Past year: ▼ 19%(5.10c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
15 July 2009joint venture update▲ Good
Key says UK due diligence on Midmar is going well and should finish within the 45 days. A horizontal well at Lidsey is planned for early 2010, using existing site and facilities. No new figures; progress update on the pending acquisition.
7 July 2009admin correction● Neutral
Amended timetable for the entitlement offer: rights trading from 9 July, offer closes 5 August, new shares trade 14 August. Administrative only; no change to terms.
6 July 2009capital raising announcement● NeutralMajor
Key launches a 1-for-2 renounceable entitlement offer at $0.11 per share to raise up to $4.87m (up to 43m shares), not underwritten. Proceeds fund the UK oilfields acquired from Midmar and working capital. Follows the UK acquisition announcement.
26 June 2009asset acquisition disposition▲ GoodMajor
Key agrees to buy Midmar Energy Onshore, owner of the Brockham and Lidsey oilfields in southern England, for £2.0m (about A$4.05m). The fields make about 85 bopd; completion is expected within roughly 45 days, subject to approvals and due diligence. Key's first producing assets.
22 May 2009joint venture update▲ GoodMajor
An Appraisal Location around Kiliwani North was agreed with Tanzanian authorities, and a 2D seismic survey contract was signed with BGP, due within three months. The partners now see a simple tie-back to the Songo Songo plant as the probable development route (company view).
30 Apr 2009quarterly activities report● Neutral
March quarter: Kiliwani North commercialisation continues with specialist negotiators hired. Five West Songo Songo leads identified; Italy's environment ministry approved seismic for Lampedusa and West Sardinia; the 10-well Uitkijk campaign finished with no results released. Routine quarterly.
6 Apr 2009investor presentation● Neutral
Conference presentation restating known assets: Kiliwani North's 40 mmscf/d test, West Songo Songo, Italy and Suriname. Shows 86m shares, 8.5–11c trading range, about $8.0m market cap, $7.0m cash and no debt. No new news.
1 Apr 2009security holder rights change● Neutral
The 35c listed options (44,000,002) and 225,000 unlisted options expired 31 March 2009, unexercised. Escrow ends 26 April for 11,028,333 shares, leaving 86,000,005 shares on issue and no escrow remaining.
13 Mar 2009half year report● Neutral
Half-year to 31 Dec 2008 shows a $146,017 profit, driven by a $549,188 gain from holding US dollars, versus a $5.07m loss a year earlier. Cash fell to $7.37m from $8.78m; no debt.
25 Feb 2009security holder rights change● Neutral
Notice that the listed 35c options (KEYO) expire 31 March 2009. Shares last traded at 9.5c, far below the exercise price. ASX waived the requirement to send individual expiry notices.
5 Feb 2009resource reserve update▲ GoodMajor
Key estimates West Songo Songo (50%) could hold prospective resource of about 735 million barrels of oil or 1.3 Tcf of gas (combined P10 pre-drill estimates, unrisked). Early-stage, no well drilled; Kiliwani North commercialisation still under negotiation.
29 Jan 2009quarterly activities report● Neutral
December quarter: Tanzania's Energy Minister approved a 676 sq km 'Location' over Kiliwani North, a step toward a development licence. Two strong West Songo Songo leads identified; West Sardinia environmental approval received; Key formally withdrew from Namibia; 2 of 5 Uitkijk wells drilled.
11 Dec 2008material agreement termination▼ BadMajor
Key will not renew its Namibian consortium agreement with Pancontinental, which expired without the licence being converted; available area also shrank as others won concessions. Key cites the economic climate and exits the project, ending the Namibia thread.
26 Nov 2008investor presentation▼ BadMajor
AGM presentation: net cash about $8.0m, share price 9.0c (36.5c in June), market cap $8.0m. Kiliwani North progress is 'far slower' than hoped, with a requested 12-month extended well test still unapproved. Key plans a stronger focus on Italy.
31 Oct 2008quarterly activities report● Neutral
September quarter report: Kiliwani North commercialisation still awaits Tanzanian government responses; environmental studies started for new seismic; Namibia awaits an invitation to negotiate; five more Uitkijk wells planned. Borsano drilling programme agreed internally. Routine quarterly.
22 Oct 2008annual report● Neutral
2008 Annual Report: the chairman cites the Kiliwani North discovery (40 mmscf/d), the new 50% operated Tanzanian licence, and slow Italian approvals. He says Namibia is under negotiation and Key is seeking more South American exposure. Routine report.
25 Sept 2008annual report● Neutral
Statutory accounts for the year to 30 June 2008. The visible text lists four directors (Nilsen no longer listed), the auditor Bentleys and the registered office; financial figures are not in the excerpt. Routine filing.
12 Sept 2008admin correction● Neutral
Key's registered office changed to 23 Altona Street, West Perth. Administrative notice only.
14 Aug 2008admin correction● Neutral
Key's Songo Songo West permit is renamed West Songo Songo to avoid confusion with a prospect in the Songo Songo field permit. Key's Funguo Petroleum operates with 50%, Aminex 50%. Name change only.
31 July 2008quarterly activities report● Neutral
June quarter report restates the Kiliwani North commercial viability declaration, Songo Songo West award, Namibia consortium and Suriname Coronie plans. New staff were hired in Perth. Seismic planned from late 2008. Routine quarterly.
18 July 2008resource reserve update▲ GoodMajor
Key declared Kiliwani North-1 commercially viable after the 40 mmscf/d flow was confirmed with no pressure depletion. No reserves given because the structure extends beyond seismic. Key estimates over 2 Tcf potential undiscovered gas in the Nyuni block; more seismic planned.
17 July 2008joint venture update▲ Good
Bounty says the Kiliwani North discovery will become a commercial gas field and the joint venture has applied for a separate appraisal area. Reserves cannot yet be stated; internal prospect estimate exceeds 1 Tcf risked, to be independently reviewed. Largely repeats Key's position.
8 July 2008director officer appointment● Neutral
Technical Director Terence Nilsen resigned from the board with immediate effect to pursue personal interests. He stays until a replacement is found and will consult ad hoc. He had been with Key since its April 2007 listing.
19 June 2008investor presentation● Neutral
June 2008 investor presentation repeats known projects: the Kiliwani North 40 mmscf/d test, Songo Songo West, Namibia, Italy and Suriname. Shows cash of $8.75m, 86m shares and a 36.5c share price as of 12 June. No new news.
5 June 2008flow test result▲ Good
Bounty reports the same Kiliwani North-1 test: stabilised 40 million cubic feet a day, strong pressures, no CO2 or H2S, and results above its expectations. Duplicates Key's news.
5 June 2008flow test result▲ GoodMajor
Kiliwani North-1 flowed a stabilised 40 million cubic feet of gas a day (about 6,700 barrels of oil equivalent), with condensate and no CO2 or H2S. This resolves the earlier open question of flow rate. Testing continues; the gas suits the existing pipeline.
2 June 2008well test result● Neutral
Bounty reports the Kiliwani North-1 test equipment has landed and testing has started, with no results until complete. Duplicates Key's announcement; lists Key at 20%.
2 June 2008asset acquisition disposition▲ GoodMajor
Key signed a Production Sharing Agreement for the offshore Songo Songo West block in Tanzania, next to the Songo Songo field and Kiliwani North. Key holds 50% and operates, with Aminex/Ndovu holding the other 50%. Adds a second Tanzanian permit.
2 June 2008well test result● Neutral
Testing of Kiliwani North-1 has started after the equipment arrived from the Arabian Gulf. This follows the earlier delay to testing. Results will be announced once the sequence is complete and verified. No results yet.
