Past year: ▼ 19%(5.10c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2011annual report● Neutral
Annual report for year to 30 June 2011. The CEO's review stresses cost cutting, staff and office downsizing, and Key being free carried through Nyuni-2. It says Zeta failed on vendor conditions and has been replaced by the Canning Basin deal.
27 Oct 2011security holder rights change● Neutral
41,175,058 listed 7.5c options expire 30 November 2011, with no expiry notices to be sent. The last share price was 1.7c, well below the 7.5c exercise price, so exercise looks unlikely (inference).
25 Oct 2011admin correction● Neutral
Key's principal place of business moved to Ground Floor, 20 Kings Park Road, West Perth. New phone and fax numbers given. Administrative only.
24 Oct 2011asset acquisition disposition● NeutralMajor
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.
24 Oct 2011asset acquisition disposition● NeutralMajor
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.
6 Oct 2011drilling result▼ BadMajor
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.
6 Oct 2011drilling result▼ BadMajor
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.
3 Oct 2011material agreement termination▼ BadMajor
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.
21 Sept 2011regulatory community update● Neutral
Key clarifies it holds 5% of Kiliwani North Development Licence and 5% of the original Nyuni-East Songo-Songo PSA, which expires 19 November 2011. It has given up any right in the new Nyuni Area PSA.
19 Sept 2011drilling progress report● Neutral
Partner Bounty repeats the Nyuni-2 junk problem and planned sidetrack from about 3,000m. It also says a firm order has been placed for line pipe to connect Kiliwani North-1 gas well. Duplicates Key's update.
16 Sept 2011drilling progress report▼ Bad
Nyuni-2 drilling stopped on 14 September by rubber debris from a broken logging tool. The operator will pull back to about 3,000m and sidetrack around the blockage. Key holds 5%, free carried.
14 Sept 2011asset acquisition disposition▼ BadMajor
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.
29 Aug 2011material agreement▼ BadMajor
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.
26 Aug 2011drilling progress report● Neutral
Nyuni-2 has reached 2,945m with casing being run, after a few days' rig shutdown for damaged equipment. Planned depth is 3,325m. Key holds 5% and is free carried through drilling.
26 Aug 2011drilling progress report● Neutral
Partner Bounty reports Nyuni-2 drilled to 2,945m with casing being run, after several days lost to damaged rig equipment. Planned depth is 3,325m. Key holds 5%. Duplicates Key's own update.
23 Aug 2011annual report● Neutral
Annual report for year to 30 June 2011, available only in truncated form here: lists directors Wilkins, Russell and Sheppard, Nedlands office and Bentleys as auditor. No financial figures are readable in the supplied text.
11 Aug 2011other● Neutral
Text not readable. Only a sample shareholder mailing address block is shown; no content or substance can be identified.
17 June 2011drilling spud● NeutralMajor
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.
17 June 2011drilling spud● Neutral
Partner Bounty Oil & Gas announced that Nyuni 2 was due to spud on 17 June. It repeats the drilling plan: about 3,325m measured depth, 9-10 weeks. Key holds 5%. Duplicates Key's own announcement.
10 May 2011other● Neutral
Cooper Energy's own update, not a Key announcement; it notes it owns 17.1% of Zeta and is negotiating to convert its Zeta funding agreement into a farm-in. The Key-related part is a bystander comment on the Zeta deal.
2 May 2011business combination● NeutralMajor
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.
15 Apr 2011regulatory community update▲ Good
Tanzania granted a 6-month extension to the Nyuni PSA so Nyuni-2 can be completed, and terms for a new, expanded PSA have been agreed. Nyuni-2 is due to spud in coming weeks. Key holds 5%.
14 Apr 2011regulatory community update▲ GoodMajor
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.
16 Mar 2011half year report▼ Bad
Half-year to 31 December 2010: loss of $6.97m on revenue of $920,645, including $4.9m of exploration costs written off. Cash was $4.0m and net assets $5.0m, down from $8.9m at June. Both EP 437 wells were plugged and abandoned.
25 Feb 2011farm in farm out completion● NeutralMajor
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.
22 Feb 2011other● Neutral
List of the 20 largest shareholders at 22 February 2011, together holding 42.80%. The largest is HSBC Custody Nominees at 6.48%; MD Ken Russell holds 5.29m shares (2.45%). No new company event.
7 Feb 2011drilling result▼ BadMajor
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.
4 Feb 2011farm in farm out agreement● NeutralMajor
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.
3 Feb 2011drilling progress report● Neutral
Dibblers #1 was at about 494m on 3 February, with logging planned once it reaches about 550m. Routine progress, no result.
1 Feb 2011drilling progress report● Neutral
Dibblers #1 was drilling at about 350m on 1 February towards a final depth of 550m. Routine progress, no result.
