Each one in plain English, with the numbers worked through for a shareholder.
22 Mar 2019capital raising announcement● NeutralMajor
Key placed 142,103,766 shares at $0.005 to raise $710,518 before costs, for Cooper drilling preparation, Mount Horner and Perth Basin exploration, and working capital. The price is below the roughly $0.009 seen in September 2018.
What it means for a shareholder
142m new shares at A$0.005 to raise about A$710,518. That's 9.2% dilution: every existing holder's slice gets 9.2% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0142% to 0.0129% of the company. To keep it you'd need 20,194 more shares - about A$101 at the issue price.
Key signed a non-binding MoU with Santos and Beach Energy on terms for connecting and processing raw gas from its Tanbar Gas Project (ATP 924) at Moomba. Terms are confidential and a binding agreement is still to be negotiated, so it is a pathway rather than a contract.
Half-year to 31 December 2018: revenue $410,458 and loss $225,555, narrower than the $608,002 loss a year earlier. Confirms L7 completion, Bookara Shelf resources, EP437 suspension approved, and Triangle's US$3m farmout; text is truncated, so the balance sheet is not seen.
Queensland approved ATP 783's amended work program, replacing two wells and 200km of 2D seismic with seismic reprocessing, environmental work and a pipeline survey. This resolves the last open Cooper approval, so all three permits now have lighter commitments.
Key upgraded ATP 924 gross prospective gas resources to 150/500/950 Bcf, adding Permian Toolachee canyons, and is evaluating rigs for the Alfajour and Taj wells. Landowner access talks continue and farm-in partners are doing due diligence; no drilling is yet funded.
Managing Director's AGM presentation covering oil and gas market views and Key's Cooper Basin and Perth Basin assets, with exploration and development planned for 2019. Repeats known strategy; the supplied text is truncated and shows no new results.
Presentation pitching the Bookara Shelf (EP437 and Mount Horner) as a new oil province similar to the Cooper Basin's Western Flank. Key says it will operate and drill at least three wells there in 2019. The maiden resource figures are cut off in the supplied text.
Queensland approved Key's amended work programs for Cooper Basin permits ATP 920 and 924, now focused on Permian gas exploration. This resolves the long-pending approval. Key says it will use the rest of 2018 to prepare for exploration in 2019 across both basins; no drilling funding is announced.
Triangle Energy's side of the Mount Horner farmout: it can earn 50% of L7 by funding a drilling and 3D seismic program up to US$3m, with the two sides splitting early workover costs 50/50. Key alone bears decommissioning of existing wells. Conditional on approvals and landholder consent.
Key farmed out 50% of Mount Horner L7 to Triangle Energy, which funds two new wells and 3D seismic up to US$3m (about A$4.1m) to earn in. Early workovers of two wells are shared 50/50. Key stays initial operator; conditional on approvals. Delivers the partner Key sought.
Key completed the purchase of the Mount Horner licence L7 from AWE on 27 September 2018, resolving the pending deal. AWE has paid the $380,000 exit payment; Key is now operator and takes on the liabilities, with up to $1.9m rehabilitation reimbursement. Rehabilitation is expected to start soon.
Annual report for the year to 30 June 2018, with the same board and auditor Bentleys. The supplied text is only the cover and directors' section; no financial figures are visible in it.
Appendix 4G and corporate governance statement lodged with the annual report. This is an administrative compliance filing with no new information on assets or finances.
Presentation at the RIU Good Oil Conference restating Key's Perth and Cooper basin strategy and Mount Horner plans. Shows 1,347,358,441 shares, $0.009 price and about $12m market value. Repeats the Dunsborough 3.3/6/9.8 MMbbl contingent resources; no new results.
All conditions for Key's purchase of the Mount Horner oil field licence L7 from AWE are met, including title transfer and landowner compensation agreements. Completion is set for 27 September 2018; Key receives $380,000 and up to $1.9m rehabilitation reimbursement, and becomes operator.
Pilot Energy (Key's 60% partner and operator in offshore WA-481-P) finished stage 1 of an internal resource review, flagging Waitsia-analogue and oil prospects. No volumes given; a larger prospective resource is expected once reprocessed seismic is mapped. Key holds 40%.
29 Aug 2018asset acquisition disposition▲ GoodMajor
WA regulators have formally approved the L7 (Mount Horner) transfer from AWE, so completion is imminent, giving Key 100% of L7 and 86.94% of EP437. Key is planning infill and step-out wells and workovers at Mount Horner, and is seeking investors to share drilling costs.
ASX queried a jump in Key's share price from $0.008 to an intraday $0.013 on heavy volume. Key said it knew of no undisclosed information and pointed to sector interest after Mitsui's takeover of AWE, the former owner of L7, and to its earlier announcements.
East coast roadshow presentation restating Key's refocus on Cooper Basin gas (ATP 920/924, 1.3 million acres) and gas customer talks. It mentions the Six Pines agreement already announced; no new results.
Key signed a four-month non-exclusive deal letting Six Pines Capital try to raise at least A$5m to drill two Permian wells around the Marengo Gas Field in ATP 924. If it does, Six Pines earns 75% and Key keeps 25% free-carried. Nothing is committed yet.
14 May 2018asset acquisition disposition▲ GoodMajor
Key signed a deal with Rey Resources to give up all its Canning Basin interests (EP104, R1, L15) in exchange for Rey's 43.47% of EP437, lifting Key's stake to 86.94% and keeping it operator. Key keeps a 2.5% royalty on R1 and L15, and is now focused on the Perth and Cooper basins.
Rey Resources announces its side of the swap: it takes 100% of Key's Canning Basin blocks (EP104, R1, L15) in return for Rey's 43.47% of EP437. Key's Canning divestment, begun in late 2017, is now a signed deal; no cash is mentioned.
Company presentation (PESA Deal Day) repeating Key's refocus on the Cooper and Perth basins after the Canning exit. It gives ATP 924 Permian gas prospective resources of 133/320/761 bcf (low/base/high) and a Hutton oil prospect at 2.7/8.7/24.5 MMbbl; these are the first Cooper resource figures.
Key says its Cooper Basin technical review has fed work-program talks with Queensland. It is talking to pipeline operators, gas consumers and third parties about investment to fast-track drilling in the second half of 2018. Prospective resource estimates are promised next quarter; no resource figures given.
Key arranged a placement of 100 million shares at $0.01 to raise $1.0m, led by Sanlam Private Wealth, with shares due 30 April 2018. Funds go to Cooper Basin commitments and gas marketing, Perth Basin exploration and working capital. Same price as the August 2017 placement.
What it means for a shareholder
100m new shares at A$0.010 to raise about A$1.0m. That's 7.4% dilution: every existing holder's slice gets 7.4% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.00802% to 0.00742% of the company. To keep it you'd need 8,017 more shares - about A$80 at the issue price.
Half-year to 31 December 2017: revenue $188,357 and loss $608,002, helped by consulting work and the AWE option fee. $1.0m placement raised; L7 transfer awaits Ministerial approval. Auditor Bentleys; no significant post-period events.
1 Feb 2018quarterly activities report● NeutralMajor
December quarter: Key began formal divestment of its Canning Basin assets, reversing the earlier work to promote them, and has had initial interest from several parties. Wye Knot-1 got a one-year extension and grant; L7 got foreign investment approval; Cooper Basin transfers were completed.
Key's registered office and principal place of business moved to Suite 3, Churchill Court, 331-335 Hay Street, Subiaco WA from 31 January 2018. Administrative notice only.
AGM presentation by the managing director covering oil market views and Key's Cooper, Perth and Canning basin holdings. Cooper and EP104 resource figures are still 'TBA'; WA-481-P is shown at 240.2 MMbbl best-case oil gross. No new results.
6 Nov 2017asset acquisition disposition▲ GoodMajor
Queensland's department confirmed transfer of Cooper Basin permits ATP 783, 920 and 924 to Key is finalised, completing the purchase from Beach. Key will now discuss work programs with the department, focusing on Permian conventional gas.
