Key Petroleum Ltd

Key secured binding commitments for a further 1,015,286 shares at $0.058 (about A$58,887), replacing part of the tranche that fell through in February. This uses up its 15% placement capacity under Listing Rule 7.1.

capital raising announcement

Key raised A$176,659.76 by placing 3,045,858 shares at $0.058 with sophisticated investors, the same price as the February placement. Funds are for acquiring assets, maintaining existing assets and working capital. Issue is due by 28 April 2026.

capital raising announcement

Only the first part of the February placement has settled: 1,015,286 shares at $0.058 raised A$58,886.59. The other 4,399,572 shares (about A$255,000 at that price) lapse because the original subscriber withdrew. Key hopes to place them elsewhere by about 19 March.

capital raising announcement

Key raised A$314,061.77 by placing 5,414,858 shares at $0.058 to two sophisticated investors. Funds are for asset acquisitions, existing assets and working capital. This is the further share issue flagged in the December quarterly.

capital raising announcement

Jujun Zhang was appointed Executive Director, CEO and Vice Chairman from 6 Jan 2026, with 20+ years in new-energy power generation. He will focus on strategy and investment, paid $36,000 a year; the Managing Director keeps day-to-day operations.

director officer appointment

ASX temporarily paused trading in Key shares on 29 October 2025 pending a further announcement. The notice gave no reason for the pause.

listing compliance notice

Yan Zhao became Managing Director from 6 Aug 2025, replacing Louis Chien. He has over 20 years in coal, mining and business development and is paid $36,000 a year with no performance incentives.

director officer appointment

Key raised A$152,361 by placing 3,627,636 shares at $0.042 to one sophisticated investor, below the $0.062 entitlement price. Funds go to transaction costs, preparatory costs for a 'merger and corporate development strategy', and working capital.

capital raising announcement

Managing Director Louis Chien resigned effective 31 July 2025 after almost four years, citing family and other business interests. Wei Jin and Yuqi Cao lead as executive directors while a replacement is sought.

director officer appointment

The entitlement offer closed with weak take-up: eligible holders applied for 471,874 shares ($29,256) plus 32,785 shortfall shares. A further 1,576,386 shares were placed ($97,736), leaving 2,954,855 shares (about $183,200) unplaced against the $312,225 target.

capital raising announcement

The entitlement offer is no longer underwritten: the underwriter failed to deposit the $312,225 required, so Key terminated the agreement. Terms are otherwise unchanged ($0.062, 1-for-5) and closing moves to 28 April 2025. The full raise is now not assured.

capital raising announcement

Key announced a 1-for-5 non-renounceable entitlement offer at $0.062 per share, no discount, to raise up to about $312,225 from 5,035,900 shares. It was fully underwritten by Yan Shifu. Funds are for asset acquisition, permit costs and working capital. Shares on issue are 25,179,502.

capital raising announcement

Jin Wei becomes Executive Chairman and Yuqi Cao an Executive Director from 15 Jan 2025. Cao holds roles at Create Capital entities, the name of the December placement investor (inference of link). David Fang resigned as chair, three months after joining.

director officer appointment

Key raised A$255,000 before costs by placing 255,000,000 shares at $0.001 each to China Create Capital Holding Group. The money was for developing its Cooper Basin assets ATP924 and ATP920 and for working capital.

capital raising announcement

Key will ask shareholders at the 28 Nov 2024 AGM to approve consolidating shares 100 into 1, cutting 2,262,928,126 shares to about 22.6m. Holders' percentage stakes are unchanged.

security holder rights change

Quarter to 30 Sep 2024: Key chose not to apply for a Petroleum Lease over the Lake Eyre exclusion areas (success judged very unlikely). Renewal capped at 28 Feb 2025. It may seek Potential Commercial Area status on the rest. Cash A$90,000.

quarterly activities report

Key signed an unsecured A$200,000 loan with ASF Group at 10% interest, maturing 18 Oct 2026, for working capital. ASF is a related party (Fang is an ASF director), and this follows the earlier ASF loans that were repaid (inference on relationship).

debt financing

Quan (David) Fang (also a director of ASF Group) becomes Non-Executive Chairman and Professor Bingsong Yu joins as a director from 15 Oct 2024. Chair Geoff Baker, Min Yang and Dennis Wilkins resign. AGM set for 28 Nov 2024.

director officer appointment

Quarter to 31 Mar 2024: Queensland's Lake Eyre Basin exclusion zone covers about 2% of ATP 920 and 40% of ATP 924, including Taj; Alfajor is unaffected. Renewal cannot run past 28 Feb 2025. Cash was A$305,000. This changes the earlier Taj/Alfajor priority plan.

quarterly activities report

Key raised A$295,000 before costs by placing 295,000,000 shares at $0.001 each to Ms Wanyan Liu. Funds are for Cooper Basin permits, new venture assessment and working capital. At 1,967,928,126 shares (Dec 2020 count), this adds roughly 15% more shares (inference).

capital raising announcement

Key received the final 31,378,015 Triangle shares, completing payment of the $1.1m Perth Basin sale, and sold them on 27 March 2023 for net $562,319. This resolves the open Triangle share thread and turns it into cash.

asset acquisition disposition

Key completes the sale of its subsidiaries holding L7 and EP 437 to Triangle. It has received A$600,000 cash and will receive A$500,000 of Triangle shares by 30 June 2023. This ends the long-delayed sale and Key's Perth Basin exposure.

asset acquisition disposition

Key replaces its January 2021 sale agreement with a new share sale deal with Triangle, selling the subsidiaries holding L7 and EP 437 for $1.1m total: $100,000 owing, $500,000 cash at completion, and $500,000 of Triangle shares by 30 June 2023.

asset acquisition disposition

Key signed a new unsecured A$250,000 loan with ASF Group at 10% a year, maturing by 31 December 2023, for working capital. Cash was A$221,433 at December 2021; the earlier ASF loan was repaid in September 2021.

debt financing

Remapping lifts the Alfajor prospect in 100%-held southern ATP 924 to 97.1 Bcf P50 recoverable gas prospective resource (mean 122.5 Bcf). Key estimates a 30% chance of success. It plans a roughly 2,800 m well by mid-2022.

resource reserve update

Louis Chien becomes Managing Director from 1 October 2021 on a 12-month term at $187,715 a year. Interim CEO Ric Jason and director Yvonne Ye resign. This resolves the open CEO search. AGM set for 25 November 2021.

director officer appointment

The L7 and EP 437 sale to Triangle was delayed; the cut-off date moves to 30 September 2021. Triangle makes a further non-refundable A$200,000 pre-payment of the completion payment. Key keeps the 5% royalty after completion.

asset acquisition disposition

Key agreed to sell its remaining 50% of L7 and 86.94% of EP 437 to Triangle for A$600,000 cash plus a 5% gross overriding royalty. The sale ends the Triangle farmout and moves the EP 437 work commitments to Triangle. Key says it will focus on its Cooper Basin gas assets.

asset acquisition disposition

Sale of Key's 40% of WA-481-P to Pilot completed on 17 December 2020. Key now holds all 21 million Pilot shares (4,276,703 issued in October, 16,723,297 now). Pilot takes on all risks and outgoings from that date.

farm in farm out completion

Key signed an unsecured A$250,000 loan with ASF Group at 10% a year, maturing by 30 September 2021, for working capital. It is Key's first noted debt, in contrast to its earlier equity raisings.

debt financing

Key's sale of its 40% of WA-481-P to Pilot is fully signed, for 21 million Pilot shares in two tranches (4,276,703 now, 16,723,297 after Pilot shareholder approval). Pilot assumes the permit's risks and liabilities. Key plans the Bookara 3D seismic survey.

asset acquisition disposition

Key agrees to sell its 40% of WA-481-P to partner Pilot for 21 million Pilot shares, subject to Pilot shareholder approval. The joint venture ends, and Key says it will focus on Perth and Cooper-Eromanga Basin assets after the renewal it had just won.

asset acquisition disposition

Chairman Rex Turkington (director over eight years) retires effective 31 August, and Managing Director Kane Marshall retires effective 28 August. Exploration Manager Ric Jason becomes interim CEO while the board searches for a permanent CEO.

director officer appointment

NOPTA renewed offshore permit WA-481-P for five years from 13 August 2020, following the 15 July re-offer. Key (40%) and Pilot (60%, operator) must do seismic reprocessing and new seismic acquisition in the first term.

regulatory community update

Key said Triangle's subsidiary A.C.N. is deemed to have withdrawn from the L7 farmout after not paying a $77,710 cash call. Unless otherwise agreed by 25 August, the 50% interest reverts to Key with no refund. A.C.N. disputes the cash call and its deemed withdrawal.

joint venture update

Key presented 'game changing' Permian potential on the Bookara Shelf, adding deeper Kingia/High Cliff targets. L7 total prospective resource is 13.55/35.55/64.53 MMboe, including Permian gas of 63.3/146.5/253.7 Bcf. EP 437 extension is granted, with the well due by 28 May 2021.

resource reserve update

Red Emperor decided not to exercise its option over 70% of WA-481-P; the option expired 5 June. NOPTA had advised that the permit renewal application was successful. Key keeps 40% and loses the proposed $500,000 payment and the farm-out of operatorship.

farm in farm out completion

Key raised $641,716 before costs via a placement of 256,686,277 shares at $0.0025 to institutional and sophisticated investors. Funds go to the oilfield services business, Perth Basin activities and working capital. The price is below the earlier $0.0032 to $0.0071 raisings.

capital raising announcement

COVID-19 update: staff pay cut 30% from 1 April and directors' fees suspended from 1 March. Key applied for a 12-month extension of the EP 437 Year 3 period in which Wye Knot-1 was to be drilled. Mount Horner decommissioning continues at reduced pace; Cooper Basin activity has stopped for now.

regulatory community update

Seismic inversion on the Diana 3D in WA-481-P identified a new prospect, Dunsborough Southwest, 2.5 km from the Dunsborough oil discovery: prospective oil 3.95/11.58/22.03 MMbbl, chance of success 24-36%. Key's stake falls to 12% if Red Emperor exercises its option.

resource reserve update

Key signed a land access and compensation agreement covering the Becos, Parce and Becos South prospects in EP 437, including three exploration wells and seismic. The whole Becos, Parce and Wye Knot trend now has agreed access. Parce-1 is being considered as a firm candidate. Key's EP 437 interest is stated as 86.43%.

regulatory community update

Red Emperor Resources signed a binding letter of intent with Pilot (60%) and Key (40%) for an option over 70% of WA-481-P and the right to operate. It funds a work program up to $150,000 and would pay the partners $500,000 collectively if exercised, after permit renewal expected Q1 2020. The permit expires 19 Feb 2020.

farm in farm out agreement

Queensland confirmed ATPs 920, 924 and 783 are renewed for four years to 2023, resolving the pending renewals. Commitments include one well in ATP 924 in Year 1 and wells in Year 4 on each permit, plus seismic and magnetic surveys in Year 3.

regulatory community update

Key executed the Conduct and Compensation Agreement covering almost all of ATP 924 and much of ATP 920, after nearly a year of negotiation. It covers seismic and drilling for Meeba and Tanbar, resolving the access term flagged in October and clearing a hurdle for drilling.

regulatory community update

Key formalised the Meeba farmout with Pancontinental, replacing the July terms sheet: 20% of ATP 920 (option for 15% more) and 25% of Ace Area for $150,000 plus 26.67% of one well capped at $3m gross. Meeba prospective oil is upgraded to 11.3/33.7/83.7 MMbbl across 18 prospects.

farm in farm out completion

Key launched a share purchase plan offering eligible holders up to $30,000 each at $0.0071, a 20% discount to the 5-day average price, capped at $1.5m. Funds are for working capital, Perth Basin drilling and Ace-1 planning. Closes 25 November 2019.

capital raising announcement

Key signed a non-binding letter of intent with Refine Energy for Rig 2 to drill Ace-1 and Alfajor-1 in ATP 924, minimum 50 days, with day rate agreed. Conditions include rig inspection, regulator requirements, a suitable weather window and landowner access terms. Not yet a binding contract.

contract award

Triangle says landowner consent is received and the Mount Horner farmout completes around 7 October 2019. Triangle must submit a work program within 45 days, including 50+ sq km of 3D seismic and two wells, funding up to US$3m to earn 50% of L7. Key remains responsible for decommissioning existing wells.

farm in farm out completion

Key withdrew its L7 termination notice. It says Triangle returned the landowner approval documents about 90 minutes after the notice was sent, and the landowner will approve once they are in the agreed form. Reverses the 17 September dispute.

material agreement

Triangle says Key sent notice purporting to terminate the Mount Horner (L7) farmout from 23 September 2019 because landowner consent was not obtained. Triangle disputes validity and will defend its rights. Puts the October 2018 farmout in doubt.

material agreement termination

Key placed shares at $0.0032 to raise up to $400,000 before costs, for Ace-1 and Alfajour-1 preparation and working capital. The price is below March's $0.005 placement, so existing holders are diluted at a lower value.

capital raising announcement

Key signed a binding terms sheet for Pancontinental to take 20% of ATP 920 (option for a further 15%) and 25% of the Ace area in ATP 924. Pancon pays $150,000 and funds 26.67% of a well capped at $3m gross. Meeba prospective oil 6.3/23.7/46.1 MMbbl. Key's first Cooper farm-in partner.

farm in farm out agreement

Key reports eight oil prospects at Canaway Ridge in ATP 783, with gross prospective resources of 7.6/26.2/50.8 MMbbl; the Crowns prospect is 2.25/8.6/14.6 MMbbl. This is the first resource estimate for ATP 783; the prospects are unrisked and undrilled.

resource reserve update

Key placed 142,103,766 shares at $0.005 to raise $710,518 before costs, for Cooper drilling preparation, Mount Horner and Perth Basin exploration, and working capital. The price is below the roughly $0.009 seen in September 2018.

capital raising announcement

Key signed a non-binding MoU with Santos and Beach Energy on terms for connecting and processing raw gas from its Tanbar Gas Project (ATP 924) at Moomba. Terms are confidential and a binding agreement is still to be negotiated, so it is a pathway rather than a contract.

material agreement

Key upgraded ATP 924 gross prospective gas resources to 150/500/950 Bcf, adding Permian Toolachee canyons, and is evaluating rigs for the Alfajour and Taj wells. Landowner access talks continue and farm-in partners are doing due diligence; no drilling is yet funded.

resource reserve update

Queensland approved Key's amended work programs for Cooper Basin permits ATP 920 and 924, now focused on Permian gas exploration. This resolves the long-pending approval. Key says it will use the rest of 2018 to prepare for exploration in 2019 across both basins; no drilling funding is announced.

regulatory community update

Key farmed out 50% of Mount Horner L7 to Triangle Energy, which funds two new wells and 3D seismic up to US$3m (about A$4.1m) to earn in. Early workovers of two wells are shared 50/50. Key stays initial operator; conditional on approvals. Delivers the partner Key sought.

farm in farm out agreement

Key completed the purchase of the Mount Horner licence L7 from AWE on 27 September 2018, resolving the pending deal. AWE has paid the $380,000 exit payment; Key is now operator and takes on the liabilities, with up to $1.9m rehabilitation reimbursement. Rehabilitation is expected to start soon.

asset acquisition disposition

WA regulators have formally approved the L7 (Mount Horner) transfer from AWE, so completion is imminent, giving Key 100% of L7 and 86.94% of EP437. Key is planning infill and step-out wells and workovers at Mount Horner, and is seeking investors to share drilling costs.

asset acquisition disposition

Key signed a four-month non-exclusive deal letting Six Pines Capital try to raise at least A$5m to drill two Permian wells around the Marengo Gas Field in ATP 924. If it does, Six Pines earns 75% and Key keeps 25% free-carried. Nothing is committed yet.

farm in farm out agreement

Key signed a deal with Rey Resources to give up all its Canning Basin interests (EP104, R1, L15) in exchange for Rey's 43.47% of EP437, lifting Key's stake to 86.94% and keeping it operator. Key keeps a 2.5% royalty on R1 and L15, and is now focused on the Perth and Cooper basins.

asset acquisition disposition

Key arranged a placement of 100 million shares at $0.01 to raise $1.0m, led by Sanlam Private Wealth, with shares due 30 April 2018. Funds go to Cooper Basin commitments and gas marketing, Perth Basin exploration and working capital. Same price as the August 2017 placement.

capital raising announcement

December quarter: Key began formal divestment of its Canning Basin assets, reversing the earlier work to promote them, and has had initial interest from several parties. Wye Knot-1 got a one-year extension and grant; L7 got foreign investment approval; Cooper Basin transfers were completed.

quarterly activities report

Queensland's department confirmed transfer of Cooper Basin permits ATP 783, 920 and 924 to Key is finalised, completing the purchase from Beach. Key will now discuss work programs with the department, focusing on Permian conventional gas.

asset acquisition disposition

The Sale and Purchase Agreement for AWE's 100% of Mount Horner licence L7 has now been signed, turning the June binding terms into a full contract. Key receives $0.38m upfront and up to $1.9m rehabilitation reimbursement, and takes on operatorship and liabilities after completion.

asset acquisition disposition

Key arranged a placement of 100 million shares at $0.01 to raise $1.0m from one sophisticated investor, with shares due 21 August 2017. Funds are for Perth, Canning and Cooper Basin work commitments and working capital. The price is above the $0.004 paid in the February placement.

capital raising announcement

Third-party announcement by Pilot Energy: NOPTA approved replacing the WA-481-P year 5 and 6 commitment wells with seismic reprocessing and studies. Pilot says this improves marketability to farm-in partners. Drilling may still occur earlier with a partner; a well commitment is likely at permit renewal in August 2019.

regulatory community update

Key agreed binding terms to acquire AWE's 100% of Mount Horner production licence L7 in the Perth Basin, receiving $0.38m upfront and up to $1.9m for rehabilitation costs, while taking on operatorship and liabilities. AWE gets a 12-month option, for a $75,000 fee, to earn 50% of Key's 40% of WA-481-P.

farm in farm out agreement

Key completed the purchase of 100% of Cooper Basin permits ATP 783, 920 and 924 from Beach subsidiaries, with only standard Ministerial approvals left. This resolves the condition precedent from the February agreement ($125,000 plus 1.5% royalty).

asset acquisition disposition

Key agreed to buy 100% of three Cooper Basin permits in Queensland (ATPs 783, 920 and 924) from Beach Energy subsidiaries for $125,000 plus a 1.5% royalty. Subject to Ministerial approval and a cap of $300,000 on financial assurances. A new basin for Key.

asset acquisition disposition

Key raised $1.0m through a placement of 250 million shares at $0.004 to two investors, one sophisticated and one existing shareholder. Funds go to Perth Basin work commitments, new venture assessment and working capital. No fees, no underwriting.

capital raising announcement

Key reported an updated prospective resource assessment for WA-481-P: 13 prospects across four trends, with up to 435.9 MMBOE gross (best case 247.8) and 40% net to Key. Frankland gas (42 Bcf) and Dunsborough oil (6 MMbbl) contingent resources were upgraded; all figures are unrisked and undrilled.

resource reserve update

Key, as operator, confirmed the EP437 joint venture approved the Wye Knot-1 budget (about $1.9m before a $200,000 government grant). Best-case prospective oil is 1.4 MMbbl gross, 0.61 net to Key, at a 30% chance of success. Rig tendering starts; no spud date.

drilling scheduled

NOPTA approved transfer of a 40% interest in offshore WA-481-P to Key, completing the option exercised in July. Terms are nil consideration and a 10% net profits interest to the previous owner, plus a pro rata share of tax credits. Pilot holds 60%.

farm in farm out completion

Key's subsidiary Gulliver was granted a Special Prospecting Authority over six blocks in the Canning Basin's Bilyana Region, next to R1, L15 and EP104. It lasts six months, then Gulliver may apply for a permit over 100% of the area. An airborne survey is planned.

regulatory community update

Key exercised its option to acquire 40% of offshore Perth Basin permit WA-481-P (about 17,457 km²) from Pilot, paying a net profit interest on future production. The permit has a $300,000 gross study commitment in year one. Conditional on NOPTA approval and Pilot's completion.

asset acquisition disposition

Key raised $700,000 by placing 175 million shares at $0.004 each to one sophisticated investor, lifting shares on issue from 722.36m to 897.36m (19.5% dilution). Funds go to Canning and Perth Basin work commitments, new ventures and working capital.

capital raising announcement

Key booked its first reserves and resources in the Canning Basin: West Kora (L15) 2P reserves of 380,000 barrels and 2C contingent resource of 120,000 barrels, plus Point Torment (R1) 2C gas of 4.725 Bcf. Key's interests are 85.40% and 85.23%.

resource reserve update

The Dunnart-2 flow test found no commercial hydrocarbons at surface, so the well is decommissioned and the rig released. This resolves the main open thread, the test of the live oil shows seen in 2014. Key still considers EP437 prospective and is discussing Conder South and Wye Knot wells.

well test result

The entitlement offer closed fully subscribed with applications for 141.86m shares. A further 13.07m shares ($130,740) go to sophisticated investors at 1.0c, for total funds raised of $1,549,310. This resolves the rights issue and adds to Key's roughly $2.3m cash at December 2014.

capital raising announcement

Key launched a 1-for-4 non-renounceable entitlement offer at 1.0c a share, aiming for up to $1,418,568 (141.9m shares). Funds go to Dunnart-2 testing, Canning Basin studies and EP104 seismic reprocessing, plus working capital. Not underwritten; shareholders who don't take up are diluted.

capital raising announcement

Key signed a fixed lump-sum contract with Drilling Contractors Australia for Rig 6 to run a 3.5-inch completion for the Dunnart-2 flow test, and awarded wireline, perforating and wellhead services. Testing date remains subject to DMP approvals.

contract award

Key agreed to take over Pancontinental's and FAR's Canning Basin interests, lifting it to 89.23% of EP104, 85.40% of L15 and 85.23% of R1. Each seller pays Key $50,000 cash; DMP approval is needed. Increases Key's stake in the permits it operates.

asset acquisition disposition

Key's preliminary read is at least 5m of good-quality, thought-to-be oil-bearing sand at the top of the Bookara, in line with resource assumptions, with oil shows over 20m. Mud invaded the sand, so wireline samples were mixed. The joint venture agreed in principle to production test Dunnart-2, subject to budget and approvals, and Key is in talks on up to three further EP437 wells.

drilling result

The second 13m drill stem test failed mechanically, so it is invalid and not a reservoir issue. Dunnart-2 was drilled to its 670m total depth, with further live oil shows, and wireline logging is next to assess net pay.

drilling result

Dunnart-2 reached the top of the Bookara Sandstone at 614m, about 1m high to prediction, with live light oil (preliminarily 34° API) in the first 2.87m drilled. An open hole drill stem test is planned to confirm whether the oil is recoverable.

drilling result

Drilling of Dunnart-2 began at 10am on 13 July 2014, the well Key has long worked toward, targeting 2 million barrels best estimate. Time to drill, test and log to total depth is expected to be four weeks.

drilling spud

Rey says FIRB approval is received and all conditions are met for its EP437 farm-in. Rey earns up to 43.47% by funding 86.94% of costs, capped at $1.7m for Dunnart-2. This resolves the pending 29 May farmout.

farm in farm out completion

Key receives WA DMP approval to drill Dunnart-2, the last open approval flagged earlier. Rig 7 mobilises at the end of June, with spud expected in early July.

regulatory community update

Key signs the Dunnart-2 Land Access Agreement and a Rig 7 drilling contract with DCA, clearing the way to drill in EP437. Spud is expected in July, with an option to buy three land lots and DCA committed to four optional wells until January 2015.

material agreement

Key and Caracal sign a binding farmout of EP437 to Rey Resources: Rey earns 43.47% by funding 86.94% of costs, capped at $1.7m for Dunnart-2. Key falls to 43.47% as operator, Caracal to 13.06%. Subject to FIRB approval; DMP safety approval is granted, and the drill application is awaiting final approval.

farm in farm out agreement

Key reports prospective resources for EP448: Griffiths 30 million barrels and Patterson 14 million barrels best estimate (unrisked, wildcat). Source rocks are confirmed in the oil window. A two-well program this year depends on native title and heritage approvals. EP104/R1/L15 work programs are deferred to 2015.

resource reserve update

Key expects Dunnart-2 approvals within weeks and has reached preliminary land access terms. It is negotiating a five-slot DCA Rig 7 contract from June 2014. It adds the Wye Knot prospect (best estimate 5 million barrels) and Dunnart (2 million barrels), both unrisked prospective resources.

drilling scheduled

Empire withdraws from EP437 by agreement and assigns its 35% to Key and Caracal. Key rises from 50% to 77% and Caracal to 23%. This resolves the operatorship dispute. Key must give DMP more safety system information; approvals and land access are expected early in the second quarter.

farm in farm out completion

ASF Group agrees to take a 19.9% cornerstone stake in Key via a placement at 1.3 cents per share, raising $1,175,815 under the placement facility approved at the November 2013 AGM. ASF chairman Min Yang is to join the Key board.

capital raising announcement

Rex Turkington, a non-executive director since July 2012, is appointed non-executive Chairman, with no change to his remuneration. This resolves the chair vacancy left by Ian Paton's resignation and interim chairmanship of Dennis Wilkins.

director officer appointment

Key and Indigo agree an asset swap with Buru: acquiring Buru's 15.5% of L15 and 43.28% of R1, and selling their EP438 interests to Buru. Key's holding becomes 61.4% in L15 and 65.23% in R1. Buru pays Key $400,000 for remedial work. Completion is due Q1 2014, subject to approvals.

asset acquisition disposition

Chairman Ian Paton resigns to focus on his technical consulting business, only about three months after his appointment. Dennis Wilkins becomes interim non-executive chairman. This reopens the question of a permanent chair.

director officer appointment

Key's subsidiary is named preferred applicant for Discrete Area L12-10, 19 blocks next to EP448 in the Canning Basin. It must still meet native title provisions and confirm the work commitment before grant. Key will include it in farm-in talks.

regulatory community update

The EP448 geochemical survey finished with nearly 300 samples. Key calls the preliminary results encouraging, with anomalies over the Griffiths prospect, the Garner and Walsh leads, and the Ambrose prospect. Key now plans to farm out shallow oil prospects for mid-2014 drilling.

drilling result

Key and Caracal removed Empire as EP437 operator, citing a section 249D notice served on Empire and the rig contractor's payment and safety concerns. Key must reapply for drilling approval, delaying Dunnart-2. It is optimistic of drilling in Q1 2014.

joint venture update

Empire is voted out as EP437 operator by the non-operators, and Key's subsidiary becomes operator effective immediately. Key keeps 50%, Empire 35%, Caracal 15%. Empire's own notice of the change.

joint venture update

Ian Paton, a non-executive director since June 2012, is appointed Chairman. This ends the acting chair arrangement under Dennis Wilkins that began in July 2012. Resolves the open permanent chairman search.

director officer appointment

Key agreed to buy Emerald Oil & Gas's 24.98% of EP104 and 14.17% of retention lease R1 in the Canning Basin. It pays $50,000 cash plus 4 million Key shares, priced on the 5-day average before completion (expected 15 August). Government approval is required.

asset acquisition disposition

Cyrene-1's Willara flow test recovered no hydrocarbons, so the joint venture will plug and abandon the well. This ends the conventional target after the oil shows. The Goldwyer data will now be assessed for the unconventional opportunity in EP 438.

well test result

Cyrene-1 cored the Goldwyer to 1,014m with further oil and gas shows. The managing director calls them 'extremely significant' and says they indicate the Goldwyer is in the oil generating window. Logging, then drilling to the conventional Willara target, follows.

drilling result

Cyrene-1 reached the 958m coring point, with oil shows over a 43m interval (915-958m) in the lower Grant and Goldwyer. Key says this indicates an active source rock with possible unconventional oil or gas potential. Goldwyer top came in at 918m, matching Hedonia-1. Coring of 54m is next.

drilling result

Drilling of the Cyrene-1 main hole began on 21 January 2013 after avoiding cyclone delays. Aims to core the Goldwyer at about 950m, targeting up to 5m barrels of conventional oil. Key operates and holds 20% after farm-in.

drilling spud

Key receives joint venture and regulator approval to drill Cyrene-1 and signs a lump-sum contract for DCA Rig 7. Rig mobilising; spud expected in two to three weeks, with a surface hole first and a Christmas pause. Resolves the pending approvals; interest to be 20% after farm-in.

material agreement

Key sells all Tanzanian assets (5% of Kiliwani North and subsidiary Funguo) to Bounty Oil and Gas for US$250,000 cash plus A$156,000 of Bounty shares. Completes the long-pending sale and Key's exit from international interests, leaving only Australian projects.

asset acquisition disposition

Key's subsidiary Gulliver is made operator of EP438 solely to drill Cyrene-1, rather than Buru as earlier planned. Interests will move to Buru 37.5%, Mitsubishi's Diamond 37.5%, Key 20%, Indigo 5%. A rig is still being contracted.

joint venture update

Placement completed oversubscribed: 142m shares at 2.8 cents raised $3.99m, up from the $2.8m first announced. Funds Cyrene-1 and Perth Basin work including Waugh-1. Resolves the 13 August raising.

capital raising announcement

Key and Empire, 50% each in EP437, plan to drill Waugh-1 in late 2012 to early 2013, targeting 4-5m barrels of oil plus shale gas. The regulator varied the permit commitment from seismic to one well. Key claims oil pay was missed at Dunnart-1.

drilling scheduled

Key has commitments to place 100m shares at 2.8 cents, raising about $2.8m, for working capital and the Buru-run Cyrene-1 well. Follows the $1.0m raise at 2.5c in March; the remainder will fund other Canning and Perth Basin work.

capital raising announcement

Rex Turkington, a corporate advisor and economist, joins as non-executive director. Chairman Craig Marshall resigns; Dennis Wilkins becomes Acting Chairman while a replacement is sought, and the option grant to Marshall is withdrawn from the 6 August 2012 meeting.

director officer appointment

Key sold its UK Weald Basin subsidiaries to Angus Energy for £100,000 and its 50% of Portsea (Suriname) for A$50,000. Tanzania and Italy sales are still being negotiated; Elba and Lampedusa applications were rejected. Cyrene-1 is to follow Ungani North-1.

asset acquisition disposition

March quarter: Tanzanian, UK and Suriname interests now non-core, with divestment talks under way. The $1m raise completed 26 March via RBSMorgans. Cyrene-1 slips to late 2012; Stokes Bay-1 testing and West Kora-1 workover deferred to 2013.

quarterly activities report

Key sets out a 'Canning Push' strategy, turning from diversified international explorer to focused Australian explorer. It cites $1m raised, Cyrene-1 (up to 5m barrels), Stokes Bay-1 testing, and EP-448 (70%) farm-out interest.

investor presentation

Kane Marshall, CEO since February, becomes Managing Director. Director John Sheppard resigned to focus on other business interests.

director officer appointment

Key placed 40m shares at 2.5 cents to sophisticated investors, raising $1.0m for working capital including Canning Basin exploration. Price is above the 1.7c last quoted in October.

capital raising announcement

Kane Marshall appointed Chief Executive Officer, replacing the role Ken Russell left. He has petroleum geology and engineering experience at Woodside, Chevron and Santos. Board says Key is to accelerate exploration and pursue new ventures.

director officer appointment

Key will shut in the Brockham wells from 10 February 2012 to evaluate reservoir pressure data and the field's economic future, and to seek a new landowner access agreement. Halts part of the UK oil production.

production update

Gulliver acquisition completed after shareholder approval, giving Key five Canning Basin licences, four in joint venture with operator Buru. Ken Russell resigned; Craig Marshall joins as chairman. Resolves the October deal and the planned board change.

asset acquisition disposition

Empire Oil & Gas says it is selling Gulliver Productions (Canning Basin permits) to Key for 52m Key shares, and Key will assign Empire 22.5% of EP 437. Empire's Craig Marshall would become Key chairman, subject to shareholder approval.

asset acquisition disposition

Key will buy Gulliver Productions, holding five Canning Basin licences, for 52m shares (about 19% of Key) and assign 22.5% of EP 437 to Empire. Ken Russell would resign and Craig Marshall become chairman, subject to AGM approval in late November. Replaces the lapsed Zeta deal.

asset acquisition disposition

Nyuni-2 suspended after reaching 3,450m, when the drill assembly jammed in the sidetrack. Gas indications were seen in Neocomian and shallower sands, and re-entry remains possible. Key, at 5%, was free carried.

drilling result

Partner Bounty reports Nyuni-2 suspended after drilling to 3,450m, with the mud motor and bit stuck in the sidetrack. Gas indications were seen in Neocomian and shallower sands; the well can be re-entered later.

drilling result

Key terminated the share purchase agreement for Zeta Petroleum because the vendors did not meet conditions precedent. All parties are released from their obligations. This ends the Zeta acquisition announced on 2 May.

material agreement termination

Key takes Aminex's 50% of West Songo-Songo (to 100%) and gives up its 5% of the new enlarged Nyuni Area PSA, keeping 5% of Kiliwani North. It also seeks early termination of the Zeta deal, due to lapse 30 September, and is cutting overheads.

asset acquisition disposition

Key says the Cooper Energy farm-in terms for Zeta's Bobocu gas field are unacceptable and it was not part of the negotiations. Key will not proceed with the Zeta acquisition unless terms are amended, putting the 2 May deal in doubt.

material agreement

Nyuni-2 spudded on 17 June in Tanzania, targeting Neocomian sandstones and the gas-bearing Aptian/Albian sands logged in Nyuni-1. Planned measured depth is 3,325m, taking 9-10 weeks. Key holds 5% after the farm-out; Zeta deal still pending.

drilling spud

Key agreed to buy 100% of Zeta Petroleum, a private UK company with Romanian gas assets (Bobocu field, up to 58 Bcf reserves per Zeta), for $12.74m of shares initial consideration plus milestone payments. Priced at 4c per share. Two Key directors step aside for three Zeta directors; conditions and approvals apply.

business combination

Tanzania's minister signed a Development Licence for the Kiliwani North gas field, where Key now holds 5% of the Nyuni PSA. Contingent resource is 45 BCF; first gas is expected within 12 months. This moves the field towards production.

regulatory community update

Tanzania's energy ministry approved Aminex's acquisition of 15% of the Nyuni PSA from Key, the only condition. Key is now at 5%, with Aminex at 65%. This completes the farm-out announced on 4 February.

farm in farm out completion

Dibblers #1 reached about 525m and logs showed the reservoir is water wet, so it will be plugged and abandoned. This is the second dry well in EP 437 after Dunnart. Key has now earned its 45% interest by funding the two wells.

drilling result

Key signed a binding agreement to cut its Nyuni (Tanzania) interest from 20% to 5%, with Aminex taking 15% by paying 20% of Nyuni-2's dry hole cost. Key says it is refocusing on UK production, Perth Basin and European opportunities. Needs Tanzanian approval; this advances the earlier divestment plan.

farm in farm out agreement

Dibbler #1, the second and final EP 437 well, has spudded after the rig moved from Dunnart. It targets the Bookara Sandstone at about 530m total depth. Key is earning 45% in the permit.

drilling spud

Dunnart #1 reached 669m and found oil shows in up to 80% of the Bookara Sandstone, but logs indicate the reservoir is tight, so it will be plugged and abandoned. The joint venture will still drill Dibbler-1.

drilling result

Drilling at Dunnart #1 is suspended after casing was cemented, because the rig contractor has resourcing limits the joint venture says could compromise performance and safety. Drilling is expected to resume in the first week of January 2011.

drilling progress report

Dunnart #1, the first of two EP 437 wells where Key is earning 45%, spudded at 17:00 on 5 December 2010, after several delays. Daily updates will follow.

drilling spud

The entitlement offer raised $2,513,205 against a target of up to about $6m, so roughly 40% was taken up. Directors will try to place the shortfall to fund the Lidsey #2z well, with any excess used for working capital.

capital raising announcement

Key plans a non-renounceable entitlement offer of one new share per share held at 4c, raising up to about $6m, with one free 7.5c option per two shares. Funds go to the Lidsey #2z well and working capital. The price is below the July placement's 5.3c.

capital raising announcement

Ellyard and O'Shannassy resigned effective 31 August 2010 and John Sheppard joined as non-executive director. Finance Director Dennis Wilkins became Chairman. This completes the board change foreshadowed on 20 August; Ken Russell remains MD.

director officer appointment

Shareholders holding 9.1% requisitioned a meeting to remove chairman Ted Ellyard, Dennis Wilkins and Richard O'Shannassy and install Jitto Arulampalum and Frank Cannavo. Ellyard and O'Shannassy will resign on 31 August; the board wants Wilkins kept. Holders have promised to back future capital raisings.

director officer appointment

Key raised about $1.033m placing 19.5m shares at 5.3c to institutional and sophisticated investors, for working capital and the two North Perth Basin wells. Investors taking 4m+ shares get 1-for-2 options at 7.5c, subject to shareholder approval. Price is well below the 11c entitlement offer.

capital raising announcement

Key agreed in principle to farm into EP 437 in Western Australia's North Perth Basin with CalEnergy Resources, earning 45% by paying 60% of a two-well program, capped at $2.25m. Drilling expected end Q3/Q4. Its first Australian asset, a move from its international focus.

farm in farm out agreement

March quarter UK oil sales were about A$184k, down from A$400k, hit by weather and the Brockham 2Y workover. Lidsey #2Hz slipped to mid-2010. Key will sell its Tanzanian interests after RAK Gas disputed an agreed sale price, shifting focus to Europe. Cash was $3.54m.

quarterly activities report

Italy awarded exploration permit status for the West Sardinia block (100% Key), effective 21 April 2010, resolving a long wait. The two Lampedusa blocks are about to follow; the company's preliminary estimate is over 1 billion barrels unrisked in-place. Seismic and a well are required.

regulatory community update

Independent work puts Kiliwani North (Key 20%) at a mean 40 BCF contingent resource, 60 BCF upside, and the Nyuni prospect at 207 BCF contingent. Unrisked prospective resources total a mean 1.2 TCF. Commercial development still depends on the Songo Songo plant expansion.

resource reserve update

A workover of the Brockham 2y well lifted its flow to about 120 bopd, stabilising, from roughly 50 bopd before. Done ahead of the Lidsey #2 drilling so cash flow is sustained when Lidsey #1 is shut in during drilling. Lidsey #2 still awaits regulatory approvals.

production update

Key completed its purchase of Midmar Energy Onshore on 30 September, owning the Lidsey and Brockham UK oilfields and becoming an oil producer. It resolves the delayed deal. A horizontal Lidsey well could lift flow by up to 500+ bopd if successful; the company's estimate is a 9 million barrel STOIIP pool.

asset acquisition disposition

The entitlement offer is complete: over $3.6m raised from new and existing holders, and the remaining ~$1.1m shortfall placed with Kings Park Capital clients. This gives about 129m shares, resolving the raising.

capital raising announcement

The entitlement offer closed having raised $2.78m (about 60%) from existing holders. Of the roughly $1.95m shortfall, $810k is placed with new investors and about $1.14m is still to be placed. Short of the $4.73m target for now.

capital raising announcement

Key launches a 1-for-2 renounceable entitlement offer at $0.11 per share to raise up to $4.87m (up to 43m shares), not underwritten. Proceeds fund the UK oilfields acquired from Midmar and working capital. Follows the UK acquisition announcement.

capital raising announcement

Key agrees to buy Midmar Energy Onshore, owner of the Brockham and Lidsey oilfields in southern England, for £2.0m (about A$4.05m). The fields make about 85 bopd; completion is expected within roughly 45 days, subject to approvals and due diligence. Key's first producing assets.

asset acquisition disposition

An Appraisal Location around Kiliwani North was agreed with Tanzanian authorities, and a 2D seismic survey contract was signed with BGP, due within three months. The partners now see a simple tie-back to the Songo Songo plant as the probable development route (company view).

joint venture update

Key estimates West Songo Songo (50%) could hold prospective resource of about 735 million barrels of oil or 1.3 Tcf of gas (combined P10 pre-drill estimates, unrisked). Early-stage, no well drilled; Kiliwani North commercialisation still under negotiation.

resource reserve update

Key will not renew its Namibian consortium agreement with Pancontinental, which expired without the licence being converted; available area also shrank as others won concessions. Key cites the economic climate and exits the project, ending the Namibia thread.

material agreement termination

AGM presentation: net cash about $8.0m, share price 9.0c (36.5c in June), market cap $8.0m. Kiliwani North progress is 'far slower' than hoped, with a requested 12-month extended well test still unapproved. Key plans a stronger focus on Italy.

investor presentation

Key declared Kiliwani North-1 commercially viable after the 40 mmscf/d flow was confirmed with no pressure depletion. No reserves given because the structure extends beyond seismic. Key estimates over 2 Tcf potential undiscovered gas in the Nyuni block; more seismic planned.

resource reserve update

Kiliwani North-1 flowed a stabilised 40 million cubic feet of gas a day (about 6,700 barrels of oil equivalent), with condensate and no CO2 or H2S. This resolves the earlier open question of flow rate. Testing continues; the gas suits the existing pipeline.

flow test result

Key signed a Production Sharing Agreement for the offshore Songo Songo West block in Tanzania, next to the Songo Songo field and Kiliwani North. Key holds 50% and operates, with Aminex/Ndovu holding the other 50%. Adds a second Tanzanian permit.

asset acquisition disposition

Key signed a consortium agreement with Pancontinental to take 50% of any award from a roughly 30,000 sq km offshore Namibia licence (Walvis basin). Key pays up to A$100,000 for past costs. A new growth area after the Tanzania drilling.

farm in farm out agreement

Kiliwani North-1 was perforated with strong flow and pressures recorded; the rig is released. Longer well testing is expected to start in about four weeks. Key says the well finished ahead of schedule and under budget. No flow rate given.

flow test result

Kiliwani North-1 found a 60m gross gas column in the same Neocomian sandstones as the Songo Songo field, at 2,030m, ahead of schedule. It will be completed as a future production well. Reverses the Kiliwani-1 dry hole; appraisal is needed to size it.

drilling result

Kiliwani North-1 started drilling on 23 February, the second well of the Tanzanian programme after the Kiliwani-1 dry hole. Planned depth is about 2,012m, targeting a possible new oil play and the Songo Songo reservoir sands. About 35 days expected.

drilling spud

Kiliwani-1 was drilled to 2,570m and is being plugged and abandoned: no commercial hydrocarbons, only minor gas. Key's initial view is the target sands were too deep, below the gas-water contact of Songo Songo. Dry hole for Key's 20%; Kiliwani North-1 is next.

drilling result

Kiliwani-1 spudded on 15 November 2007, ending the rig delays that began in June. It is a directional well to about 2,500m testing the Songo Songo gas reservoir, about 40 days to drill. Key holds 20%.

drilling spud

Operator Tullow reports oil encountered in the first two shallow (about 500m) Uitkijk wells in Suriname. Commercial viability is unproven and needs further drilling and possibly testing; Key's 1.75% interest is free-carried.

drilling result

Drilling began on 23 July in a 10-well programme in Suriname's Uitkijk permit with Tullow Oil. Key holds a 1.75% free-carried interest in Uitkijk and Coronie, carried for up to 25 wells or US$8.5 million.

drilling spud

Key Petroleum's IPO prospectus offers 64 million shares at $0.30 to raise $19.2 million before expenses. Funds a 20% earn-in to the offshore Tanzania Nyuni block, 100% of Italian permits and a 1.75% free-carried Suriname interest.

capital raising announcement