3 July 2017debt financing● NeutralMajor
Rey takes a $500,000 loan from substantial shareholder Wanyan Liu for exploration and working capital. Term is 12 months at 12% a year interest. It adds debt after cash of $799,000 at December 2016.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 June 2017drilling scheduled● Neutral
Partner Pilot Energy says the Wye Knot-1 well in EP437 is scheduled for Q4 2017, the first date given. Final location depends on a land access agreement. Repeats the operator's update and the 1.4 MMbbl best-estimate gross prospective resource; Rey holds 43.471%.
21 June 2017drilling progress report● Neutral
Operator Key Petroleum reports Wye Knot-1 planning progress in EP437: long-lead item approval executed, contractor tendering begun, preferred well location chosen. Best-estimate gross prospective oil is 1.4 MMbbl, unchanged from December 2016. No spud date is given in the text shown.
16 June 2017asset acquisition disposition▲ GoodMajor
Rey completes the purchase of Oil Basins' 50%, now holding 100% of the Derby Block (EP487). A new 3D-GEO estimate puts gross prospective recoverable gas at 28.4 Tcf (P50), unrisked, for 100% of the block. Two wells are still required in 2017; partner search continues.
28 Apr 2017quarterly activities report● Neutral
March quarter: Rey agreed to take Oil Basins' 50% of EP487 and finished vintage seismic reprocessing. Victory-1 and Senagi-1 well data lodged with the regulator, and Fitzroy renewals confirmed. A coal mining licence hearing is set for July 2017.
16 Mar 2017asset acquisition disposition▲ GoodMajor
Rey agrees to buy Oil Basins' 50% of the Derby Block (EP487), giving it 100%, by waiving about $577,000 of unpaid cash calls and $32,000 of legal fees. This ends the buy-out dispute. Completion is expected April 2017, pending approvals; Rey will seek a farm-in partner.
16 Mar 2017asset acquisition disposition● Neutral
Oil Basins confirms it is withdrawing from EP487, signing a binding agreement to transfer its 50% to Rey at nominal value. It says it will not fund its share of the work program. Mirrors Rey's announcement and settles the dispute.
10 Mar 2017half year report● Neutral
Half-year to 31 December 2016: net loss $302,000 versus $3.25M a year earlier, with cash of $799,000. The 5-to-1 consolidation leaves 212,495,266 shares. The loss fell after earlier cost reductions, as stated by directors.
27 Jan 2017quarterly activities report● Neutral
December quarter: Fitzroy permits renewed for five years from 6 January 2017, with areas halved and a magneto-telluric survey due in year one. Senagi-1 was wet; Victory-1 may not have reached its target. Work programs approved for Fitzroy and Perth Basin; $1M placement completed.
30 Dec 2016director officer appointment● Neutral
Managing Director Jin Wei's consulting fee rises to $10,000 per month from 1 January 2017.
19 Dec 2016drilling scheduled▲ GoodMajor
Partner Pilot Energy reports the EP437 joint venture approved the work program and budget for the Wye Knot-1 oil exploration well, net cost up to A$1.7M after a $200,000 grant. Best-estimate gross prospective resource is 1.4 MMbbl, with a 30% chance of success. Rig and spud date are not yet set.
19 Dec 2016drilling scheduled● Neutral
Operator Key Petroleum confirms Rey and Pilot approved the EP437 Year 3 budget including the Wye Knot commitment well, with a $200,000 government grant against a $1.9M budget. Rig tendering begins; no spud date yet. Duplicates the Pilot announcement.
2 Dec 2016admin correction● Neutral
Replacement 2016 annual report issued because the 26 October version inadvertently omitted one page (page 74) of the independent audit report. No new business information is given in the text shown.
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.
31 Oct 2016quarterly activities report● Neutral
September quarter: Derby Block (EP487) got a one-year work program extension on 30 September, now requiring two wells in 2017. A 70km seismic program is planned for early 2017 and a farmout data room is being prepared. Cash calls to Oil Basins remain in default.
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.
Create a free account to see this worked out for your own holding.
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.
29 July 2016quarterly activities report● Neutral
June quarter: Rey became Derby Block operator after the 26 May court win, and a geological review is underway. Fitzroy permit renewals were lodged after agreeing areas to relinquish. EP437 needs a commitment well in 2017. New MD appointed.
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.