Past year: ▼ 19%(5.10c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Feb 2020regulatory community update● Neutral
Pilot Energy (60% operator of WA-481-P) re-releases Key's Kingia and High Cliff announcement. Pilot has not yet reviewed the seismic inversion work and will update the market after its own assessment. No new data.
24 Feb 2020resource reserve update▲ GoodMajor
Seismic inversion on the Diana 3D in WA-481-P identified a new prospect, Dunsborough Southwest, 2.5 km from the Dunsborough oil discovery: prospective oil 3.95/11.58/22.03 MMbbl, chance of success 24-36%. Key's stake falls to 12% if Red Emperor exercises its option.
3 Feb 2020investor presentation● Neutral
2020 strategy presentation restating existing assets and deals. Shows 1,711,241,849 shares, 4,000,000 performance rights and market cap of about $10.3 million. Key's oilfield services arm had $880,000 receipts. EP 437 interest shown as 43.47%, which differs from earlier 86.94%.
31 Jan 2020quarterly activities report● Neutral
Quarter to 31 Dec 2019: Pancon farmin, permit renewals, access agreements and Red Emperor's WA-481-P option all completed. Share purchase plan raised $192,011, well short of the $1.5m cap. EP 437 well commitment extended to 27 May 2020. Drilling contracts still to be finalised.
23 Dec 2019regulatory community update▲ GoodMajor
Key signed a land access and compensation agreement covering the Becos, Parce and Becos South prospects in EP 437, including three exploration wells and seismic. The whole Becos, Parce and Wye Knot trend now has agreed access. Parce-1 is being considered as a firm candidate. Key's EP 437 interest is stated as 86.43%.
3 Dec 2019farm in farm out agreement▲ GoodMajor
Red Emperor Resources signed a binding letter of intent with Pilot (60%) and Key (40%) for an option over 70% of WA-481-P and the right to operate. It funds a work program up to $150,000 and would pay the partners $500,000 collectively if exercised, after permit renewal expected Q1 2020. The permit expires 19 Feb 2020.
26 Nov 2019regulatory community update● Neutral
Pancontinental's release repeating Key's announcement that ATPs 920 and 924 are renewed for four years to 2023, with the same work commitments. Duplicates Key's release.
26 Nov 2019regulatory community update▲ GoodMajor
Queensland confirmed ATPs 920, 924 and 783 are renewed for four years to 2023, resolving the pending renewals. Commitments include one well in ATP 924 in Year 1 and wells in Year 4 on each permit, plus seismic and magnetic surveys in Year 3.
21 Nov 2019capital raising announcement● Neutral
Share purchase plan closing date moved from 25 November to 9 December 2019. Price stays $0.0071 and the limit $30,000 per holder. Shares now issue on 16 December and are quoted on 17 December.
19 Nov 2019regulatory community update▲ GoodMajor
Key executed the Conduct and Compensation Agreement covering almost all of ATP 924 and much of ATP 920, after nearly a year of negotiation. It covers seismic and drilling for Meeba and Tanbar, resolving the access term flagged in October and clearing a hurdle for drilling.
15 Nov 2019investor presentation● Neutral
Managing Director's AGM presentation reviewing 2019 highlights already announced (Triangle and Pancon farmouts, access agreements) and oil market outlook. Shows 1,684,198,051 shares and a market capitalisation of about $10 million. No new information in the supplied text.
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 2019quarterly activities report● Neutral
Quarter to 30 Sept 2019: Key signed the Pancontinental Meeba terms sheet ($150,000 received), lodged Wye Knot-1 approvals and Mount Horner abandonment documents. Notes West Erregulla-2 success lifts Perth Basin prospects. EP 437 funding options, possibly with a partner, still being assessed. Text truncated; no cash figures.
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.
