ROG 0.00% 0.5¢ red sky energy limited.

blue sky for red sky

  1. 4,009 Posts.
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    Here's is an interesting one, Red Sky Energy Ltd (ROG), new to the bourse.

    Some pretty smart folk got set at 20c, and the shares came on yesterday at a discount. Anyone buying now is getting set more cheaply than most on the registry. For what it's worth, I have been buying post the float myself.


    As a handy sweetener, there is to be a 1:3 issue of opts (30c exercisable/2years to run) at 1c.


    Company Anouncement
    25th May 2007


    Red Sky Energy raises $6 million in successful IPO
    Drilling to commence in near term
    Options Entitlement Issue confirmed


    Sydney, Australia (25th May, 2007): Oil and gas company, Red Sky Energy Limited (ASX: ROG) was admitted to the ASX on 23rd May 2007 following the issue of 30 million new shares at $0.20 in its successful IPO to raise $6 million.

    The Company has acreage interests in over 64,000 km2 of prospective oil and gas tenements across Australia, and uses proprietary and innovative airborne Geochemical Microseep Survey technology (GMS) to assist identify high priority drill targets.

    The Company will use the funds raised though the IPO to rapidly progress the drilling of its exciting high priority targets in its prospective acreage interests in the Cooper and Carnarvon Basin. ROG’s projects include:


    PEL 93 – SA Cooper Basin: ROG 49% farmin interest

    STUART PETROLEUM LTD 70% (Stuart)
    COOPER ENERGY LTD 30%

    PEL 93 covers 1,017km2 with multiple leads and targets already identified by Stuart. In a submission made at the end of September 2006, 12 of these prospects were high-graded by GMS and nominated as targets by Red Sky Energy.

    Red Sky Energy is entitled to drill, subject to exclusion areas and at its own cost (98% of total) any nominated prospect within a two year period (ending July 2008) and obtain a 49% net interest in any resulting discovery.

    The first drilling target ‘Rainbird – 1’ was selected by ROG and Stuart through interpretation of seismically controlled structures with a strong correlating GMS signature as confirmation.

    Subject to rig availability, Stuart is expected to commence drilling Rainbird – 1 in the near future – to be confirmed by Stuart and Red Sky Energy announcement shortly.


    PEL 106 – SA Cooper Basin: ROG up to 50% farmin interest*

    GREAT ARTESIAN OIL AND GAS LIMITED 100% (Operator and Farmor)*
    * Subject to various pre-existing farm-ins

    Red Sky Energy is entitled, subject to pre-existing rights and exclusion areas, to fund up to 100% of the cost of a well in the flown area and obtain up to a 50% net interest in any resulting discovery.
    Subject to rig availability, GAOG is expected to commence drilling in the near future – to be confirmed by GAOG and Red Sky Energy announcement shortly.


    PEL 91 – SA Cooper Basin: ROG 30% farmin interest

    BEACH PETROLEUM LIMITED 40 (Operator)
    GREAT ARTESIAN OIL AND GAS LIMITED 60% (Farmor)

    PEL 91 covers 486km2 in the shallower portion of the Patchawarra Trough, where more liquids rich, oil or gas/condensate, accumulations have typically been discovered. Multiple, operator identified, oil and gas leads and prospects occur within the Red Sky Energy Farm-in Block. Gas and condensate has been recently discovered at Udachawithin (but not part of) the farm-in area and significant potential exists for Mesozoic oil.

    Red Sky Energy is entitled to fund 60% of the cost of a well on any identified prospect in the farm-in area and obtain a 30% net interest from GAOG in any subsequent production licence resulting from a discovery. Should Red Sky Energy participate in funding 60% of two such wells in PEL 91 and 100% of a well in adjacent PEL 106 before December 2007, Red Sky will earn a 20% participating interest in the Red Sky Energy Farm-in block in PEL 91 additional to any production licence interests.

    Two drillable prospects will be nominated by Red Sky Energy for consideration by GAOG and Beach.


    PEL 110 - SA Cooper Basin: ROG 50% farmin interest

    BEACH PETROLEUM LIMITED 37.5% (Operator)
    MAGELLAN PETROLEUM CORPORATION 37.5%
    COOPER ENERGY LTD 25%

    PEL 110 covers 1,458km2 on the edge of the Cooper Basin is Triassic oil in the Tinchoo formation which has proved productive at the nearby Keleary oil field immediately southeast of the permit and the James oil discovery to the east. There is also the chance of large stratigraphically trapped hydrocarbon accumulations along the edges of the underlying Permian section.

    Red Sky Energy can drill at its own cost any nominated prospect in the flown area and obtain a 50% interest in the permit.


    EP 444 – WA Carnarvon Basin: ROG 50% farmin interest

    Rough Range Oil Pty Ltd 100% (Operator)
    (a subsidiary of Empire Oil and Gas NL)

    Work on high grading prospects identified by the airborne geochemical data is presently underway. Red Sky Energy has flown 2,147 line km of geochemical surveys in EP 444 in the onshore Carnarvon Basin Western Australia and acquired the right to drill one well at its own cost to earn a 50% interest in the permit.


    Darling Basin Exploration: ROG 100% interest

    Red Sky Energy currently holds six permits in this basin, PELs 419,420, 447,448, 449 and 451, five strategically located with respect to the Moomba to Sydney pipeline and totalling 47,468 km2. (11.7 million acres). All permits are currently in good standing. The Company currently prepares for a July 07 seismic program.


    Options Entitlement Issue

    As detailed in the Company’s IPO Prospectus, the Directors propose to proceed with a rights issue of Options on a 1 for 3 basis at an issue price of 1 cent per Option to all shareholders. It is proposed that these Options will have an exercise price of $0.30 and be exercisable within 24 months of the date of issue. The Company will apply to the ASX to have the Options listed for Official Quotation. A Prospectus will be prepared and the Record Date is to be determined by the Directors shortly.



    Red Sky Energy Limited is an Australian based Oil and Gas company established to acquire, explore, assess and exploit oil and gas deposits in prospective tenements across Australia. The Company utilizes a risk reducing airborne geochemical survey technology to enhance its targeting capabilities.


    For Further Corporate Information: Klaus D. Zahnd, Managing Director, Red Sky Energy Limited;Telephone: + 61 2 9293 2904, E-mail: [email protected]
 
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