Past year: ▼ 19%(5.10c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Apr 2008quarterly activities report● Neutral
March quarter report: Kiliwani North-1 gas discovery (60m column) completed as a production well; testing delayed by equipment shipping to first half of May. Namibia consortium with Pancontinental signed; Borsano approval expected to take longer; Coronie five-well campaign set for Q4 2008.
14 Apr 2008farm in farm out agreement▲ GoodMajor
Key signed a consortium agreement with Pancontinental to take 50% of any award from a roughly 30,000 sq km offshore Namibia licence (Walvis basin). Key pays up to A$100,000 for past costs. A new growth area after the Tanzania drilling.
14 Apr 2008farm in farm out agreement● Neutral
Pancontinental announces the same Namibia consortium agreement: each company gets 50% of any award over the Walvis Basin licence, with Key reimbursing up to A$100,000. Duplicates Key's announcement.
31 Mar 2008flow test result▲ GoodMajor
Kiliwani North-1 was perforated with strong flow and pressures recorded; the rig is released. Longer well testing is expected to start in about four weeks. Key says the well finished ahead of schedule and under budget. No flow rate given.
19 Mar 2008regulatory community update▲ Good
Operator Aminex has formally notified Tanzania's state oil company of the Kiliwani North-1 gas discovery. Key says the nearby Songo Songo processing facility gives confidence the discovery will be economic. Administrative follow-up.
18 Mar 2008drilling result▲ Good
Key relays Aminex's release on the Kiliwani North-1 discovery: gas-water contact about 30m deeper than Songo Songo, so a separate structure, plus minor oil shows. Partner stakes confirmed: Aminex 40%, Key 20%. Repeats known news with some added detail.
17 Mar 2008drilling result▲ GoodMajor
Kiliwani North-1 found a 60m gross gas column in the same Neocomian sandstones as the Songo Songo field, at 2,030m, ahead of schedule. It will be completed as a future production well. Reverses the Kiliwani-1 dry hole; appraisal is needed to size it.
17 Mar 2008drilling result▲ Good
Bounty reports the Kiliwani North-1 gas discovery, a roughly 60m gross gas interval, which it says appears to be a separate pool from Songo Songo. Bounty's interest is adjusted to 5% and Aminex to 40%. Duplicates Key's news.
12 Mar 2008half year report▼ Bad
Half-year to 31 December 2007: loss of $5.07m, including $4.55m of exploration costs written off (Tanzania segment). Cash fell to $12.3m from $15.1m at 30 June, with no debt. Routine financial report.
11 Mar 2008drilling progress report● Neutral
Kiliwani North-1 at 1,730m, drilling ahead in 8½-inch hole after casing was run. Still described as relatively trouble free. Routine update.
5 Mar 2008drilling progress report● Neutral
Kiliwani North-1 at 1,106m, running 9⅝-inch casing. Drilling described as relatively trouble free with geology as expected. Routine update.
29 Feb 2008drilling progress report● Neutral
Bounty reports Kiliwani North at 445m with 13⅜-inch surface casing cemented and blow-out preventers being pressure tested. Good progress since the 23 February spud. Routine update.
25 Feb 2008drilling spud● NeutralMajor
Kiliwani North-1 started drilling on 23 February, the second well of the Tanzanian programme after the Kiliwani-1 dry hole. Planned depth is about 2,012m, targeting a possible new oil play and the Songo Songo reservoir sands. About 35 days expected.
15 Feb 2008drilling scheduled● Neutral
Rig released from Kiliwani-1 on 13 February and moving to Songo Songo island; Kiliwani North-1 should start around end-February, a vertical well to about 2,175m taking roughly 35 days. Key says it is also evaluating new projects for growth.
11 Feb 2008drilling result▼ Bad
Bounty, a 6% partner, reports the same result: Kiliwani-1 drilled to 2,570m, no commercial hydrocarbons, being plugged and abandoned. Cites target sands too deep, below Songo Songo's gas-water contact. Duplicates Key's announcement.
11 Feb 2008drilling result▼ BadMajor
Kiliwani-1 was drilled to 2,570m and is being plugged and abandoned: no commercial hydrocarbons, only minor gas. Key's initial view is the target sands were too deep, below the gas-water contact of Songo Songo. Dry hole for Key's 20%; Kiliwani North-1 is next.
5 Feb 2008drilling progress report● Neutral
Bounty reports Kiliwani-1 drilling at 2,317m after broken bit pieces were removed on 2 February. Primary target around 2,340m in Lower Cretaceous sands is close. Repeats Key's own update; routine.
5 Feb 2008drilling progress report● Neutral
Key reports Kiliwani-1 at 2,317m, drilling toward the primary target after milling out the broken bit debris and switching to clean drilling mud. Resolves the debris delay noted on 29 January; no result yet.
30 Jan 2008quarterly activities report● Neutral
December quarter report: Kiliwani-1 was milling bit debris after slower-than-planned drilling from rig mechanical shutdowns. Kiliwani North-1 site is ready. Suriname Uitkijk has 5 wells, 3 with hydrocarbons. Italy studies are under review; Key is reviewing new opportunities.
29 Jan 2008drilling progress report▼ Bad
9⅝-inch casing is cemented on Kiliwani-1 at 2,260m, but a drill bit failure left debris needing several trips and milling. Drilling into the reservoir section is delayed slightly.
29 Jan 2008drilling progress report● Neutral
Bounty repeats that Kiliwani-1 has 9⅝-inch casing cemented at 2,260m and is clearing debris from a broken bit. Primary target around 2,340m is next. No new information.
22 Jan 2008drilling progress report● Neutral
Kiliwani-1 reached the 9⅝-inch casing point at 2,257m, with a wiper trip before running casing. Same news as Bounty's report; drilling into the reservoir is next.
22 Jan 2008drilling progress report● Neutral
Bounty reports Kiliwani-1 reached the 9⅝-inch casing point at 2,257m and is doing a wiper trip. Reservoir target around 2,340m is close. Routine update.
17 Jan 2008security holder rights change● Neutral
Escrow on 1,715,000 shares expires 31 January 2008. Other escrowed shares remain restricted, including 9,028,333 and 2,000,000 shares for 24 months from quotation. Administrative.
15 Jan 2008drilling progress report▼ Bad
Kiliwani-1 at 2,121m, drilling toward the 9⅝-inch casing point. More mechanical delays from worn flow pipe and mud pump repairs. Routine update.
8 Jan 2008drilling progress report▼ Bad
Kiliwani-1 at 1,977m, with progress slower than expected after several rig shutdowns for mud pump and generator problems. Echoes the rig's earlier mechanical troubles but no result yet.
4 Jan 2008drilling progress report● Neutral
Bounty reports Kiliwani-1 at 1,892m, drilling ahead. Plan is to set 9⅝-inch casing near 1,900m, with the main target around 2,340m. Routine update.
24 Dec 2007drilling progress report● Neutral
Bounty reports Kiliwani-1 drilling ahead at 1,509m after cementing casing at 1,315m. Routine update, no result.
18 Dec 2007drilling progress report● Neutral
13⅜-inch casing set at 1,322m on Kiliwani-1; the blow-out preventer is being installed. Drilling continues to about 2,285m next. Routine update.
17 Dec 2007drilling progress report● Neutral
Bounty reports Kiliwani-1 running 13⅜-inch casing at 1,322m, hole condition good. Main target around 2,340m. Routine update.
