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The latest update is out from Red Sky Energy Limited ( (AU:ROG) ).
Red Sky Energy reported that its Yarrow asset in the Innamincka Dome generated $1.09 million in gross production receipts in the March quarter, predominantly from gas sales, and it has executed binding AFEs with operator Santos for a two-well Yarrow development program and the high-impact Willowie appraisal well. The company has secured funding through a completed $0.8 million placement and a fully underwritten rights issue to raise up to about $4.2 million, bolstering its $2.07 million cash reserves to support participation in the Innamincka drilling campaign while it advances technical work at the Killanoola Oil Project and implements cost reductions, including lower board remuneration.
More about Red Sky Energy Limited
Red Sky Energy Limited is an Australian oil and gas explorer and producer listed on the ASX, with interests in the Innamincka Dome gas projects in the Cooper Basin and the Killanoola Oil Project in South Australia. The company also maintains an interest in offshore Block 6/24 in Angola, focusing on leveraging existing infrastructure and near-term drilling to grow production and cash flow.
Technical Sentiment Signal: Sell
Current Market Cap: A$20.74M
Find detailed analytics on ROG stock on TipRanks’ Stock Analysis page.