Past year: ▲ 54900%(0.01c – 5.50c USD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Feb 2023material agreement termination▼ BadMajor
Both 2021 ventures ended together and quietly: the helicopter joint venture with Unity Accipiter and the South African fuels arrangement with Himmelhoch were mutually terminated before either began any activity. Neither produced anything, which is the pattern for every venture Sky announced after Albania.
12 July 2021material agreement▼ BadMajor
Sastaro - the subsidiary created in 2005 to hold the UAE oil interest - was repurposed to enter a joint venture supplying refurbished Black Hawk helicopters to Indonesia's defence ministry, a contract valued at $400-480 million. A company with no revenue announcing a deal larger than anything in its history, in an industry it has never worked in.
27 May 2021material agreement● Neutral
Sky agreed to form a joint venture with South African firm Himmelhoch Petroleum & Gas to trade fuels off Himmelhoch's wholesale licence - a third business direction in four years, and still nothing operating.
7 Mar 2019material agreement● NeutralMajor
Sky signed a second and far bigger Libyan crude contract - 3 million barrels a month for two years from the same Benghazi authority. Nothing in the filings shows the first contract ever produced a cargo, and a company that could not raise $2 million had no plausible way to pay for this.
27 Apr 2017material agreement● NeutralMajor
After two silent years Sky reappeared with something entirely different: a contract to buy 5 million barrels of crude from the Benghazi-based National Oil Corporation in Libya. This is oil trading, not exploration, with no disclosed funding, no Albanian follow-through, and a counterparty that was the rival of the internationally recognised Libyan oil authority.
11 May 2015capital raising announcement▼ BadMajor
A $500,000 two-year convertible note at $0.08 was Sky's last real financing, and on this evidence the company was worth less each time it asked. Its regular reporting stops shortly after this.
30 May 2014capital raising announcement▼ BadMajor
Sky raised $400,000 at $0.05 a unit, again with its former chief executive's vehicle OceanRidge taking part. The price was a fifth of the 2012 placements and a twentieth of the $1.00 raised in 2005 - the Albanian licences were not attracting outside capital.
12 May 2014director officer appointment▼ Bad
The director loan was rolled over a second time, to May 2015, with $25,000 of interest paid up front, and Jobanputra's one-man executive role was confirmed again.
8 Jan 2014director officer appointment▼ BadMajor
Sky could not repay director Rachovides' $150,000 note and pushed the maturity out four months; at the same time Karim Jobanputra was formally reinstalled as interim chief executive, finance chief and secretary - one man holding every executive office.
28 Oct 2013material agreement● Neutral
Sky opened a second front, putting a UK subsidiary into a 75/25 joint venture with SO Ventures through Northern Ireland company Hyde Resources to chase oil and gas licences - with Sky undertaking to find the funding, which was precisely what it could not do in Albania.
25 Jan 2013capital raising announcement▼ BadMajor
Unable to place stock, Sky borrowed $150,000 from its own director Mark Rachovides on an 8% note convertible at $0.25. Small money, and from the boardroom - the same insider-funding pattern as the 2012 placements.
16 Oct 2012material agreement● Neutral
Former Tunisian finance minister Jaloul Ayed joined Sky's advisory board for $15,000 a year and 200,000 shares - more name-recognition hiring at a company that by now had no revenue.
8 Aug 2012director officer appointment▲ Good
Mark Rachovides, an Eastern Europe mining specialist and former European Bank for Reconstruction and Development banker, joined the board with 300,000 options at $0.25 - relevant experience for the Albanian licences, and he would shortly become one of Sky's lenders.
9 July 2012director officer appointment▼ BadMajor
Tobias Gondorf quit as interim chief executive after seven months, explicitly over disagreements with the board about strategy, and his consultancy's contract went with him.
29 June 2012security holder rights change▼ BadMajor
Sky ordered its transfer agent to freeze the shares it had issued to Orsett Ventures for finding the Albanian licences - no transfers, no conversions, no removal of restrictive legends. The consultant who delivered Sky's only asset was now in dispute with it.
16 May 2012capital raising announcement▼ BadMajor
A further $500,000 came in on the same terms, again from an insider: OceanRidge Investments, controlled by a director and former chief executive. Sky was now essentially being funded by its own board.
20 Jan 2012capital raising announcement▼ BadMajor
Only $1 million of the $2 million sought was placed, at $0.25 with warrants, and one of the buyers was Sky's own former chief executive - outside money was getting hard to find.
28 Nov 2011director officer appointment● NeutralMajor
Karim Jobanputra handed the chief executive role to Tobias Gondorf, an investment banker supplied through consultancy ETDDM rather than employed directly, and stayed on the board. Sky's fifth leader, hired to raise money for Albania rather than to run an oil business.
18 Oct 2011capital raising announcement▼ BadMajor
Sky went back to the market for $2 million at $0.25 a unit with warrants attached - a quarter of the $1.00 price of its 2005 raise, showing what six years and one dead field had done to the stock.
12 Aug 2011debt financing● NeutralMajor
Sky borrowed $1.5 million from Texas Citizens Bank purely to back the performance guarantee Albania required, and had to keep 105% of that in cash at the bank - so the loan bought no drilling, only the right to keep the licences. Its first work programme commitment was now legally enforceable.
8 Dec 2010capital raising announcement▲ GoodMajor
Albania's cabinet approved the production sharing contract, making the licences real, and Sky paid Orsett its finder's fee in stock - 3.86 million preferred and 1.5 million common shares. These are the shares Sky would later try to freeze when the relationship soured.
7 Oct 2010director officer appointment● Neutral
Sky reworked what it owed Orsett for finding the Albanian licences and appointed Qatari businessman Sheikh Jabor Bin Yusef Bin Jassim Al-Thani to the board, adding Gulf connections as it moved its centre of gravity from the UAE to the Balkans.
19 Aug 2010director officer appointment● Neutral
Oliver Whittle joined the board on the same terms recent directors had taken - $30,000 a year and 150,000 options at $0.50.
30 June 2010material agreement▲ GoodMajor
Sky replaced Mubarek with something far larger on paper: a production sharing contract over Blocks Four, Five and Dumre in Albania, about 5,000 square kilometres or a fifth of the country's land area, with 1,200 km of existing seismic. Exploration acreage of this size is cheap to acquire and expensive to work - the question from here is whether Sky could fund it.
25 May 2010material agreement● NeutralMajor
Four months after losing Mubarek, Sky hired British Virgin Islands consultant Orsett Ventures to find it oil and gas ground in Albania, paying 3 million shares on a first qualifying deal - a new country and a new start, bought with paper rather than cash.
7 Jan 2010material agreement termination▼ BadMajor
The end of the company Sky had spent $25 million becoming: operator Buttes declared the Mubarek field economically exhausted and terminated the participation agreement, and because Sky only ever held a share of production revenue rather than the concession itself, it was left with nothing to show for the drilling costs it had funded. Sky was back to being a company without an asset.
4 Aug 2009director officer appointment● Neutral
Robert Curt joined the board on standard terms of $30,000 a year plus 150,000 options at $0.50 - the strike price a reminder that the stock was far below the $1.00 investors paid in late 2005.
4 Mar 2008material agreement● Neutral
Sky retained ESG Dubai for technical advice at $5,000 a month - a related-party arrangement, since Sky director Ian Baron owns ESG.
20 Dec 2007financial restatement▼ BadMajor
A second restatement in seven months: the 2006 accounts and the first two quarters of 2007 also could not be relied on, this time over how Sky recognised revenue, calculated depletion and accounted for cancelled options. Two restatements and three auditors inside a year point to accounting that was never properly built.
12 Dec 2007auditor change● Neutral
Texas firm Whitley Penn was engaged as auditor, bringing the audit back to Sky's Austin base after the failed Dubai experiment.
