7 Dec 2010drilling progress report● Neutral
Dunnart #1 reached about 51m on 7 December, with 13-3/8 inch casing next. Routine progress, no result.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Dec 2010drilling spud▲ GoodMajor
Dunnart #1, the first of two EP 437 wells where Key is earning 45%, spudded at 17:00 on 5 December 2010, after several delays. Daily updates will follow.
29 Nov 2010drilling progress report▼ Bad
Dunnart #1 spud slipped again, to mid-week, because some equipment arrived late. The well targets the Bookara Sandstone to about 750m, with a mean unrisked 1.3 million barrels recoverable.
24 Nov 2010drilling progress report▲ Good
The DCA #7 rig is on site at Dunnart #1 and being assembled, with spud expected over the weekend. Dibbler site work has begun. The board says it will take up its offer entitlements as finances allow and will seek to place any shortfall.
18 Nov 2010drilling progress report▼ Bad
Dunnart #1 spud slipped again, from about 17 November to around 23 November, as rig resources take longer to mobilise. The MD says he is frustrated. Drilling of the first EP 437 well, in which Key earns 45%, still has not started.
10 Nov 2010drilling progress report● Neutral
Dunnart #1 site works are finished, but the DCA #7 rig's arrival slipped from 10 November to around 17 November for rig maintenance. This is the first of two EP 437 wells, in which Key is earning 45%. Drilling has not started.
30 Aug 2010drilling scheduled▲ Good
Operator CalEnergy has applied for drilling approval and issued a letter of intent for DCA Rig #7 for the Dunnart and Dibbler wells in EP 437. Drilling is scheduled for October 2010, subject to rig release. The farm-in and joint operating agreements are now finalised, firming up the June agreement in principle.
28 June 2010farm in farm out agreement▲ GoodMajor
Key agreed in principle to farm into EP 437 in Western Australia's North Perth Basin with CalEnergy Resources, earning 45% by paying 60% of a two-well program, capped at $2.25m. Drilling expected end Q3/Q4. Its first Australian asset, a move from its international focus.
7 Apr 2010resource reserve update▲ GoodMajor
Independent work puts Kiliwani North (Key 20%) at a mean 40 BCF contingent resource, 60 BCF upside, and the Nyuni prospect at 207 BCF contingent. Unrisked prospective resources total a mean 1.2 TCF. Commercial development still depends on the Songo Songo plant expansion.
5 Feb 2009resource reserve update▲ GoodMajor
Key estimates West Songo Songo (50%) could hold prospective resource of about 735 million barrels of oil or 1.3 Tcf of gas (combined P10 pre-drill estimates, unrisked). Early-stage, no well drilled; Kiliwani North commercialisation still under negotiation.
18 July 2008resource reserve update▲ GoodMajor
Key declared Kiliwani North-1 commercially viable after the 40 mmscf/d flow was confirmed with no pressure depletion. No reserves given because the structure extends beyond seismic. Key estimates over 2 Tcf potential undiscovered gas in the Nyuni block; more seismic planned.
14 Apr 2008farm in farm out agreement▲ GoodMajor
Key signed a consortium agreement with Pancontinental to take 50% of any award from a roughly 30,000 sq km offshore Namibia licence (Walvis basin). Key pays up to A$100,000 for past costs. A new growth area after the Tanzania drilling.
14 Apr 2008farm in farm out agreement● Neutral
Pancontinental announces the same Namibia consortium agreement: each company gets 50% of any award over the Walvis Basin licence, with Key reimbursing up to A$100,000. Duplicates Key's announcement.
18 Mar 2008drilling result▲ Good
Key relays Aminex's release on the Kiliwani North-1 discovery: gas-water contact about 30m deeper than Songo Songo, so a separate structure, plus minor oil shows. Partner stakes confirmed: Aminex 40%, Key 20%. Repeats known news with some added detail.
17 Mar 2008drilling result▲ GoodMajor
Kiliwani North-1 found a 60m gross gas column in the same Neocomian sandstones as the Songo Songo field, at 2,030m, ahead of schedule. It will be completed as a future production well. Reverses the Kiliwani-1 dry hole; appraisal is needed to size it.
17 Mar 2008drilling result▲ Good
Bounty reports the Kiliwani North-1 gas discovery, a roughly 60m gross gas interval, which it says appears to be a separate pool from Songo Songo. Bounty's interest is adjusted to 5% and Aminex to 40%. Duplicates Key's news.
11 Mar 2008drilling progress report● Neutral
Kiliwani North-1 at 1,730m, drilling ahead in 8½-inch hole after casing was run. Still described as relatively trouble free. Routine update.
5 Mar 2008drilling progress report● Neutral
Kiliwani North-1 at 1,106m, running 9⅝-inch casing. Drilling described as relatively trouble free with geology as expected. Routine update.
29 Feb 2008drilling progress report● Neutral
Bounty reports Kiliwani North at 445m with 13⅜-inch surface casing cemented and blow-out preventers being pressure tested. Good progress since the 23 February spud. Routine update.
25 Feb 2008drilling spud● NeutralMajor
Kiliwani North-1 started drilling on 23 February, the second well of the Tanzanian programme after the Kiliwani-1 dry hole. Planned depth is about 2,012m, targeting a possible new oil play and the Songo Songo reservoir sands. About 35 days expected.
15 Feb 2008drilling scheduled● Neutral
Rig released from Kiliwani-1 on 13 February and moving to Songo Songo island; Kiliwani North-1 should start around end-February, a vertical well to about 2,175m taking roughly 35 days. Key says it is also evaluating new projects for growth.
11 Feb 2008drilling result▼ Bad
Bounty, a 6% partner, reports the same result: Kiliwani-1 drilled to 2,570m, no commercial hydrocarbons, being plugged and abandoned. Cites target sands too deep, below Songo Songo's gas-water contact. Duplicates Key's announcement.
11 Feb 2008drilling result▼ BadMajor
Kiliwani-1 was drilled to 2,570m and is being plugged and abandoned: no commercial hydrocarbons, only minor gas. Key's initial view is the target sands were too deep, below the gas-water contact of Songo Songo. Dry hole for Key's 20%; Kiliwani North-1 is next.
5 Feb 2008drilling progress report● Neutral
Bounty reports Kiliwani-1 drilling at 2,317m after broken bit pieces were removed on 2 February. Primary target around 2,340m in Lower Cretaceous sands is close. Repeats Key's own update; routine.
5 Feb 2008drilling progress report● Neutral
Key reports Kiliwani-1 at 2,317m, drilling toward the primary target after milling out the broken bit debris and switching to clean drilling mud. Resolves the debris delay noted on 29 January; no result yet.
29 Jan 2008drilling progress report▼ Bad
9⅝-inch casing is cemented on Kiliwani-1 at 2,260m, but a drill bit failure left debris needing several trips and milling. Drilling into the reservoir section is delayed slightly.
29 Jan 2008drilling progress report● Neutral
Bounty repeats that Kiliwani-1 has 9⅝-inch casing cemented at 2,260m and is clearing debris from a broken bit. Primary target around 2,340m is next. No new information.
22 Jan 2008drilling progress report● Neutral
Kiliwani-1 reached the 9⅝-inch casing point at 2,257m, with a wiper trip before running casing. Same news as Bounty's report; drilling into the reservoir is next.
22 Jan 2008drilling progress report● Neutral
Bounty reports Kiliwani-1 reached the 9⅝-inch casing point at 2,257m and is doing a wiper trip. Reservoir target around 2,340m is close. Routine update.
15 Jan 2008drilling progress report▼ Bad
Kiliwani-1 at 2,121m, drilling toward the 9⅝-inch casing point. More mechanical delays from worn flow pipe and mud pump repairs. Routine update.