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Why Did Red Sky Energy Enter into Agreements with SACBJV for the Yarrow Gas Project? — ASX:ROG| ASX Mining News & Discussion
L
Lykeshares
2y
Official
$ROG
Why Did Red Sky Energy Enter into Agreements with SACBJV for the Yarrow Gas Project?
Red Sky Energy: Quarterly Activities Report and Strategic Developments
Red Sky Energy (ASX: ROG), a prominent player in the energy sector, has released its December 2023 Quarterly Activities Report, showcasing significant progress across its various projects. The company has achieved notable milestones in both its Innamincka Gas project and the Killanoola Oil Project.
Innamincka Gas Project: First Revenues and Seismic Acquisition
Revenue Generation: Red Sky confirmed its first revenues from the Innamincka project through the sale of processed gas.
Anticipated Liquid Sales: The company expects additional revenues from the sales of liquids.
Gas Sales Agreement: Under a bilateral agreement with Origin Energy Limited (ASX:ORG), Red Sky began its gas sales.
Seismic Acquisition and Strategic Partnerships
Completed Seismic Program: In collaboration with Santos Limited (ASX:STO), Red Sky completed a seismic acquisition program covering parts of PRL14 and PRL17 at the Innamincka Dome.
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20% Working Interest: Red Sky holds a 20% interest in six PRLs and was free-carried through this program.
SACBJV Agreements: Red Sky finalised agreements for Yarrow gas transport and processing with the South Australian Cooper Basin Joint Venture (SACBJV).
Killanoola Oil Project: Operational Progress and Government Approval
Production and Workover Plans
Initial Oil Flow: Oil flowed to the surface at Killanoola DW1, with an initial rate of 62 barrels per day.
Operational Challenges: Equipment issues led to the suspension of operations.
2024 Work Programme: Plans include new well drilling, sidetracking Killanoola-SE1, and pump replacement.
Government Approval and Sales Contract
SA Government Approval: Red Sky received approval to commence production at Killanoola DW1.
Contract with Viva Energy: Contractors have been mobilised for crude production, which will be sold to Viva Energy.
Corporate Strategy and Financial Position
Acquisition Pursuits: The company continues to actively pursue acquisition opportunities.
Cash Reserves: As of 31 December 2023, Red Sky had cash reserves of $2.67 million.
Red Sky's Strategic Positioning and Future Outlook
Innamincka Dome Projects
Gas Sales Volumes: The quarter's gas sales amounted to 19,581gj’s, equating to revenue of $264,344.
Expected Sales Income: Approximately $1.05 million in accrued sales income is due for both gas and liquids.
Seismic Acquisition Results: The results of the seismic program are expected by the end of 2024, crucial for full field development planning.
Yarrow Gas Field Developments
Infrastructure Developments: Construction of a pipeline and tie-in to the network south of the Yarrow gas field were completed.
Yarrow-Flax-Juniper Line: The YFJ line now extends to 14km following the flowline transfer to SACBJV.
Red Sky's Path Forward
Red Sky Energy's progress in the last quarter of 2023 highlights its commitment to advancing its projects efficiently and effectively. The achievements in both the Innamincka Gas and Killanoola Oil projects, coupled with strategic agreements and government approvals, position the company well for future growth. Red Sky's focus on optimising operations, combined with a strong financial foundation, sets a promising course for continued success in the energy sector.
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L
Lykeshares
144d
Official
Berkshire is hoarding so. much. cash.
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L
Lykeshares
144d
Official
Intel’s been lagging behind for years, while AMD has pulled far ahead in both consumer and professional-grade chips, it’s really not a close race anymore.
There’s this idea floating around that throwing enough cash at Intel will suddenly turn them into the next TSMC. But semiconductor manufacturing isn’t something you can
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rush, it’s a complex, slow-moving process that takes years of precision and experience.
Intel could recover some ground eventually, but framing them as the savior of American chipmaking feels more like a political talking point than a practical reality.
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L
Lykeshares
175d
Official
Buffet indicator is showing some wild times ahead perhaps, combine that with Berkshires record high cash hoard of 30%... chart via barchart.com / Longtermtrends
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L
Lykeshares
1y
Official
Looks like we're going through something, but who would have thought with all these tarrifs, inflation and trade wars going on
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L
Lykeshares
1y
Official
Where does this end up long term with small stocks suffering white giant caps are taking all the coin?
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L
Lykeshares
1y
Official
🔺 Student Loan Delinquencies Hit Record 12.9%...
The spike in red reflects financial strain returning fast. Credit card delinquencies are rising too, hinting that lower-income consumers might be nearing a breaking point. What's going on...
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L
Lykeshares
1y
Official
$ASN
Is Anson Resources’ US$330M Financing Deal the Key to Unlocking Utah’s Lithium Potential?
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