Past year: ▼ 19%(5.10c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Nov 2012drilling progress report● Neutral
Buru's operations update (Buru is Key's Canning partner) restates that Cyrene-1 targets about 5m barrels of conventional oil plus Goldwyer shale, with DCA Rig 7 secured. Key's subsidiary operates the well; Key's interest falls to 20% after farm-in. Mostly Buru's own Ungani and seismic news.
29 Oct 2012drilling scheduled▲ Good
Key has secured DCA Rig 7 for Cyrene-1, awaiting final regulator approval. Site works are complete. Targets up to 5m barrels of recoverable oil; coring the Goldwyer shale first, then testing the Willara Formation.
30 Aug 2012farm in farm out agreement● Neutral
Empire farms out 15% of EP437 to Caracal Exploration, which pays 30% of Waugh-1 drilling costs. Empire falls to 35%; Key's 50% is unchanged per the announcement. Empire estimates 3m barrels potential at a 700m depth.
17 Aug 2012drilling scheduled▲ GoodMajor
Key and Empire, 50% each in EP437, plan to drill Waugh-1 in late 2012 to early 2013, targeting 4-5m barrels of oil plus shale gas. The regulator varied the permit commitment from seismic to one well. Key claims oil pay was missed at Dunnart-1.
9 July 2012drilling scheduled● Neutral
Empire Oil & Gas announces planned shallow oil drilling in North Perth Basin permits EP 432, EP 454 and EP 437, naming Key as a party. The excerpt highlights Black Arrow-1 in EP 432 (10m barrel potential). Key's own stake is not shown here.
6 Oct 2011drilling result▼ BadMajor
Nyuni-2 suspended after reaching 3,450m, when the drill assembly jammed in the sidetrack. Gas indications were seen in Neocomian and shallower sands, and re-entry remains possible. Key, at 5%, was free carried.
6 Oct 2011drilling result▼ BadMajor
Partner Bounty reports Nyuni-2 suspended after drilling to 3,450m, with the mud motor and bit stuck in the sidetrack. Gas indications were seen in Neocomian and shallower sands; the well can be re-entered later.
19 Sept 2011drilling progress report● Neutral
Partner Bounty repeats the Nyuni-2 junk problem and planned sidetrack from about 3,000m. It also says a firm order has been placed for line pipe to connect Kiliwani North-1 gas well. Duplicates Key's update.
16 Sept 2011drilling progress report▼ Bad
Nyuni-2 drilling stopped on 14 September by rubber debris from a broken logging tool. The operator will pull back to about 3,000m and sidetrack around the blockage. Key holds 5%, free carried.
26 Aug 2011drilling progress report● Neutral
Nyuni-2 has reached 2,945m with casing being run, after a few days' rig shutdown for damaged equipment. Planned depth is 3,325m. Key holds 5% and is free carried through drilling.
26 Aug 2011drilling progress report● Neutral
Partner Bounty reports Nyuni-2 drilled to 2,945m with casing being run, after several days lost to damaged rig equipment. Planned depth is 3,325m. Key holds 5%. Duplicates Key's own update.
17 June 2011drilling spud● NeutralMajor
Nyuni-2 spudded on 17 June in Tanzania, targeting Neocomian sandstones and the gas-bearing Aptian/Albian sands logged in Nyuni-1. Planned measured depth is 3,325m, taking 9-10 weeks. Key holds 5% after the farm-out; Zeta deal still pending.
17 June 2011drilling spud● Neutral
Partner Bounty Oil & Gas announced that Nyuni 2 was due to spud on 17 June. It repeats the drilling plan: about 3,325m measured depth, 9-10 weeks. Key holds 5%. Duplicates Key's own announcement.
25 Feb 2011farm in farm out completion● NeutralMajor
Tanzania's energy ministry approved Aminex's acquisition of 15% of the Nyuni PSA from Key, the only condition. Key is now at 5%, with Aminex at 65%. This completes the farm-out announced on 4 February.
7 Feb 2011drilling result▼ BadMajor
Dibblers #1 reached about 525m and logs showed the reservoir is water wet, so it will be plugged and abandoned. This is the second dry well in EP 437 after Dunnart. Key has now earned its 45% interest by funding the two wells.
4 Feb 2011farm in farm out agreement● NeutralMajor
Key signed a binding agreement to cut its Nyuni (Tanzania) interest from 20% to 5%, with Aminex taking 15% by paying 20% of Nyuni-2's dry hole cost. Key says it is refocusing on UK production, Perth Basin and European opportunities. Needs Tanzanian approval; this advances the earlier divestment plan.
3 Feb 2011drilling progress report● Neutral
Dibblers #1 was at about 494m on 3 February, with logging planned once it reaches about 550m. Routine progress, no result.
1 Feb 2011drilling progress report● Neutral
Dibblers #1 was drilling at about 350m on 1 February towards a final depth of 550m. Routine progress, no result.
31 Jan 2011drilling progress report● Neutral
Dibblers #1 had cased its upper section at about 260m on 31 January and was preparing to drill ahead to a planned final depth of 550m, then run logs. Routine progress, no result.
27 Jan 2011drilling progress report● Neutral
Dibblers #1 was drilling at 205m on 27 January, heading to a section depth of about 260m. Routine progress, no result.
24 Jan 2011drilling spud● NeutralMajor
Dibbler #1, the second and final EP 437 well, has spudded after the rig moved from Dunnart. It targets the Bookara Sandstone at about 530m total depth. Key is earning 45% in the permit.
14 Jan 2011drilling result▼ BadMajor
Dunnart #1 reached 669m and found oil shows in up to 80% of the Bookara Sandstone, but logs indicate the reservoir is tight, so it will be plugged and abandoned. The joint venture will still drill Dibbler-1.
17 Dec 2010drilling progress report▼ BadMajor
Drilling at Dunnart #1 is suspended after casing was cemented, because the rig contractor has resourcing limits the joint venture says could compromise performance and safety. Drilling is expected to resume in the first week of January 2011.
16 Dec 2010drilling progress report● Neutral
Dunnart #1 was running and cementing casing at 287m on 16 December. Routine progress, no result.
15 Dec 2010drilling progress report● Neutral
Dunnart #1 reached section depth of 287m on 15 December, with a wiper trip before casing. Routine progress, no result.
14 Dec 2010drilling progress report● Neutral
Dunnart #1 was drilling at about 239m on 14 December, heading to a section depth of about 270m before running casing. Routine progress, no result.
13 Dec 2010drilling progress report● Neutral
Dunnart #1 was at 200m on 13 December, with a directional survey done before drilling resumed. Routine progress, no result.
10 Dec 2010drilling progress report● Neutral
Dunnart #1 was at 78m on 10 December, with the rig assembling tools for the next hole section. Routine progress, no result.
9 Dec 2010drilling progress report● Neutral
Dunnart #1: cementing was under way on 9 December, with a 12-1/4 inch section to about 260m planned next. Routine progress, no result.
8 Dec 2010drilling progress report● Neutral
Dunnart #1: the rig was pulling the drill string out to run casing on 8 December. Routine progress, no result.
