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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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resigns; Dennis Wilkins becomes Acting Chairman while a replacement is sought, and the option grant to Marshall is withdrawn from the 6 August 2012 meeting.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.
Create a free account to see this worked out for your own holding.
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.
31 Jan 2012quarterly activities report● Neutral
December quarter: Gulliver deal approved 30 November 2011 and Craig Marshall chairman. 2012 plans include Buru-funded Cyrene-1 (5m barrel potential) in EP 438 and testing Stokes Bay-1 (up to 100 BCF potential). Key is re-evaluating its UK oilfields.
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.
31 Oct 2011quarterly activities report● Neutral
September quarter: UK oil sales about US$542,735 (A$527,000) and cash $1.876m. Nyuni-2 was suspended, Lidsey-2 now waits on the Gulliver deal, and the office has moved to West Perth.
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.