23 Oct 2020debt financing● Neutral
ASF Group, a Key-related shareholder per Key's AGM venue and director links (inference), discloses an unsecured A$250,000 loan to Key at 10% a year, maturing 30 September 2021. Duplicate of Key's own announcement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Oct 2020asset acquisition disposition● NeutralMajor
Key's sale of its 40% of WA-481-P to Pilot is fully signed, for 21 million Pilot shares in two tranches (4,276,703 now, 16,723,297 after Pilot shareholder approval). Pilot assumes the permit's risks and liabilities. Key plans the Bookara 3D seismic survey.
6 Oct 2020asset acquisition disposition● Neutral
Pilot says transaction documents for the WA-481-P purchase are signed. It will issue 4,276,703 shares to Key within three business days and 16,723,297 more after shareholder approval at a November meeting. Repeats Key's own announcement.
29 Sept 2020annual report● Neutral
Annual report for year to 30 June 2020 covers the COVID-19 impacts, the 30% staff pay cuts and the EP 437 extension to May 2021. It notes the WA-481-P sale to Pilot gives exposure to a renewable project. Text truncated, so no financial figures captured.
29 Sept 2020other● Neutral
Lodgement of the 2020 Appendix 4G and corporate governance statement alongside the annual report. Administrative compliance filing with no new business information.
17 Sept 2020price query● Neutral
ASX queried a jump in Key's share price from $0.003 to an intraday $0.01. Key said it knew of no unannounced information and no explanation, noting only the Prime Minister's 15 September comments backing Perth Basin gas.
17 Sept 2020other● Neutral
ASX paused trading in Key's securities pending a further announcement. This is a procedural step following the price query.
8 Sept 2020asset acquisition disposition● NeutralMajor
Key agrees to sell its 40% of WA-481-P to partner Pilot for 21 million Pilot shares, subject to Pilot shareholder approval. The joint venture ends, and Key says it will focus on Perth and Cooper-Eromanga Basin assets after the renewal it had just won.
8 Sept 2020asset acquisition disposition● Neutral
Pilot's side of the WA-481-P deal: it will take 100% of the permit for 21 million shares issued to Key. Pilot links the permit to its planned Mid West wind and solar project. Repeats Key's own announcement from the buyer's view.
31 Aug 2020director officer appointment● Neutral
Non-executive director Geoff Baker, on the board since March 2015, is appointed Chairman, following Rex Turkington's retirement announced on 28 August.
28 Aug 2020director officer appointment● NeutralMajor
Chairman Rex Turkington (director over eight years) retires effective 31 August, and Managing Director Kane Marshall retires effective 28 August. Exploration Manager Ric Jason becomes interim CEO while the board searches for a permanent CEO.
17 Aug 2020regulatory community update▲ GoodMajor
NOPTA renewed offshore permit WA-481-P for five years from 13 August 2020, following the 15 July re-offer. Key (40%) and Pilot (60%, operator) must do seismic reprocessing and new seismic acquisition in the first term.
4 Aug 2020joint venture update● NeutralMajor
Key said Triangle's subsidiary A.C.N. is deemed to have withdrawn from the L7 farmout after not paying a $77,710 cash call. Unless otherwise agreed by 25 August, the 50% interest reverts to Key with no refund. A.C.N. disputes the cash call and its deemed withdrawal.
4 Aug 2020joint venture update● Neutral
Triangle rejects Key's claim that it withdrew from L7, saying Key had no right to issue its own work program and cash call. It has started formal dispute resolution and will defend its 50% farm-in rights.
16 June 2020resource reserve update▲ GoodMajor
Key presented 'game changing' Permian potential on the Bookara Shelf, adding deeper Kingia/High Cliff targets. L7 total prospective resource is 13.55/35.55/64.53 MMboe, including Permian gas of 63.3/146.5/253.7 Bcf. EP 437 extension is granted, with the well due by 28 May 2021.
9 June 2020farm in farm out completion▼ BadMajor
Red Emperor decided not to exercise its option over 70% of WA-481-P; the option expired 5 June. NOPTA had advised that the permit renewal application was successful. Key keeps 40% and loses the proposed $500,000 payment and the farm-out of operatorship.
18 May 2020capital raising announcement● Neutral
Key completed issue of the 256,686,277 placement shares at $0.0025 ($641,716 before costs) announced on 15 May, with the required cleansing notice. Nothing new beyond completion.
15 May 2020capital raising announcement● NeutralMajor
Key raised $641,716 before costs via a placement of 256,686,277 shares at $0.0025 to institutional and sophisticated investors. Funds go to the oilfield services business, Perth Basin activities and working capital. The price is below the earlier $0.0032 to $0.0071 raisings.
1 Apr 2020regulatory community update▼ BadMajor
COVID-19 update: staff pay cut 30% from 1 April and directors' fees suspended from 1 March. Key applied for a 12-month extension of the EP 437 Year 3 period in which Wye Knot-1 was to be drilled. Mount Horner decommissioning continues at reduced pace; Cooper Basin activity has stopped for now.
10 Mar 2020half year report● Neutral
Half-year to 31 Dec 2019: revenue $410,678 and loss $172,105. Reports Triangle's L7 farmout settled 2 Oct 2019, EP 437 drilling commitment extended, and the Red Emperor option on WA-481-P. Text truncated, so no cash balance captured.
24 Feb 2020regulatory community update● Neutral
Pilot Energy (60% operator of WA-481-P) re-releases Key's Kingia and High Cliff announcement. Pilot has not yet reviewed the seismic inversion work and will update the market after its own assessment. No new data.
24 Feb 2020resource reserve update▲ GoodMajor
Seismic inversion on the Diana 3D in WA-481-P identified a new prospect, Dunsborough Southwest, 2.5 km from the Dunsborough oil discovery: prospective oil 3.95/11.58/22.03 MMbbl, chance of success 24-36%. Key's stake falls to 12% if Red Emperor exercises its option.
3 Feb 2020investor presentation● Neutral
2020 strategy presentation restating existing assets and deals. Shows 1,711,241,849 shares, 4,000,000 performance rights and market cap of about $10.3 million. Key's oilfield services arm had $880,000 receipts. EP 437 interest shown as 43.47%, which differs from earlier 86.94%.
23 Dec 2019regulatory community update▲ GoodMajor
Key signed a land access and compensation agreement covering the Becos, Parce and Becos South prospects in EP 437, including three exploration wells and seismic. The whole Becos, Parce and Wye Knot trend now has agreed access. Parce-1 is being considered as a firm candidate. Key's EP 437 interest is stated as 86.43%.
3 Dec 2019farm in farm out agreement▲ GoodMajor
Red Emperor Resources signed a binding letter of intent with Pilot (60%) and Key (40%) for an option over 70% of WA-481-P and the right to operate. It funds a work program up to $150,000 and would pay the partners $500,000 collectively if exercised, after permit renewal expected Q1 2020. The permit expires 19 Feb 2020.
26 Nov 2019regulatory community update● Neutral
Pancontinental's release repeating Key's announcement that ATPs 920 and 924 are renewed for four years to 2023, with the same work commitments. Duplicates Key's release.
26 Nov 2019regulatory community update▲ GoodMajor
Queensland confirmed ATPs 920, 924 and 783 are renewed for four years to 2023, resolving the pending renewals. Commitments include one well in ATP 924 in Year 1 and wells in Year 4 on each permit, plus seismic and magnetic surveys in Year 3.
21 Nov 2019capital raising announcement● Neutral
Share purchase plan closing date moved from 25 November to 9 December 2019. Price stays $0.0071 and the limit $30,000 per holder. Shares now issue on 16 December and are quoted on 17 December.
19 Nov 2019regulatory community update▲ GoodMajor
Key executed the Conduct and Compensation Agreement covering almost all of ATP 924 and much of ATP 920, after nearly a year of negotiation. It covers seismic and drilling for Meeba and Tanbar, resolving the access term flagged in October and clearing a hurdle for drilling.
15 Nov 2019investor presentation● Neutral
Managing Director's AGM presentation reviewing 2019 highlights already announced (Triangle and Pancon farmouts, access agreements) and oil market outlook. Shows 1,684,198,051 shares and a market capitalisation of about $10 million. No new information in the supplied text.