Past year: ▼ 19%(5.10c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 July 2010quarterly activities report● Neutral
Appendix 5B for June quarter: receipts $326k, operating outflow $636k, cash $2.90m, no debt. 1,000,000 shares were issued in June as part payment ($300k deemed value) under a 2007 acquisition agreement. Estimated next-quarter outlay is $750k.
27 July 2010quarterly activities report● Neutral
June quarter UK oil sales were about A$505k, and the company says its changes have arrested field decline. Lidsey #2 likely slips to the December quarter pending council consent. The EP437 farm-in drilling is set for late Q3/early Q4, and the Tanzania sale process has begun.
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● Neutral
Appendix 5B for March quarter: receipts $123k, operating outflow $825k, cash down to $3.54m from $4.39m, no debt. Shares on issue 129,175,518. Estimated spend next quarter $500k.
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.
29 Jan 2010quarterly activities report● Neutral
Appendix 5B for December quarter: receipts $461k, operating outflow $614k, cash at quarter end $4.39m, no debt. Shares on issue 129,175,518. Estimated spend next quarter is $500k. PL 235 and PL 241 shown as acquired at 100%.
29 Jan 2010quarterly activities report● Neutral
December quarter: about A$400,000 of UK oil sales despite severe winter weather; December sales were 1,418 barrels, below November's 2,380. Moorhouse Petroleum won the Lidsey drilling management contract, rig tenders were issued, and the Lidsey well is now due toward the end of Q1 2010. Italy's Ministry of Economics confirmed legal compliance for the offshore applications; Kiliwani North remains slow.
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.
23 Nov 2009agm notice● Neutral
AGM presentation restates the UK oil producer status, 129m shares and nil debt, with cash of A$4.75m plus oil income. Lidsey horizontal well models give about 200 bopd base case, 500+ possible. Lists exit from Namibia and slow Tanzania progress; Suriname drilling now expected Q4 2009. Voting results are included.
30 Oct 2009quarterly activities report● Neutral
September quarter: the Midmar purchase completed 30 September (£2m, about A$4.0m paid from cash) and first oil shipped at about 85 bopd. Lidsey drilling is still planned for Q1 2010. Coronie drilling slipped to November; Kiliwani North awaits Tanzanian government approvals. The $4.73m raising is complete.
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.
28 July 2009quarterly activities report● Neutral
Appendix 5B for June quarter: operating outflow $758k, cash at quarter end $5.54m, no debt, 86,000,005 shares. Estimated spend next quarter is $500k. Companion to the quarterly report.
28 July 2009quarterly activities report● Neutral
June quarter: cash fell to $5.54m from $6.91m, with nil debt. UK acquisition due diligence continues, completion expected in the September quarter, and the Lidsey well is targeted for Q1 2010. Kiliwani North appraisal seismic was shot; Coronie drilling due August.
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.
