Past year: ▼ 19%(5.10c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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 2013agm notice● Neutral
Chairman's AGM address restates strategy: exit small international assets, evaluate Australian assets, seek operatorship and new acreage. Notes Key's EP-104 and R1 interests rose to 53.97% and 30.61%. Farm-in talks for EP448 continue; Dunnart-2 targeted early 2014. No new information.
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%.
13 Nov 2013agm notice● Neutral
All four AGM resolutions passed on a show of hands: re-election of Dennis Wilkins, the remuneration report, and the two placement facility approvals. This includes the 10% placement facility, which drew 23.3m votes against.
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.
31 Oct 2013quarterly activities report● Neutral
September quarter report: Key is operator of Dunnart-2 and EP104, and the EP448 survey began after quarter end. Dunnart-2 faces delays from re-approval and rig availability, with contract terms with DCA under discussion for early 2014. Farm-in talks continue for two EP448 wells.
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.
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.
29 July 2013quarterly activities report● Neutral
June quarter report: Key is now operator of EP 104 after buying Emerald's interest, with Buru withdrawn. Waugh-1 is renamed Dunnart-2, with a revised environment plan lodged in July and land access still unresolved. An EP 448 geochemical survey is planned for October 2013.
30 Apr 2013quarterly activities report● Neutral
March quarter cash flow report: cash fell to $3.698m from $4.313m, with no debt. Key's EP438 interest fell from 75% to 20% on completion of the Buru farm-in, while EP448 rose from 70% to 78% after United Oregon withdrew. Next-quarter spending is estimated at $800k.
30 Apr 2013quarterly activities report● Neutral
March quarter report: Cyrene-1's Willara carbonate was tight on test, though the Goldwyer showed hydrocarbons. Key now focuses on onshore Australia with nearly $3.7m in reserve. Waugh-1 spud slipped to an uncertain Q3 2013 pending land access and approvals; a farm-in partner is sought for EP 448.
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 2013quarterly activities report● Neutral
December quarter report: Cyrene-1 spudded 21 January with Key at 20% after farm-in; Waugh-1 approvals sought, with drilling possible straight after Cyrene-1. The £80,000 balance of the UK Weald sale remains unpaid and Key is considering its options. Cash figure not in the extracted text.
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.
