Past year: ▼ 19%(5.10c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Nov 2012material agreement▲ GoodMajor
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.
19 Nov 2012asset acquisition disposition● NeutralMajor
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.
7 Nov 2012drilling progress report● Neutral
Buru's operations update (Buru is Key's Canning partner) restates that Cyrene-1 targets about 5m barrels of conventional oil plus Goldwyer shale, with DCA Rig 7 secured. Key's subsidiary operates the well; Key's interest falls to 20% after farm-in. Mostly Buru's own Ungani and seismic news.
5 Nov 2012regulatory community update▲ Good
EP438 joint venture received environmental approvals from the regulator for DCA Rig 7 to drill and test Cyrene-1. Camp and tubulars are starting to move to site; other approvals are still pending.
29 Oct 2012drilling scheduled▲ Good
Key has secured DCA Rig 7 for Cyrene-1, awaiting final regulator approval. Site works are complete. Targets up to 5m barrels of recoverable oil; coring the Goldwyer shale first, then testing the Willara Formation.
22 Oct 2012joint venture update● NeutralMajor
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.
16 Oct 2012other● Neutral
Principal place of business moves to Ground Floor, 39 Stirling Highway, Nedlands, with new phone and fax numbers. Administrative notice only.
25 Sept 2012annual report● Neutral
Annual report for the year to 30 June 2012. The visible text covers the board: Kane Marshall as MD, Dennis Wilkins as Acting Chairman, Ian Paton and Rex Turkington. Financial figures are not in the excerpt.
30 Aug 2012farm in farm out agreement● Neutral
Empire farms out 15% of EP437 to Caracal Exploration, which pays 30% of Waugh-1 drilling costs. Empire falls to 35%; Key's 50% is unchanged per the announcement. Empire estimates 3m barrels potential at a 700m depth.
22 Aug 2012investor presentation● Neutral
Notice of a Boardroom Radio webcast by the Managing Director titled 'new direction, new board and sufficient capital'. No new information in the notice itself.
21 Aug 2012capital raising announcement▲ GoodMajor
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.
What it means for a shareholder
142m new shares at A$0.028 to raise about A$4.0m. That's 32% dilution: every existing holder's slice gets 32% smaller. If you held A$1,000 of shares (35,714 at the issue price), your slice goes from 0.0116% to 0.00794% of the company. To keep it you'd need 16,462 more shares - about A$461 at the issue price.
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17 Aug 2012drilling scheduled▲ GoodMajor
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.
13 Aug 2012capital raising announcement▲ GoodMajor
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.
What it means for a shareholder
100m new shares at A$0.028 to raise about A$2.8m. That's 25% dilution: every existing holder's slice gets 25% smaller. If you held A$1,000 of shares (35,714 at the issue price), your slice goes from 0.0116% to 0.00875% of the company. To keep it you'd need 11,593 more shares - about A$325 at the issue price.
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2 Aug 2012investor presentation● Neutral
Strategic overview restates the shift to Australian exploration, exit from small international interests and the new board. Cites market cap of $13.7m, cash about $1.2m, and an immediate capital injection needed to meet 2012 exploration commitments.
20 July 2012other● Neutral
Registered office and principal place of business moves to Suite 6, 330 Churchill Avenue, Subiaco WA, from Nedlands. Administrative notice only, with new phone and fax numbers.
18 July 2012director officer appointment● NeutralMajor
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.
9 July 2012asset acquisition disposition● NeutralMajor
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.
9 July 2012drilling scheduled● Neutral
Empire Oil & Gas announces planned shallow oil drilling in North Perth Basin permits EP 432, EP 454 and EP 437, naming Key as a party. The excerpt highlights Black Arrow-1 in EP 432 (10m barrel potential). Key's own stake is not shown here.
7 June 2012director officer appointment● Neutral
Ian Paton, a geophysicist and petroleum engineer, joins as technical non-executive director. Dennis Wilkins becomes CFO and company secretary, replacing the retiring John Ribbons. Board now has four directors.
30 Apr 2012quarterly activities report● NeutralMajor
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.
4 Apr 2012investor presentation▲ GoodMajor
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.
3 Apr 2012director officer appointment● NeutralMajor
Kane Marshall, CEO since February, becomes Managing Director. Director John Sheppard resigned to focus on other business interests.
15 Mar 2012capital raising announcement● NeutralMajor
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.
What it means for a shareholder
40.0m new shares at A$0.025 to raise about A$1.0m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (40,000 at the issue price), your slice goes from 0.0149% to 0.013% of the company. To keep it you'd need 5,969 more shares - about A$149 at the issue price.
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15 Mar 2012half year report▼ Bad
Half-year to 31 December 2011: revenue $915,037 and loss $2.0m, versus a $7.0m loss a year earlier. Cash fell to $1.2m from $1.97m at 30 June. Gulliver acquisition and board changes are recorded.
15 Feb 2012remuneration report● Neutral
New CEO Kane Marshall is paid on a consultancy basis at $150 per hour, reviewed annually by the Remuneration Committee.
14 Feb 2012director officer appointment● NeutralMajor
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.
8 Feb 2012production update▼ BadMajor
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.
9 Dec 2011admin correction● Neutral
Corrects the postcode and fax number in the earlier Nedlands address notice. Administrative only.
9 Dec 2011admin correction● Neutral
Registered office and principal place of business moved to Suite 7, 154 Hampden Road, Nedlands, with new phone and fax numbers. Administrative only.
8 Dec 2011asset acquisition disposition▲ GoodMajor
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.
