2 July 2014drilling progress report● Neutral
DCA Rig 7 and equipment are on site at Dunnart-2, with the derrick raised. Drilling is expected to start within days, slightly after the early-July spud earlier flagged.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 June 2014other● Neutral
Key publishes an updated top 20 shareholder list, citing higher interest and trading volumes. ASF Oil & Gas is largest at 19.90%; total issued capital is 567,427,487 shares, up from about 450.5m before the ASF placements.
23 June 2014drilling progress report● Neutral
Site works and rig mobilisation have begun at Dunnart-2: cellar well, flare pit and sump are built and DCA Rig 7 components are arriving. Conductor-hole spud is expected the first week of July.
13 June 2014farm in farm out completion▲ GoodMajor
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.
13 June 2014regulatory community update▲ GoodMajor
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.
13 June 2014material agreement▲ GoodMajor
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.
29 May 2014admin correction● Neutral
Rey replaces its earlier EP437 farm-in announcement. The deal terms are unchanged; the replacement only drops the resource figures and refers to Key's 15 April announcement for them.
29 May 2014farm in farm out agreement▲ GoodMajor
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.
29 May 2014farm in farm out agreement● Neutral
Rey Resources' own notice of its EP437 farm-in: earns up to 43.47% by funding 86.94% of costs, capped at $1.7m for Dunnart-2, with drilling planned in the third quarter of 2014. Repeats Key's announcement.
6 May 2014other● Neutral
Empire, previously Key's top holder at 11.54%, sold its 52 million Key shares at 1.3 cents for $676,000 before costs, calling the stake non-core. This ends Empire's shareholding in Key, which had been in dispute with Key over operatorship.
28 Apr 2014resource reserve update▲ GoodMajor
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.
15 Apr 2014drilling scheduled▲ GoodMajor
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.
31 Mar 2014farm in farm out completion▲ GoodMajor
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.
31 Mar 2014farm in farm out completion● Neutral
Empire's own notice of its EP437 withdrawal: the permit was not core to it and it saves about $600,000 by not funding its share of Dunnart-2. Its 35% goes to Key (76.92%) and Caracal (23.08%). Repeats Key's announcement.
12 Mar 2014investor presentation● Neutral
Notice of an online Open Briefing interview with Managing Director Kane Marshall on the company and its 2014 exploration strategy. The interview itself is not in the text, so no new information is shown.
18 Feb 2014half year report● Neutral
Half-year to 31 December 2013: loss of $583,451 on revenue of $95,052, versus a $1,116,564 loss a year earlier. Directors report completing the Emerald deal (4m shares, $50,000) and signing the Buru swap, and note Key is now operator of all its interests.
29 Jan 2014director officer appointment● Neutral
Min Yang, ASF chairman, joins Key's board as non-executive director from 28 January 2014, with Geoff Baker as her alternate. Completes the board seat tied to ASF's 19.9% placement.
22 Jan 2014capital raising announcement● Neutral
ASF's own notice of its second placement: $292,119.06 for 22,470,697 Key shares at 1.3 cents, taking it to 19.9% of the enlarged capital. Repeats Key's announcement of the same day.
22 Jan 2014capital raising announcement▲ Good
ASF agreed to pay a further $292,119.06 for 22,470,697 Key shares at 1.3 cents, a premium to the five-day VWAP, taking its holding to 19.9% of the enlarged capital. The issue used the share placement facility and the 15% placement capacity approved at the 2013 AGM.
20 Jan 2014capital raising announcement▲ GoodMajor
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.
20 Jan 2014capital raising announcement▲ Good
ASF's own notice of the same Key placement: 19.9% at 1.3 cents for $1,175,815, making ASF Key's single largest shareholder. Adds nothing new to Key's announcement.
14 Jan 2014director officer appointment● NeutralMajor
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.
23 Dec 2013asset acquisition disposition▲ GoodMajor
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.
16 Dec 2013director officer appointment▼ BadMajor
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.
20 Nov 2013regulatory community update▲ GoodMajor
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.
13 Nov 2013investor presentation● Neutral
AGM presentation restates strategy and portfolio. It shows 450.5m shares, a 1.0c share price, about $8m market cap and about $3.2m cash. Interests: EP448 78%, EP104 53.97%, R1 30.61%, L15 49%, EP438 20%, EP437 50%.
5 Nov 2013drilling result▲ GoodMajor
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.
24 Oct 2013drilling scheduled▲ Good
The regulator approved the EP448 geochemical survey, which began 24 October over 2,000 km2 by helicopter and vehicle. Environmental and well-site surveys for Walsh-1 and Ambrose-1 are under way. Heritage surveys for Year 6 cannot start until February 2014.
16 Oct 2013joint venture update● NeutralMajor
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.
16 Oct 2013joint venture update● NeutralMajor
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.