22 May 2007drilling scheduled▲ Good
First Tanzanian well, Kiliwani #1 in the Nyuni permit, is scheduled for about mid-June 2007, taking roughly 40 days. Aminex farmed out 25% to Rakgass; Key's interest stays at 20%.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Apr 2007capital raising announcement● Neutral
Board resolved to issue a prospectus for a 1-for-2 non-renounceable 'Loyalty Option' issue at $0.005 each, exercisable at $0.35 until 31 March 2009, underwritten by Blackwood Capital. It noted the IPO raised $19.2 million less costs.
27 Apr 2007other▲ Good
Key began trading on the ASX on 26 April 2007 after the IPO. First drilling, offshore Tanzania, is scheduled for June 2007.
24 Apr 2007other● Neutral
Company constitution lodged. Standard governance document with no new operational or financial information.
26 Mar 2007capital raising announcement● NeutralMajor
Key Petroleum's IPO prospectus offers 64 million shares at $0.30 to raise $19.2 million before expenses. Funds a 20% earn-in to the offshore Tanzania Nyuni block, 100% of Italian permits and a 1.75% free-carried Suriname interest.
What it means for a shareholder
64.0m new shares at A$0.300 to raise about A$19.2m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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