Past year: ▼ 19%(5.10c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Apr 2016farm in farm out completion● Neutral
Third-party announcement by Pilot Energy: the DMP approved transfer of Caracal's EP437 interest to Pilot, completing the deal agreed in November 2015. Interests are Key 43.471% (operator), Rey 43.471%, Pilot 13.058%. Wye Not and Becos seismic will be reprocessed to pick a drilling target.
4 Mar 2016capital raising announcement● NeutralMajor
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.
What it means for a shareholder
175m new shares at A$0.004 to raise about A$700,000. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (250,000 at the issue price), your slice goes from 0.0346% to 0.0279% of the company. To keep it you'd need 60,565 more shares - about A$242 at the issue price.
Create a free account to see this worked out for your own holding.
25 Feb 2016half year report● Neutral
Half-year to 31 December 2015: loss of $638,808, down from $700,894 a year earlier. Cash was $1.57m against $2.65m at 30 June 2015. Work program variations for R1 and EP448 are still being assessed by the DMP.
29 Jan 2016quarterly activities report▼ Bad
December quarter: cash fell to $1.57m. Directors and staff take 25% pay cuts from 1 February 2016 given low oil prices. Key has applied to vary R1 and EP448 work programs, and denies having any agreed Eastern Europe concession.
23 Nov 2015investor presentation● Neutral
AGM presentation by the Managing Director. It shows 722.36m shares, a 0.4c share price, about $2.9m market value and $2.2m cash at 30 September 2015. It repeats the EP437 and Canning prospects and flags a hunt for new ventures.
4 Nov 2015farm in farm out agreement● Neutral
Third-party announcement by Pilot Energy (PGY): it will buy Caracal's 13.058% of EP437, subject to DMP approval. Key and Rey stay at 43.471% each. A new partner replaces Caracal, with no change to Key's share.
30 Oct 2015quarterly activities report● Neutral
September quarter: maiden Canning reserves and resources completed, and pastoral access terms matured for R1 and L15. Key could not agree a heritage survey with native title parties in EP448. A strategic review of WA interests is planned.
1 Oct 2015resource reserve update▲ GoodMajor
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%.
29 Sept 2015other● Neutral
Appendix 4G and corporate governance statement lodged alongside the annual report. A compliance filing with no substance for the company's story.
29 Sept 2015annual report● Neutral
Annual report for the year to 30 June 2015, lodged with the board unchanged (Turkington chair, Marshall MD). The extract shows no new figures; the Dunnart-2 result and the $1.55m raise are already known.
10 Sept 2015investor presentation● Neutral
Investor presentation setting out Key's 2015/16 North Canning Basin strategy, built on the West Kora-1 and Point Torment-1 discoveries and planned work on suspended wells. It restates known prospects and plans; no new results are given.
31 July 2015quarterly activities report● Neutral
June quarter: Dunnart-2 testing finished under budget, flowing up to 600 barrels a day of formation fluids but no commercial hydrocarbons. Key now focuses on eastern EP437 prospects (Wye Knot, Becos) and is looking at rigs. EP104 seismic reprocessing is likely in late 2015.
12 June 2015other● Neutral
Administrative notice from the share registry, Computershare: its Perth office moves to Level 11, 172 St Georges Terrace from 15 June 2015. Not a Key announcement and carries no substance for the company.
9 June 2015well test result▼ BadMajor
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.
5 June 2015drilling progress report● Neutral
Casing scraper run and brine conditioning are done, and the crew is running perforating guns and completion equipment. Perforating and testing of 12 metres of gross Bookara Sandstone follow. No results yet.
2 June 2015drilling progress report● Neutral
BOP testing at Dunnart-2 is complete and the crew began running in hole on 2 June to start completion operations. Flow back tanks and flare line are installed. Testing is expected to follow within days. No test results yet.
28 May 2015drilling progress report● Neutral
All rig equipment, 3.5-inch tubing, packer, sliding sleeve and Xmas tree are now at the Dunnart-2 site. Perforation and the flow test are expected shortly after rig-up, and the Managing Director is due on site on 30 May.
21 May 2015drilling progress report● Neutral
DCA Rig 6 arrived at the Dunnart-2 site on 20 May. Rig-up is under way, with completion equipment arriving 22 to 25 May. Testing is expected to start towards the end of the following week.
12 May 2015drilling progress report▼ Bad
Dunnart-2 testing is delayed again. DCA Rig 6 is being upgraded after a third-party inspection and is now due on site the week of 18 May 2015, against the mid-April target. Halliburton has pressure-tested the completion equipment.
1 May 2015capital raising announcement▲ GoodMajor
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.
22 Apr 2015quarterly activities report● Neutral
March quarter: Key secured Dunnart-2 testing approvals, completed site remediation and ordered wellhead equipment. It also lifted its Canning Basin interests and announced the rights issue. At least 10 EP437 prospects are mapped. Testing is planned for next quarter.
21 Apr 2015drilling scheduled● Neutral
All DMP approvals for Dunnart-2 testing are now granted and long-lead equipment is ready in Perth. DCA Rig 6 is to mobilise within about three weeks, so testing slips beyond the mid-April target. Key is also talking to two other rig contractors about a larger campaign.
17 Apr 2015regulatory community update▲ Good
DMP gave final approval for the Dunnart-2 Health and Safety Management Plan Addendum, the last outstanding approval flagged earlier. Key will update the market shortly on testing timing.
9 Apr 2015capital raising announcement● Neutral
Key extended the entitlement offer closing date from 14 April to 28 April 2015. Allotment moves to 5 May. Terms are unchanged at $0.01 a share, up to $1,418,568. No reason is given.
2 Apr 2015regulatory community update▲ Good
DMP approved the Dunnart-2 Completion and Testing Program. Only the Health and Safety Management Plan Addendum remains outstanding; Key now targets mid to late April for testing, slightly later than the earlier mid-April aim.
1 Apr 2015capital raising announcement● Neutral
Administrative notice that the entitlement offer documents and personalised forms have been posted to eligible shareholders. The offer is still for up to about $1,418,568 at $0.01 per share.
31 Mar 2015regulatory community update▲ Good
DMP approved Key's amended Environment Plan for the Dunnart-2 test. Approval of the Health and Safety plan addendum and the Completion and Testing Program is still awaited; testing is still expected from mid-April.
24 Mar 2015capital raising announcement● Neutral
Shareholder notification letter repeating the 1-for-4 offer terms at $0.01, timetable and use of funds. Adds that no shortfall shares go to anyone who would end up above 20%. No new substance.
23 Mar 2015other● Neutral
Entitlement and acceptance form for the rights issue. The text is largely unreadable, garbled characters only. Text not readable.
23 Mar 2015capital raising announcement● Neutral
Letter to optionholders on the entitlement offer. The 33.5m unlisted options carry no right to participate; holders must exercise by 25 March 2015 to join. Repeats offer terms and timetable; no new information.
