Past year: ▼ 19%(5.10c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Nov 2019resource reserve update▲ Good
Key says the Chandos Updip prospect in ATP 783 (Canaway Ridge, 100% Key) is de-risked after a geochemical survey and seismic reprocessing. Chance of success 18%, prospective oil 0.7/2.3/4.5 MMbbl. Canaway total unchanged at 7.6/26.2/50.8 MMbbl; may join a contingent Refine Rig 2 program.
31 Oct 2019capital raising announcement● Neutral
Offer booklet for the share purchase plan already announced on 28 October. Extracted text is largely unreadable, with no usable terms beyond the known plan. Nothing new to report.
30 Oct 2019farm in farm out completion▲ Good
Pancontinental's release of the same Meeba deal: formal farmin, joint operating and area of mutual interest agreements signed with Key. Pancon gets 20% of ATP 920 and 25% of Ace Area. Meeba prospective oil is raised to 11.3/33.7/83.7 MMbbl across 18 prospects. Duplicates Key's release.
30 Oct 2019farm in farm out completion▲ GoodMajor
Key formalised the Meeba farmout with Pancontinental, replacing the July terms sheet: 20% of ATP 920 (option for 15% more) and 25% of Ace Area for $150,000 plus 26.67% of one well capped at $3m gross. Meeba prospective oil is upgraded to 11.3/33.7/83.7 MMbbl across 18 prospects.
28 Oct 2019capital raising announcement● NeutralMajor
Key launched a share purchase plan offering eligible holders up to $30,000 each at $0.0071, a 20% discount to the 5-day average price, capped at $1.5m. Funds are for working capital, Perth Basin drilling and Ace-1 planning. Closes 25 November 2019.
23 Oct 2019contract award▲ GoodMajor
Key signed a non-binding letter of intent with Refine Energy for Rig 2 to drill Ace-1 and Alfajor-1 in ATP 924, minimum 50 days, with day rate agreed. Conditions include rig inspection, regulator requirements, a suitable weather window and landowner access terms. Not yet a binding contract.
3 Oct 2019drilling scheduled▲ Good
Key has signed the Wye Knot-1 land access agreement in EP 437, finished the botanical survey and lodged remaining approvals. Two rig contractors are shortlisted and funding options, possibly including a partner, are being assessed. No drilling date or funding is confirmed.
2 Oct 2019farm in farm out completion▲ GoodMajor
Triangle says landowner consent is received and the Mount Horner farmout completes around 7 October 2019. Triangle must submit a work program within 45 days, including 50+ sq km of 3D seismic and two wells, funding up to US$3m to earn 50% of L7. Key remains responsible for decommissioning existing wells.
30 Sept 2019annual report● Neutral
Key's 2019 annual report for the year to 30 June 2019 was lodged. Board unchanged: Turkington chairman, Marshall managing director. The supplied text is truncated, so no financial figures are available here.
30 Sept 2019annual report● Neutral
Appendix 4G and corporate governance statement lodged with the annual report, pointing to the governance statement on Key's website. Administrative only.
20 Sept 2019material agreement▲ Good
Triangle confirms it accepted Key's withdrawal of the L7 termination notice and expects to complete the farmout once landowner consent, the final condition, is received. Confirms the dispute is closed.
20 Sept 2019material agreement▲ GoodMajor
Key withdrew its L7 termination notice. It says Triangle returned the landowner approval documents about 90 minutes after the notice was sent, and the landowner will approve once they are in the agreed form. Reverses the 17 September dispute.
17 Sept 2019material agreement termination▼ BadMajor
Triangle says Key sent notice purporting to terminate the Mount Horner (L7) farmout from 23 September 2019 because landowner consent was not obtained. Triangle disputes validity and will defend its rights. Puts the October 2018 farmout in doubt.
5 Sept 2019admin correction● Neutral
Compliance notice for the September placement: 9,735,844 shares issued, taking shares on issue from 1,674,462,207 to 1,684,198,051, a 0.58% dilution. Fees were $5,797 and it was not underwritten.
3 Sept 2019capital raising announcement● Neutral
Key placed 9,735,844 shares at $0.0065 to raise $63,282 before costs, for Perth Basin well planning and regulatory approvals. A tiny raise, priced above August's $0.0032 placement.
What it means for a shareholder
9.7m new shares at A$0.0065 to raise about A$63,282. That's 0.578% dilution: every existing holder's slice gets 0.578% smaller. If you held A$1,000 of shares (153,846 at the issue price), your slice goes from 0.00919% to 0.00913% of the company. To keep it you'd need 895 more shares - about A$6 at the issue price.
Create a free account to see this worked out for your own holding.
30 Aug 2019regulatory community update● Neutral
Key says Strike and Warrego's West Erregulla-2 gas find (gas column of at least 97m in the Kingia Sandstone) supports similar Permian targets in its Perth Basin permits, including Parce and Mount Horner. No new Key results; the planned 3D seismic is yet to be done.
27 Aug 2019drilling progress report● Neutral
Key reports new Meeba prospects (Teddy, Teevee), a repaired Tanbar access track, and October/November rig availability for Ace-1. The Tanbar access agreement is nearing signature and Pancon farmout documents are being finalised. No resource figures given; nothing is signed yet.
14 Aug 2019regulatory community update● Neutral
Key says the nearby West Erregulla-2 gas discovery by Strike and Warrego supports its Perth Basin models, including the Burney prospect in WA-481-P and Parce in EP 437. No new Key results or drilling; EP 437 prospective 1.94/7.82/15.82 MMbbl is unchanged.
13 Aug 2019admin correction● Neutral
Compliance notice for the August placement: 125 million shares issued, taking the total from 1,549,462,207 to 1,674,462,207, an 8% dilution. Fees were $34,000 and the raising was not underwritten.
5 Aug 2019capital raising announcement▼ BadMajor
Key placed shares at $0.0032 to raise up to $400,000 before costs, for Ace-1 and Alfajour-1 preparation and working capital. The price is below March's $0.005 placement, so existing holders are diluted at a lower value.
15 July 2019farm in farm out agreement▲ Good
Pancontinental's own release of the same Meeba farmin: 20% of ATP 920 (option to 35%) and 25% of the Ace area for $150,000 plus 26.67% of one well capped at $3m gross. Says the first well could be drilled by October 2019. Duplicates Key's announcement.
15 July 2019farm in farm out agreement▲ GoodMajor
Key signed a binding terms sheet for Pancontinental to take 20% of ATP 920 (option for a further 15%) and 25% of the Ace area in ATP 924. Pancon pays $150,000 and funds 26.67% of a well capped at $3m gross. Meeba prospective oil 6.3/23.7/46.1 MMbbl. Key's first Cooper farm-in partner.
2 July 2019other● Neutral
Key moved its registered office to Suite 8 in the same Churchill Court complex in Subiaco, with no increase in ongoing office costs. Administrative only.
13 June 2019drilling scheduled▲ Good
Land access terms for Wye Knot-1 in EP 437 agreed in principle, with Parce-1 also agreed in principle. Key says both wells could cost about the original Wye Knot-1 budget alone. On-ground work targeted for Q4 2019; rig final selection by end July.
29 Apr 2019contract award▲ Good
Key signed a non-binding letter of intent with Drilling Contractors Australia for an option on Rig 7 from 1 July to 31 December 2019. Scope: Parce and/or Wye Knot to 850m, two wells to 2,000m, and Mount Horner abandonment. It is not a binding drilling contract.
11 Apr 2019drilling progress report● Neutral
Key received three rig tenders for Taj and Alfajour (early Q3 and Q4 2019) and lodged four-year renewals for ATP 920 and 924. Floods delayed site works, now expected May; reprocessing de-risked both prospects. Gas offtake talks continue; no well is yet funded.
8 Apr 2019joint venture update● Neutral
Triangle says it must drill at least two wells and shoot at least 50 sq km of 3D seismic to earn 50% of Mount Horner, recovering costs from 87.5% of production for two years. Work program is still being finalised; it sees first production possibly in Q4 2019, with landowner consent still required.
3 Apr 2019resource reserve update● Neutral
Updated re-release of the Canaway Ridge announcement with the same 7.6/26.2/50.8 MMbbl range. It adds geological chance of success of 16-21% (18% for Crowns) and says prospects will be re-risked after 2019 reprocessing.
2 Apr 2019resource reserve update▲ GoodMajor
Key reports eight oil prospects at Canaway Ridge in ATP 783, with gross prospective resources of 7.6/26.2/50.8 MMbbl; the Crowns prospect is 2.25/8.6/14.6 MMbbl. This is the first resource estimate for ATP 783; the prospects are unrisked and undrilled.
25 Mar 2019admin correction▼ Bad
Key corrects its placement announcement: no work program or budget has yet been agreed with Triangle for Mount Horner, so timing is uncertain, and the farmout remains conditional. Placement funds go to Key's own share of Mount Horner work, not the Triangle-funded $4.3m.
