8 Jan 2008drilling progress report▼ Bad
Kiliwani-1 at 1,977m, with progress slower than expected after several rig shutdowns for mud pump and generator problems. Echoes the rig's earlier mechanical troubles but no result yet.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Jan 2008drilling progress report● Neutral
Bounty reports Kiliwani-1 at 1,892m, drilling ahead. Plan is to set 9⅝-inch casing near 1,900m, with the main target around 2,340m. Routine update.
24 Dec 2007drilling progress report● Neutral
Bounty reports Kiliwani-1 drilling ahead at 1,509m after cementing casing at 1,315m. Routine update, no result.
18 Dec 2007drilling progress report● Neutral
13⅜-inch casing set at 1,322m on Kiliwani-1; the blow-out preventer is being installed. Drilling continues to about 2,285m next. Routine update.
17 Dec 2007drilling progress report● Neutral
Bounty reports Kiliwani-1 running 13⅜-inch casing at 1,322m, hole condition good. Main target around 2,340m. Routine update.
11 Dec 2007drilling progress report● Neutral
Kiliwani-1 still at 1,322m, opening the pilot hole and preparing to run 13⅜-inch casing, with mud pump maintenance. Routine update.
7 Dec 2007drilling progress report● Neutral
Key relays an Aminex statement that, contrary to reports, Kiliwani-1 has not encountered any significant hydrocarbon shows so far. It contradicts Bounty's 5 December 'encouraging gas shows' claim; Aminex says it is far too early to judge.
5 Dec 2007drilling progress report▲ Good
Bounty reports encouraging gas shows at 1,163-1,241m in Kiliwani-1, suggesting hydrocarbons in the structure. The main target is around 2,340m. This was later disputed by the operator.
4 Dec 2007drilling progress report● Neutral
Kiliwani-1 at 1,322m, preparing to run in with a 17½-inch hole opener. Routine update with no result.
27 Nov 2007drilling progress report● Neutral
Kiliwani-1 at 340m, making up the 17½-inch drilling assembly. Routine update, no result.
23 Nov 2007drilling progress report● Neutral
Bounty reports Kiliwani-1 reached the 340m surface casing point and is preparing to run 20-inch casing. Routine progress, no result.
20 Nov 2007drilling progress report● Neutral
Kiliwani-1 at 318m, rigging up to run 20-inch casing. Routine early-stage drilling update with no result.
19 Nov 2007drilling spud● Neutral
Partner Bounty re-announces the 15 November Kiliwani-1 spud, planned depth 2,548m. It cites a potential 100 bcf recoverable (Bounty's own target figure), unlike Key's 250 BCF unrisked estimate. No new Key information.
16 Nov 2007drilling spud▲ GoodMajor
Kiliwani-1 spudded on 15 November 2007, ending the rig delays that began in June. It is a directional well to about 2,500m testing the Songo Songo gas reservoir, about 40 days to drill. Key holds 20%.
6 Nov 2007drilling scheduled● Neutral
Partner Bounty reports the operator took delivery of the Caroil-6 rig on 2 November. Kiliwani-1 targets Lower Cretaceous sandstone at 2,500m depth, with 2-3 weeks of rig-up expected. Repeats Key's own news.
5 Nov 2007drilling scheduled▲ Good
Caroil #6 rig has been transferred to the Nyuni joint venture, ending the months-long delay. Kiliwani-1 is expected to start in about 12 days and take 45 days. Kiliwani North-1 targets a shallower oil play interpreted at 10 million barrels recoverable.
8 Aug 2007drilling scheduled● Neutral
Aminex now expects Caroil-6 delivered to the Nyuni partners in late September, with Kiliwani-1 spudding in the first half of October 2007. The delay since June continues but an end is in sight.
3 Aug 2007drilling result▲ GoodMajor
Operator Tullow reports oil encountered in the first two shallow (about 500m) Uitkijk wells in Suriname. Commercial viability is unproven and needs further drilling and possibly testing; Key's 1.75% interest is free-carried.
26 July 2007drilling spud▲ GoodMajor
Drilling began on 23 July in a 10-well programme in Suriname's Uitkijk permit with Tullow Oil. Key holds a 1.75% free-carried interest in Uitkijk and Coronie, carried for up to 25 wells or US$8.5 million.
19 June 2007drilling scheduled▼ Bad
The Caroil-6 rig will not be handed to the Nyuni joint venture in June because of mechanical repairs, a delay of several weeks. Key's first Tanzanian well is pushed back; management called it disappointing.
31 May 2007farm in farm out completion▲ Good
Tanzanian authorities approved Aminex's 25% farm-out of the Nyuni licence to RAK Gas, which pays 37.5% of two wells' cost. Key stays at 20% and gains a larger partner.
22 May 2007drilling scheduled▲ Good
First Tanzanian well, Kiliwani #1 in the Nyuni permit, is scheduled for about mid-June 2007, taking roughly 40 days. Aminex farmed out 25% to Rakgass; Key's interest stays at 20%.