9 Sept 2010other● Neutral
Substantial holder notice showing Ted Ellyard, the departed chairman, became a substantial holder on 10 October 2008 with 4.4m shares (5.12%). It is a compliance filing with no new company event.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Sept 2010investor presentation● Neutral
Conference presentation mostly repeats known facts: EP 437 (45%) first well spud mid-October, Lidsey #2 hoped for Q4 2010, Nyuni-2 in Q1 2011, Tanzania divestment continuing. Adds unrisked P10 Dunnart/Dibbler NPVs of A$13.5m/A$6.2m (net to Key, at US$68 oil) and UK output of about 80 bopd.
2 Sept 2010other▲ Good
The requisitioning shareholders' lawyer withdrew the section 249D notice, so the 1 October meeting on removing Wilkins and appointing the nominees will not be held. This ends the board dispute that began on 20 August.
31 Aug 2010director officer appointment● NeutralMajor
Ellyard and O'Shannassy resigned effective 31 August 2010 and John Sheppard joined as non-executive director. Finance Director Dennis Wilkins became Chairman. This completes the board change foreshadowed on 20 August; Ken Russell remains MD.
31 Aug 2010director officer appointment● Neutral
At the general meeting, Chairman Ellyard said he and O'Shannassy resign, John Sheppard joins the board, and Wilkins stays. Shareholders would vote on 1 October on Wilkins and the two nominees. He said Key needs more capital soon and cannot afford both a UK well and Tanzanian exploration.
30 Aug 2010drilling scheduled▲ Good
Operator CalEnergy has applied for drilling approval and issued a letter of intent for DCA Rig #7 for the Dunnart and Dibbler wells in EP 437. Drilling is scheduled for October 2010, subject to rig release. The farm-in and joint operating agreements are now finalised, firming up the June agreement in principle.
20 Aug 2010director officer appointment● Neutral
Key forwarded further correspondence from the requisitioning shareholders' lawyer. The board stands by its earlier statement. No new substance in the text shown.
20 Aug 2010director officer appointment● NeutralMajor
Shareholders holding 9.1% requisitioned a meeting to remove chairman Ted Ellyard, Dennis Wilkins and Richard O'Shannassy and install Jitto Arulampalum and Frank Cannavo. Ellyard and O'Shannassy will resign on 31 August; the board wants Wilkins kept. Holders have promised to back future capital raisings.
15 July 2010other● Neutral
Notice that managing director Ken Russell gave a Boardroom Radio interview on the company's assets and the recent raising. It contains no new information.
13 July 2010capital raising announcement● NeutralMajor
Key raised about $1.033m placing 19.5m shares at 5.3c to institutional and sophisticated investors, for working capital and the two North Perth Basin wells. Investors taking 4m+ shares get 1-for-2 options at 7.5c, subject to shareholder approval. Price is well below the 11c entitlement offer.
What it means for a shareholder
19.5m new shares at A$0.053 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 (18,868 at the issue price), your slice goes from 0.0145% to 0.0126% of the company. To keep it you'd need 2,826 more shares - about A$150 at the issue price.
Create a free account to see this worked out for your own holding.
28 June 2010investor presentation● Neutral
June/July presentation largely repeats known facts, adding the EP437 farm-in pitch. Shows cash of A$2.75m, 130.2m shares, a 7.3c price (market cap ~$10m, down from 12c in April) and UK output of 80 bopd. Tanzania divestment is underway.
28 June 2010farm in farm out agreement▲ GoodMajor
Key agreed in principle to farm into EP 437 in Western Australia's North Perth Basin with CalEnergy Resources, earning 45% by paying 60% of a two-well program, capped at $2.25m. Drilling expected end Q3/Q4. Its first Australian asset, a move from its international focus.
30 Apr 2010quarterly activities report▼ BadMajor
March quarter UK oil sales were about A$184k, down from A$400k, hit by weather and the Brockham 2Y workover. Lidsey #2Hz slipped to mid-2010. Key will sell its Tanzanian interests after RAK Gas disputed an agreed sale price, shifting focus to Europe. Cash was $3.54m.
28 Apr 2010regulatory community update▲ GoodMajor
Italy awarded exploration permit status for the West Sardinia block (100% Key), effective 21 April 2010, resolving a long wait. The two Lampedusa blocks are about to follow; the company's preliminary estimate is over 1 billion barrels unrisked in-place. Seismic and a well are required.
20 Apr 2010investor presentation● Neutral
Conference presentation restating known facts: UK fields at 85 bopd, Lidsey #2 drilling preparations, Italian permits, Suriname and Tanzania. Shows cash of $3.5m, nil debt, 129m shares and 12c price. No new event.
7 Apr 2010resource reserve update▲ GoodMajor
Independent work puts Kiliwani North (Key 20%) at a mean 40 BCF contingent resource, 60 BCF upside, and the Nyuni prospect at 207 BCF contingent. Unrisked prospective resources total a mean 1.2 TCF. Commercial development still depends on the Songo Songo plant expansion.
22 Mar 2010production update▲ GoodMajor
A workover of the Brockham 2y well lifted its flow to about 120 bopd, stabilising, from roughly 50 bopd before. Done ahead of the Lidsey #2 drilling so cash flow is sustained when Lidsey #1 is shut in during drilling. Lidsey #2 still awaits regulatory approvals.
11 Mar 2010half year report▼ Bad
Half-year to 31 December 2009: revenue $474k (UK $400k) and a loss of about $3.96m, versus a $146k profit a year earlier. The loss includes $1.68m of exploration costs written off. Cash was $4.37m and net assets $10.99m; the company now describes itself as an oil producer.
9 Dec 2009production update▲ Good
First sales figures from the UK fields: 2,380 barrels sold in November at an average US$76.70, up from 1,249 barrels in October. Gross revenue was A$191,000 in November versus A$97,000 in October, Key's first meaningful revenue. Lidsey #2 design work continues for 2010.
26 Nov 2009other● Neutral
Top 20 shareholder list as at 25 November 2009: the top 20 hold 30.18% of shares. Managing director Ken Russell is the largest holder at 4.10% (5.29m shares). Administrative disclosure with no new event.
30 Oct 2009annual report● Neutral
Key released its 2009 Annual Report. The chairman's letter says the company has become an oil producer at about 85 bopd, hopes a single horizontal well could lift output five times or more, and admits Kiliwani North has progressed more slowly than hoped.
1 Oct 2009asset acquisition disposition▲ GoodMajor
Key completed its purchase of Midmar Energy Onshore on 30 September, owning the Lidsey and Brockham UK oilfields and becoming an oil producer. It resolves the delayed deal. A horizontal Lidsey well could lift flow by up to 500+ bopd if successful; the company's estimate is a 9 million barrel STOIIP pool.
30 Sept 2009annual report● Neutral
Statutory annual accounts for the year to 30 June 2009 (the extract shows only directors and contents, no financial figures). Lists the same four directors, with Bentleys as auditor. Full-year results are not visible in the text provided.
11 Sept 2009capital raising announcement▲ GoodMajor
The entitlement offer is complete: over $3.6m raised from new and existing holders, and the remaining ~$1.1m shortfall placed with Kings Park Capital clients. This gives about 129m shares, resolving the raising.
9 Sept 2009joint venture update▼ Bad
Key said the UK acquisition was delayed because legal work widened, including lease extension options for the Lidsey lease and a Transitional Services Agreement with Midmar's owner. It expected to take control of Midmar within the next 10 days.
2 Sept 2009investor presentation● Neutral
Good Oil Conference presentation: 119m shares, cash about A$6.0m after the raising, market cap about $14.3m. Restates the UK acquisition, Tanzania and Italy; Lidsey well planned Q1 2010 and 5 carried Suriname wells. No new announcements.
11 Aug 2009capital raising announcement● NeutralMajor
The entitlement offer closed having raised $2.78m (about 60%) from existing holders. Of the roughly $1.95m shortfall, $810k is placed with new investors and about $1.14m is still to be placed. Short of the $4.73m target for now.
31 July 2009joint venture update▲ Good
UK due diligence is expected to finish within a week. In Italy, the Ministry of Fisheries has favourably responded on converting Key's four offshore applications to licences; the Ministry of Economics' final approval is expected. Progress on existing threads, not yet a grant.
20 July 2009investor presentation● Neutral
Capital raising presentation: $4.73m at $0.11 would take shares from 86m to 129m. Funds a Lidsey horizontal well (est. $3.5m) and Brockham workover ($1.0m). Shows cash of about $2.0m and market cap of about $15.5m. Company projections, not results.
17 July 2009capital raising announcement● Neutral
Key issued the offer booklet for its 1-for-2 renounceable entitlement offer at $0.11 per share, closing 5 August 2009. It aims to raise up to $4.73m, mainly to develop the UK oilfields being acquired from Midmar and for working capital.