shares at 3 cents to existing shareholder Wanyan Liu. Proceeds go to debt repayment and working capital. Her stake rises, with the new shares adding to the share count.
15 Jan 2016joint venture update● Neutral
Rey completely refutes Oil Basins' claims that it is in default under the Derby Block joint operating agreement, or that it cannot act as operator. It will say later what action it takes. This is Rey's first response in the operatorship dispute.
14 Jan 2016joint venture update▼ BadMajor
Oil Basins, Derby Block (EP487) operator, says it has not resigned and that Rey's subsidiary does not meet the preconditions to take over as operator. It also alleges Rey is in default on the joint operating agreement, including unpaid cash calls. This contradicts the plan for Rey to operate from 1 January 2016.
11 Jan 2016director officer appointment● Neutral
Louis Chien is appointed alternate director to Chair Min Yang. He is a director of ASF Group, Rey's largest shareholder and lender, which strengthens ASF's presence at board level.
1 Dec 2015director officer appointment● NeutralMajor
Managing Director Kevin Wilson will resign by mutual agreement, effective 31 May 2016. No successor is named in the text. This is a planned change of CEO.
27 Nov 2015investor presentation● Neutral
AGM presentation recaps 2015: Victory-1 showed good reservoir but was not flow tested, Senagi-1 had thin residual shows, and Derby Block operatorship is expected from 1 January 2016. It cites market capitalisation of about $34m and ASF at 18.3%. Largely repeats known facts.
11 Nov 2015drilling result▼ BadMajor
Senagi 1 is plugged and abandoned after 286 m of core (97% recovered). Victory 1 will also be plugged and abandoned after casing problems, so the lost-circulation zone was never flow tested. The joint venture plans to use new seismic to decide on another well in 2016.
5 Nov 2015drilling progress report● Neutral
Buru reports Victory 1 at 2,600 m total depth, with more well conditioning and further logging attempts, before a casing cement squeeze and completion. No new hydrocarbon information. Rey holds 25%, paying 16.67%.
5 Nov 2015drilling progress report● Neutral
Senagi 1 was cored to total depth of 1,045 m and wireline logs are being acquired. Log interpretation follows. Continues the coring reported last week; no result yet.
4 Nov 2015asset acquisition disposition● Neutral
Pilot Energy is buying Caracal's 13.058% of EP437, subject to WA government approval. Rey's 43.471% is unchanged, with Key operating at 43.471%. Pilot would become a new partner in the permit where Dunnart-2 found no commercial hydrocarbons.
30 Oct 2015debt financing● NeutralMajor
Rey confirms a $2M standby loan from ASF Group at 9%, with $850,000 drawn at 29 October. Repayable 29 January 2016, extendable up to 2 months, in cash or, at ASF's election, Rey shares at 8 cents. Rey's first debt, funding exploration and working capital.
30 Oct 2015debt financing● Neutral
ASF Group, Rey's largest shareholder, discloses the $2M standby loan to Rey at 9% interest, with $850,000 drawn. Repayment is due 29 January 2016 (extendable up to 2 months), in cash or, at ASF's election, Rey shares at 8 cents. ASF holds about 18.3%.
29 Oct 2015drilling progress report● Neutral
Victory 1 reached its 2,600 m total depth with continued complete lost circulation, so no samples were returned. Logs are being run; over 10,000 barrels of water lost may make interpretation hard. A test decision follows, and testing could take up to four weeks.
29 Oct 2015drilling progress report● Neutral
Senagi 1 is coring at 904 m. The Laurel carbonate top was at about 829 m, with a thin vuggy interval showing oil, but the shows are interpreted as residual. Coring continues toward the deeper Nullara target.
22 Oct 2015drilling progress report● Neutral
Victory 1 hit complete lost circulation at 1,945 m, similar to the Ungani Dolomite elsewhere, and was at 1,976 m. Mudgas and minor fluorescence were seen above the zone, but whether hydrocarbons exist below cannot be determined yet.
22 Oct 2015drilling progress report● Neutral
Senagi 1 reached 377 m with 7-inch casing cemented, and is preparing to drill the next section. No hydrocarbon indications, none expected at this depth.
15 Oct 2015drilling progress report● Neutral
Victory 1: 5.5-inch casing was cemented at 1,893 m, but mechanical issues with the casing are being fixed, taking at least three more days. Drilling into the main targets then resumes. No hydrocarbon indications, none expected yet. Rey pays 16.67%.
15 Oct 2015drilling spud▲ GoodMajor
Buru spudded Senagi 1 in EP458 on 15 October, planned to reach 1,200 m in about 28 days. It targets the updip extension of oil-stained reservoirs seen in an old mineral well. Rey holds 25%, paying 16.67%. This is the second Fitzroy well, as planned.
13 Oct 2015admin correction● Neutral
Appendix 4G filed with the annual report, pointing to the corporate governance statement on the company website. Administrative filing with no business substance.
13 Oct 2015other● Neutral
Corporate Governance Statement dated 13 October 2015, reporting against the ASX governance principles (3rd Edition). The visible text is a compliance table with no new business information; some items are shown as not complied with.
13 Oct 2015annual report● Neutral
Rey's 2015 Annual Report, for the year to 30 June 2015, is lodged. The visible text covers the company profile and chairman's opening; financial figures are not in the readable extract. It restates the 25% Fitzroy Blocks interest, Victory-1 spud and the 43.47% EP437 stake.
8 Oct 2015drilling progress report● Neutral
Victory 1 reached 1,893 m and casing is being run before drilling into the main targets. Minor shows were noted in tight Grant Formation sands, with significance to be evaluated after completion.
1 Oct 2015drilling progress report● Neutral
Victory 1 reached 1,830 m. The 5.5-inch casing point was revised to about 1,900 m for operational reasons. No hydrocarbon indications.
25 Sept 2015annual report● Neutral
Replacement of the 30 June 2015 full-year accounts filed the day before. Visible text is identical to the original, so what changed is not shown.
24 Sept 2015drilling progress report● Neutral
Victory 1 reached 1,277 m, drilling ahead toward a section depth of about 1,600 m. No hydrocarbon indications reported, none expected at this depth.
24 Sept 2015annual report● Neutral
Rey's consolidated financial report for the year to 30 June 2015, with KPMG as auditor. The extract shown covers only directors and officers; board unchanged. Financial figures are not in the readable text.
17 Sept 2015drilling progress report● Neutral
Victory 1 drilled to 1,020 m and 7-inch casing was cemented at 1,018 m. No hydrocarbon indications yet, and none were expected at this stage.
11 Sept 2015admin correction● Neutral
Administrative filing of an ASIC Form 484 under Listing Rule 3.8A. No substance in the text itself.
