Past year: ▼ 19%(5.10c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
8 July 2011quarterly activities report● Neutral
June quarter: UK oil sales about US$521,660 (A$497,000); cash about $2.1m. Zeta acquisition still pending, Lidsey-2 now waits until after it, and Australian overhead cuts start 1 September 2011. Nyuni-2 began drilling 17 June.
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.
29 Apr 2011quarterly activities report● Neutral
March quarter: UK oil sales were about US$526k at an average US$105 per barrel, and Lidsey #2 pad is finished awaiting a rig. Key's Nyuni stake is now 5% and Nyuni-2 is expected in late May. EP 437 45% interest earned after two dry wells.
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.
31 Jan 2011quarterly activities report● Neutral
December quarter: Dunnart #1 had good oil shows but was plugged; Dibblers #1 was drilling. UK sales were about A$386k, and Lidsey #2 pad construction began. Capital raising of $2,641,604 in the quarter; Tanzania divestment had made no progress.
31 Jan 2011drilling progress report● Neutral
Dibblers #1 had cased its upper section at about 260m on 31 January and was preparing to drill ahead to a planned final depth of 550m, then run logs. Routine progress, no result.
27 Jan 2011drilling progress report● Neutral
Dibblers #1 was drilling at 205m on 27 January, heading to a section depth of about 260m. Routine progress, no result.
24 Jan 2011drilling spud● NeutralMajor
Dibbler #1, the second and final EP 437 well, has spudded after the rig moved from Dunnart. It targets the Bookara Sandstone at about 530m total depth. Key is earning 45% in the permit.
14 Jan 2011drilling result▼ BadMajor
Dunnart #1 reached 669m and found oil shows in up to 80% of the Bookara Sandstone, but logs indicate the reservoir is tight, so it will be plugged and abandoned. The joint venture will still drill Dibbler-1.
22 Dec 2010other● Neutral
Re-lodged version of the securities dealing code, with added detail on hardship trading approvals (a 3-business-day window). Administrative only, no new company event.
17 Dec 2010drilling progress report▼ BadMajor
Drilling at Dunnart #1 is suspended after casing was cemented, because the rig contractor has resourcing limits the joint venture says could compromise performance and safety. Drilling is expected to resume in the first week of January 2011.
17 Dec 2010other● Neutral
Key's policy on when directors and staff may trade its shares, including blackout periods before results. Administrative document with no new company event.
16 Dec 2010drilling progress report● Neutral
Dunnart #1 was running and cementing casing at 287m on 16 December. Routine progress, no result.
15 Dec 2010drilling progress report● Neutral
Dunnart #1 reached section depth of 287m on 15 December, with a wiper trip before casing. Routine progress, no result.
