Past year: ▼ 19%(5.10c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Sept 2013regulatory community update▲ Good
Empire, as operator, announces the regulator has approved drilling Dunnart-2 in EP437 (Key 50%). Drilling still needs a land access agreement, shire approvals and service contracts. DCA Rig 7 is allocated. The well is 670m deep. Partly resolves the approvals thread, but no spud date.
3 Sept 2013annual report● Neutral
Annual report for the year to 30 June 2013. Lists Ian Paton as Chairman, Kane Marshall as Managing Director, and Wilkins and Turkington as non-executive directors. Bentleys remains auditor. The excerpt shows no financial figures.
2 Sept 2013director officer appointment● NeutralMajor
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.
29 July 2013asset acquisition disposition▲ GoodMajor
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.
15 Mar 2013half year report● Neutral
Half-year to 31 December 2012: loss of $1.72m, against $2.0m a year earlier. Cash was $4.28m and there were no borrowings. Reports the Tanzanian sale to Bounty, with Italy in liquidation and £90,000 of the Angus UK sale price due by July 2013.
25 Feb 2013well test result▼ BadMajor
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.
21 Feb 2013drilling result● Neutral
Cyrene-1 finished Goldwyer coring and logging, cased the hole, and drilled into the conventional Willara target to a total depth of 1,070m. The Willara top came in 20m deeper than forecast, with some oil shows. A flow test is planned to see whether hydrocarbons flow.
12 Feb 2013drilling progress report● Neutral
Cyrene-1 is coring the Goldwyer at 1,018m, with coring to finish at 1,023m. Wireline logging, 7-inch casing and then drilling to the Willara target follow. The next release will come after the Willara is evaluated, or on a material event.
11 Feb 2013drilling result▲ GoodMajor
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.
8 Feb 2013drilling progress report▲ Good
Second Goldwyer core completed to 986m at Cyrene-1, with more oil and gas shows. Total gas averaged 10.1 units over the cored interval and reached 14.5 units at 985m. Third coring run to 994m is next.
6 Feb 2013drilling progress report▲ Good
First 9m of Goldwyer core cut at Cyrene-1 to 967m. Further oil shows in claystone cuttings, with background gas up to 5.6 units. Continues the oil shows first reported 4 February; coring carries on.
5 Feb 2013drilling progress report▲ Good
Rig is running in hole to begin coring the Goldwyer shale. The managing director says the oil shows match Hedonia-1, 160m away, and suggest the Goldwyer is in the oil generation window. Mostly repeats the 4 February shows.
4 Feb 2013drilling result▲ Good
Re-release of the same 4 February report: oil shows over 915-958m in the Goldwyer and lower Grant at Cyrene-1, with the Goldwyer top at 918m matching Hedonia-1. Coring of 54m is about to start. Duplicates the previous announcement.
4 Feb 2013drilling result▲ GoodMajor
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.
1 Feb 2013drilling progress report● Neutral
Cyrene-1 drilled ahead to 888m after the pump repairs, with background gas rising to 0.1-0.18 units in the lower Grant. The Goldwyer coring point is expected near 940m.
31 Jan 2013drilling progress report● Neutral
Mud pumps at Cyrene-1 are repaired and the rig is running back in the hole to resume drilling from 824m. No new results.
30 Jan 2013drilling progress report● Neutral
Cyrene-1 remains at 824m while mud pumps are repaired and the top drive serviced. Coring crew and equipment have been mobilised for the Goldwyer core at about 940m. A short delay, no new results.
29 Jan 2013drilling progress report● Neutral
Cyrene-1 reached 824m, with drilling paused for mud pump repairs. Gas readings in the Grant were low (0.01-0.02 units); the Hedonia-1 offset well showed none in the same section.
25 Jan 2013drilling progress report● Neutral
Cyrene-1 drilled 62m to 680m in the Grant Formation. Background gas rose slightly to 0.1 units. Still drilling toward the Goldwyer coring point.
24 Jan 2013drilling progress report● Neutral
Cyrene-1 reached 618m in the Grant Formation, with the Wallal and Grant tops matching forecasts. Only faint background gas (0.02 units) recorded. Drilling continues toward the Goldwyer coring point.
23 Jan 2013drilling progress report● Neutral
Cyrene-1 drilled to 442m, still in the Wallal Sandstone. No hydrocarbon indications, none expected at this depth. Next step is drilling to the Goldwyer coring point.
22 Jan 2013drilling progress report● Neutral
Cyrene-1 drilled to 346m on day one after the 21 January spud, reaching the Wallal Sandstone top at 295m. No hydrocarbons expected or seen at this depth. Key operates and holds 20% after farm-in.
21 Jan 2013drilling spud▲ GoodMajor
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.
18 Jan 2013investor presentation● Neutral
January 2013 investor brochure summarising Key's Canning and Perth Basin permits. It puts Key's Cyrene-1 cost exposure at an estimated $500,000. No new information.
14 Jan 2013drilling scheduled● Neutral
Cyrene-1 main hole expected to start that week, possibly delayed by a cyclone. EP448 work commitment cut from 500km of seismic to pre-planning and a geochemistry survey, saving cost. Waugh-1 could follow Cyrene-1 on the same rig in first half 2013.
20 Dec 2012drilling progress report● Neutral
Cyrene-1 surface hole drilled and 9 5/8" casing cemented at 191m. Well to be suspended until the main hole starts in January 2013; target depth 1,060m. No hydrocarbons expected at this stage.
18 Dec 2012director officer appointment● Neutral
Ian Gregory replaces Dennis Wilkins as Company Secretary. Wilkins stays on as a non-executive director. Administrative change.
13 Dec 2012drilling progress report● Neutral
DCA Rig 7 is on site at Cyrene-1; a 175m surface hole and casing come first, then a pause until January for the main hole to 1,060m. Targets are Willara conventional oil (about 5m barrels if present) and Goldwyer shale.
13 Dec 2012investor presentation● Neutral
Broker presentation repeating the strategy, board, permit interests and Cyrene-1 background. Key's cost exposure to Cyrene-1 is described as carried through the first $3m of spending. No new results or decisions.
29 Nov 2012investor presentation● Neutral
AGM presentation restating the Australian-focused strategy, completed exits from Tanzania, Suriname, UK and Italy, and a two-employee office. Cyrene-1 spud expected within two weeks; EP448 farm-out and Waugh-1 in 2013 remain planned. Nothing new.
