11 Dec 2007drilling progress report● Neutral
Kiliwani-1 still at 1,322m, opening the pilot hole and preparing to run 13⅜-inch casing, with mud pump maintenance. Routine update.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Dec 2007drilling progress report● Neutral
Key relays an Aminex statement that, contrary to reports, Kiliwani-1 has not encountered any significant hydrocarbon shows so far. It contradicts Bounty's 5 December 'encouraging gas shows' claim; Aminex says it is far too early to judge.
5 Dec 2007drilling progress report▲ Good
Bounty reports encouraging gas shows at 1,163-1,241m in Kiliwani-1, suggesting hydrocarbons in the structure. The main target is around 2,340m. This was later disputed by the operator.
4 Dec 2007drilling progress report● Neutral
Kiliwani-1 at 1,322m, preparing to run in with a 17½-inch hole opener. Routine update with no result.
29 Nov 2007investor presentation● Neutral
AGM presentation: cash $13.5m, 86m shares, share price 25c, $5.0m of Nyuni cash calls paid. Kiliwani-1 is drilling ahead; Suriname stands at 5 wells drilled, 3 with hydrocarbons. Repeats known facts.
27 Nov 2007drilling progress report● Neutral
Kiliwani-1 at 340m, making up the 17½-inch drilling assembly. Routine update, no result.
23 Nov 2007drilling progress report● Neutral
Bounty reports Kiliwani-1 reached the 340m surface casing point and is preparing to run 20-inch casing. Routine progress, no result.
20 Nov 2007drilling progress report● Neutral
Kiliwani-1 at 318m, rigging up to run 20-inch casing. Routine early-stage drilling update with no result.
19 Nov 2007drilling spud● Neutral
Partner Bounty re-announces the 15 November Kiliwani-1 spud, planned depth 2,548m. It cites a potential 100 bcf recoverable (Bounty's own target figure), unlike Key's 250 BCF unrisked estimate. No new Key information.
16 Nov 2007drilling spud▲ GoodMajor
Kiliwani-1 spudded on 15 November 2007, ending the rig delays that began in June. It is a directional well to about 2,500m testing the Songo Songo gas reservoir, about 40 days to drill. Key holds 20%.
6 Nov 2007drilling scheduled● Neutral
Partner Bounty reports the operator took delivery of the Caroil-6 rig on 2 November. Kiliwani-1 targets Lower Cretaceous sandstone at 2,500m depth, with 2-3 weeks of rig-up expected. Repeats Key's own news.
5 Nov 2007drilling scheduled▲ Good
Caroil #6 rig has been transferred to the Nyuni joint venture, ending the months-long delay. Kiliwani-1 is expected to start in about 12 days and take 45 days. Kiliwani North-1 targets a shallower oil play interpreted at 10 million barrels recoverable.
29 Oct 2007quarterly activities report● Neutral
September quarter report: Tanzanian rig handover due late October, with Kiliwani-1 spud now mid-November. Suriname has three of five Uitkijk wells with hydrocarbons, but no decisions until the programme ends. Italian offshore environmental assessments lodged; Borsano well planned first half 2008.
25 Oct 2007annual report● Neutral
Annual report for 2007 (first since the April listing and $19.2m IPO). Chairman says the share price fell with the wider market downturn, and the board is evaluating new acquisitions in each of its three regions. Focus remains drilling in Tanzania, Italy and Suriname.
17 Oct 2007investor presentation● Neutral
Investor presentation for 18-19 October 2007: cash about $14m plus $4.12m paid in Nyuni cash calls, 86m shares, share price 21c. Caroil #6 rig now expected 21-22 October, further delayed from earlier early-October spud timing. Otherwise repeats known project facts.
17 Oct 2007investor presentation● Neutral
Key released its latest company presentation. The cover note gives no content, so nothing new can be stated.
28 Sept 2007annual report● Neutral
Annual report for the period to 30 June 2007, Key's first since listing, with a five-person board. Listed securities are shares and 35-cent options expiring 31 March 2009. Financial figures not visible in the text provided.
29 Aug 2007capital raising announcement▲ Good
Key completed the 1-for-2 Loyalty Option issue, with quotation expected 29 August 2007. Management says the rig should resume work at the nearby SS10 well within days before moving to Key's two-well programme.
21 Aug 2007regulatory community update▲ Good
Tanzania extended the Nyuni licence's drilling commitment from 19 November 2007 to 19 May 2008, easing the rig-delay pressure on the two-well programme. Reported by partner Bounty; drilling still expected October.
8 Aug 2007other● Neutral
Bounty, a 6% Nyuni partner, re-issues the Aminex rig update: Caroil-6 delivery in late September and Kiliwani-1 spud in early October. No new information.
8 Aug 2007drilling scheduled● Neutral
Aminex now expects Caroil-6 delivered to the Nyuni partners in late September, with Kiliwani-1 spudding in the first half of October 2007. The delay since June continues but an end is in sight.
3 Aug 2007drilling result▲ GoodMajor
Operator Tullow reports oil encountered in the first two shallow (about 500m) Uitkijk wells in Suriname. Commercial viability is unproven and needs further drilling and possibly testing; Key's 1.75% interest is free-carried.
27 July 2007quarterly activities report● Neutral
June quarter report: Kiliwani prospect in Tanzania has a 250 BCF unrisked mean gas estimate, with drilling now expected late in the third quarter after rig delays. Suriname drilling has started; Italy's Borsano gas target is identified.
26 July 2007drilling spud▲ GoodMajor
Drilling began on 23 July in a 10-well programme in Suriname's Uitkijk permit with Tullow Oil. Key holds a 1.75% free-carried interest in Uitkijk and Coronie, carried for up to 25 wells or US$8.5 million.
12 July 2007capital raising announcement● Neutral
Short-form prospectus for the Loyalty Option issue: 1 option per 2 shares at $0.005, raising about $215,000, underwritten by Blackwood Capital. Record date 26 July, closing 22 August 2007.
10 July 2007admin correction● Neutral
Key moved its principal office to Level 1, 14 Outram Street, West Perth, with new phone and postal details. Administrative only.
2 July 2007director officer appointment● Neutral
Richard O'Shannassy, a commercial lawyer and former general counsel of Hardman Resources, joined the board as non-executive director from 1 July 2007.
19 June 2007drilling scheduled▼ Bad
The Caroil-6 rig will not be handed to the Nyuni joint venture in June because of mechanical repairs, a delay of several weeks. Key's first Tanzanian well is pushed back; management called it disappointing.
19 June 2007other● Neutral
Bounty Oil & Gas, a Nyuni partner, forwards Key's and Aminex's 19 June rig-delay announcements. Re-release with no new information.
31 May 2007farm in farm out completion▲ Good
Tanzanian authorities approved Aminex's 25% farm-out of the Nyuni licence to RAK Gas, which pays 37.5% of two wells' cost. Key stays at 20% and gains a larger partner.