11 Dec 2020admin correction● Neutral
Key lodges the new constitution adopted at the 25 November 2020 AGM. Changes were described in the earlier AGM notice. Administrative filing with no new business information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Dec 2020security holder rights change● Neutral
20,000,000 unlisted options expired on 30 November 2020, and 4,000,000 performance rights lapsed on 28 August. Key now has 1,967,928,126 shares and 5,500,000 unlisted options at 1.3 cents.
25 Nov 2020agm notice● Neutral
All six AGM resolutions passed on a poll, including the remuneration report, Geoff Baker's re-election, ratification of the 256,686,277 placement shares and a new constitution. Each had over 99% support.
10 Nov 2020agm notice● Neutral
The 25 November AGM start time changes to 4.30pm AEDST. Venue and agenda are unchanged. Administrative.
2 Nov 2020quarterly activities report▲ Good
Quarter to 30 September 2020: Triangle's cash call was paid and it agreed to fund Bookara 3D seismic planning, softening the earlier L7 dispute. WA-481-P sale to Pilot signed; board restructured, with Ric Jason interim CEO. Text truncated; no cash figures.
26 Oct 2020agm notice● Neutral
Cover letter to shareholders for the AGM on 25 November 2020 in Sydney at ASF Group's office. Proxies are due 23 November, with no printed notices. Administrative.
23 Oct 2020debt financing● NeutralMajor
Key signed an unsecured A$250,000 loan with ASF Group at 10% a year, maturing by 30 September 2021, for working capital. It is Key's first noted debt, in contrast to its earlier equity raisings.
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.
7 Oct 2020agm notice● Neutral
Key will hold its AGM on 25 November 2020, with director nominations closing 14 October. Routine administrative notice.
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.
31 July 2020quarterly activities report● Neutral
Quarter to 30 June 2020: three Mount Horner wells abandoned and Wye Knot-1 approvals received. EP 437 prospective resource is now 5.13/16.17/31.12 MMbbl. NOPTA offered WA-481-P renewal, rescinded it on 22 May, then re-offered on 15 July. Cash call issued to Triangle.
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.
30 Apr 2020quarterly activities report● Neutral
Quarter to 31 March 2020: Wye Knot-1 delayed by COVID-19, with a 12-month extension sought. Regulator feedback on the environment plan is being incorporated. Key Services receipts for the period now exceed $1.25m. Drilling contract terms are finalised with Refine Rig 1. Text truncated; no cash figures.
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.