Each one in plain English, with the numbers worked through for a shareholder.
28 Dec 2023capital raising announcement● NeutralMajor
Key raised A$295,000 before costs by placing 295,000,000 shares at $0.001 each to Ms Wanyan Liu. Funds are for Cooper Basin permits, new venture assessment and working capital. At 1,967,928,126 shares (Dec 2020 count), this adds roughly 15% more shares (inference).
What it means for a shareholder
295m new shares at A$0.001 to raise about A$295,000. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held A$1,000 of shares (1,000,000 at the issue price), your slice goes from 0.0584% to 0.0498% of the company. To keep it you'd need 172,389 more shares - about A$172 at the issue price.
Quarter to 30 September 2023: cash was A$154,000. Key has focused on two priority prospects, Alfajor and Taj, but renewals are still delayed at the Queensland department. After quarter end it sold its remaining 11.3m Pilot shares for A$251,453, and it is seeking production-stage assets.
Annual report for year to 30 June 2023. The chair says Key exited the Perth Basin ($1.1m Triangle sale) and now focuses on the Cooper Basin, with renewals of ATP 920 and 924 awaited. Text is truncated; no financial figures are shown.
Quarter to 30 June 2023: cash was A$345,000 and the 11.3m Pilot shares were worth A$238,143. Renewal of ATP 920 and 924 is still awaited and now expected in the September quarter. Farm-in and new-asset searches continue.
Key moved its registered office and principal place of business to Suite 2, 3B Macquarie Street, Sydney, effective 22 June 2023. Administrative notice.
Quarter to 31 March 2023: to support permit renewal, Key relinquished ATP 783 and about 30% of ATP 920, keeping 265 subblocks and all of ATP 924. Cash was A$481,000, after the Triangle share sale. Renewals are still awaited.
30 Mar 2023asset acquisition disposition▲ GoodMajor
Key received the final 31,378,015 Triangle shares, completing payment of the $1.1m Perth Basin sale, and sold them on 27 March 2023 for net $562,319. This resolves the open Triangle share thread and turns it into cash.
Half-year to 31 December 2022: revenue and other income $1,146,200 and a result of $807,411, with the Perth Basin sale to Triangle completed. Cash was $95,238. The ASF loan was drawn a further $150,000 and repaid in full, and stays available to 31 December 2023.
Quarter to 31 December 2022: cash was A$95,000. Key is applying to renew its Cooper Basin permits to early 2025 and still assessing farm-in investment. Remaining Pilot shares (A$181,442) and Triangle shares due (A$627,370) are expected to fund two quarters of work.
All three AGM resolutions passed on a poll: remuneration report (96.77% for), re-election of Min Yang (97.33%) and the Listing Rule 7.1A placement mandate (97.47%). No opposition of note.
Letter to shareholders about the 29 November 2022 AGM in Sydney, with proxies due by 27 November. Notice of meeting is online rather than posted. Administrative, no new substance.
Quarter to 30 September 2022: the Perth Basin exit is complete, leaving Cooper Basin gas as the focus. Cash was A$520,000. The ASF loan has been repaid in full after quarter end. Key will assess farm-in investment and additional assets.
Key completes the sale of its subsidiaries holding L7 and EP 437 to Triangle. It has received A$600,000 cash and will receive A$500,000 of Triangle shares by 30 June 2023. This ends the long-delayed sale and Key's Perth Basin exposure.
Annual report for year to 30 June 2022. The chairman says Key has sold WA-481-P and the L7/EP 437 interests and is now focused on its Cooper-Eromanga Basin permits ATPs 920, 924 and 783. Text is truncated; no financial figures given.
Key replaces its January 2021 sale agreement with a new share sale deal with Triangle, selling the subsidiaries holding L7 and EP 437 for $1.1m total: $100,000 owing, $500,000 cash at completion, and $500,000 of Triangle shares by 30 June 2023.
Triangle's version of the deal: it completes buying Key's L7 and EP 437 interests and buys back Key's 5% royalty, for the same $1.1m. Drilling is expected early 2024. This shows the royalty Key had kept is included in the sale.
Quarter to 30 June 2022: cash was only A$40,000, with $150,000 of the ASF loan facility still undrawn. Key sold 1.66m Pilot shares at $0.036, with 11.3m remaining. Bookara 3D acquisition is complete; the L7/EP 437 sale is still pending.
The L7/EP 437 sale cut-off is extended again, from 30 June to 30 September 2022, with completion expected sooner. The remaining $100,000 is payable at completion. Key says it is refocusing on Cooper Basin gas.
ASF Group's own notice of the same unsecured loan facility of up to A$250,000 to Key, at 10% a year, maturing 31 December 2023. Duplicates Key's announcement.
Key signed a new unsecured A$250,000 loan with ASF Group at 10% a year, maturing by 31 December 2023, for working capital. Cash was A$221,433 at December 2021; the earlier ASF loan was repaid in September 2021.
Quarter to 31 March 2022: Key is still seeking investment to drill the Alfajor prospect (P50 97.1 Bcf) in the Cooper Basin and is evaluating two other leads. The L7/EP 437 sale still awaits regulator approval, expected by end of the next quarter.
Triangle says the Bookara 3D seismic survey over L7 and EP 437 has begun, with recording expected early May and third-party funding. It also signed to buy Pilot's 13.058% of EP 437. Key's sale to Triangle is still pending.
Triangle, Key's buyer for L7/EP 437, lifts L7 gross best-estimate gas prospective resources from 165 Bcf to 617 Bcf, with oil 19 MMbbl. Key's sale is not yet complete, and Key keeps a 5% royalty at this point.
