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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
28 Apr 2016quarterly activities report● Neutral
March quarter: Fitzroy seismic processing finished, with early results suggesting Wright is a promising drill target. Rights issue and placement raised $4.4M. Half of both Fitzroy permits must be relinquished by October 2016. Court hearing on Derby Block listed for 25 May.
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.
Create a free account to see this worked out for your own holding.
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.
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.
1 Feb 2016quarterly activities report● Neutral
December quarter: Victory-1 and Senagi-1 are both plugged and abandoned, with Victory seismic processing due February 2016. A new Derby Block prospective resource estimate gives Rey's 50% share a best case of 12.3 Tcf recoverable gas. The shareholder loan was extended.
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.