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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
31 Oct 2012quarterly activities report● Neutral
Amended Appendix 5B for the September quarter, with small corrections to the cash flow figures (net cash outflow of $430k versus $431k). Closing cash remains $4.757m. A correction, nothing new.
31 Oct 2012quarterly activities report● Neutral
September quarter: cash rose to $4.76m after the $3.99m placement, with about $480k of outflows forecast next quarter. Italian subsidiary Puma is going into liquidation; the Tanzanian sale is nearing completion. Waugh-1 must be drilled before May 2013.
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.
Create a free account to see this worked out for your own holding.
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.
31 July 2012quarterly activities report● Neutral
June quarter: Key is selling non-core assets to focus on the Canning and Perth Basins. Cyrene-1 (up to 5m barrels) is slated for late August; Key keeps EP437 after CalEnergy's exit; UK sale to Angus completed 26 July; a general meeting is called to approve share issues.