14 Dec 2010drilling progress report● Neutral
Dunnart #1 was drilling at about 239m on 14 December, heading to a section depth of about 270m before running casing. Routine progress, no result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
13 Dec 2010drilling progress report● Neutral
Dunnart #1 was at 200m on 13 December, with a directional survey done before drilling resumed. Routine progress, no result.
10 Dec 2010drilling progress report● Neutral
Dunnart #1 was at 78m on 10 December, with the rig assembling tools for the next hole section. Routine progress, no result.
9 Dec 2010drilling progress report● Neutral
Dunnart #1: cementing was under way on 9 December, with a 12-1/4 inch section to about 260m planned next. Routine progress, no result.
8 Dec 2010drilling progress report● Neutral
Dunnart #1: the rig was pulling the drill string out to run casing on 8 December. Routine progress, no result.
7 Dec 2010drilling progress report● Neutral
Dunnart #1 reached about 51m on 7 December, with 13-3/8 inch casing next. Routine progress, no result.
6 Dec 2010drilling spud▲ GoodMajor
Dunnart #1, the first of two EP 437 wells where Key is earning 45%, spudded at 17:00 on 5 December 2010, after several delays. Daily updates will follow.
1 Dec 2010capital raising announcement● NeutralMajor
The entitlement offer raised $2,513,205 against a target of up to about $6m, so roughly 40% was taken up. Directors will try to place the shortfall to fund the Lidsey #2z well, with any excess used for working capital.
30 Nov 2010capital raising announcement● Neutral
Banking system problems at NAB delayed processing of entitlement offer applications. Reconciliation and shortfall allocation moved to 1 December, with allotment on 2 December and trading expected 3 December.
29 Nov 2010drilling progress report▼ Bad
Dunnart #1 spud slipped again, to mid-week, because some equipment arrived late. The well targets the Bookara Sandstone to about 750m, with a mean unrisked 1.3 million barrels recoverable.
24 Nov 2010drilling progress report▲ Good
The DCA #7 rig is on site at Dunnart #1 and being assembled, with spud expected over the weekend. Dibbler site work has begun. The board says it will take up its offer entitlements as finances allow and will seek to place any shortfall.
23 Nov 2010capital raising announcement● Neutral
Reminder letter that the entitlement offer, up to about $6m at 4c with attaching 7.5c options, closes 26 November. Pursuit Capital is lead manager. No new terms.
22 Nov 2010investor presentation● Neutral
AGM presentation repeats known plans: Dunnart/Dibbler drilling, Lidsey #2z in December, Nyuni-2 early 2011, and a goal of 1,000 bopd by mid-2011. Shows cash of $2.5m, no debt, market cap $7.0m at 4.3c. No new results.
18 Nov 2010drilling progress report▼ Bad
Dunnart #1 spud slipped again, from about 17 November to around 23 November, as rig resources take longer to mobilise. The MD says he is frustrated. Drilling of the first EP 437 well, in which Key earns 45%, still has not started.
12 Nov 2010capital raising announcement● Neutral
The entitlement offer prospectus was posted on 12 November after the 10 November record date. The offer still closes 26 November. No new terms; the offer funds the Lidsey #2z well in the UK.
10 Nov 2010drilling progress report● Neutral
Dunnart #1 site works are finished, but the DCA #7 rig's arrival slipped from 10 November to around 17 November for rig maintenance. This is the first of two EP 437 wells, in which Key is earning 45%. Drilling has not started.
3 Nov 2010capital raising announcement● Neutral
Shareholder letter repeating the 28 October entitlement offer terms: 1-for-1 at 4c, up to 149.7m shares and 74.8m options, not underwritten, closing 26 November. Adds a timetable, with shares expected to trade 2 December. No new terms.
29 Oct 2010quarterly activities report● Neutral
September quarter UK oil sales were 5,730 barrels, about A$440,800, down from A$505k as the Australian dollar strengthened. EP437 drilling is now due around 10 November on DCA Rig #7, and Lidsey #2z is targeted for December. Tanzania sale evaluations continue.
28 Oct 2010capital raising announcement● NeutralMajor
Key plans a non-renounceable entitlement offer of one new share per share held at 4c, raising up to about $6m, with one free 7.5c option per two shares. Funds go to the Lidsey #2z well and working capital. The price is below the July placement's 5.3c.
25 Oct 2010annual report● Neutral
Glossy 2010 annual report with highlights: EP437 farm-in (earning 45% for 60% of costs, capped at $1.35m), Lidsey #2 planning, Kiliwani North 44 BCF contingent resource, Italian progress. The chairman calls the Tanzania sale possible and regrettable. Mostly repeats known facts.
30 Sept 2010annual report● Neutral
Statutory annual report for the year to 30 June 2010. The text shown covers only the directors' details and corporate information, listing Wilkins as Chairman, Russell as MD and Sheppard as director. Financial figures are not in the text shown.
9 Sept 2010other● Neutral
Notice that Ted Ellyard ceased to be a substantial holder on 23 July 2010, when his 6.6m shares were diluted by new share issues (the July placement). No sale is stated; administrative filing only.
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.
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.