13 Aug 2019admin correction● Neutral
Compliance notice for the August placement: 125 million shares issued, taking the total from 1,549,462,207 to 1,674,462,207, an 8% dilution. Fees were $34,000 and the raising was not underwritten.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 Aug 2019capital raising announcement▼ BadMajor
Key placed shares at $0.0032 to raise up to $400,000 before costs, for Ace-1 and Alfajour-1 preparation and working capital. The price is below March's $0.005 placement, so existing holders are diluted at a lower value.
30 July 2019quarterly activities report● Neutral
June quarter: rig available October for Ace and possibly Taj/Alfajour; ATP 783 work commitments completed; EP 437 budgets agreed; Mount Horner rehabilitation begun with costs reimbursed by AWE's successor. Pancon farmout $150,000 received after quarter-end. Tanbar access terms near agreement.
15 July 2019farm in farm out agreement▲ Good
Pancontinental's own release of the same Meeba farmin: 20% of ATP 920 (option to 35%) and 25% of the Ace area for $150,000 plus 26.67% of one well capped at $3m gross. Says the first well could be drilled by October 2019. Duplicates Key's announcement.
15 July 2019farm in farm out agreement▲ GoodMajor
Key signed a binding terms sheet for Pancontinental to take 20% of ATP 920 (option for a further 15%) and 25% of the Ace area in ATP 924. Pancon pays $150,000 and funds 26.67% of a well capped at $3m gross. Meeba prospective oil 6.3/23.7/46.1 MMbbl. Key's first Cooper farm-in partner.
2 July 2019other● Neutral
Key moved its registered office to Suite 8 in the same Churchill Court complex in Subiaco, with no increase in ongoing office costs. Administrative only.
13 June 2019drilling scheduled▲ Good
Land access terms for Wye Knot-1 in EP 437 agreed in principle, with Parce-1 also agreed in principle. Key says both wells could cost about the original Wye Knot-1 budget alone. On-ground work targeted for Q4 2019; rig final selection by end July.
30 Apr 2019quarterly activities report● Neutral
March quarter: Santos/Beach MoU, three rig tenders, ATP 920/924 renewals lodged, ATP 783 work program approved, $710,518 placement, and Wye Knot-1 landowner terms agreed in principle. Canaway Ridge resources restated; Mount Horner decommissioning approval received. Mostly known items; no drilling yet.
29 Apr 2019contract award▲ Good
Key signed a non-binding letter of intent with Drilling Contractors Australia for an option on Rig 7 from 1 July to 31 December 2019. Scope: Parce and/or Wye Knot to 850m, two wells to 2,000m, and Mount Horner abandonment. It is not a binding drilling contract.
11 Apr 2019drilling progress report● Neutral
Key received three rig tenders for Taj and Alfajour (early Q3 and Q4 2019) and lodged four-year renewals for ATP 920 and 924. Floods delayed site works, now expected May; reprocessing de-risked both prospects. Gas offtake talks continue; no well is yet funded.
8 Apr 2019joint venture update● Neutral
Triangle says it must drill at least two wells and shoot at least 50 sq km of 3D seismic to earn 50% of Mount Horner, recovering costs from 87.5% of production for two years. Work program is still being finalised; it sees first production possibly in Q4 2019, with landowner consent still required.
3 Apr 2019resource reserve update● Neutral
Updated re-release of the Canaway Ridge announcement with the same 7.6/26.2/50.8 MMbbl range. It adds geological chance of success of 16-21% (18% for Crowns) and says prospects will be re-risked after 2019 reprocessing.
2 Apr 2019resource reserve update▲ GoodMajor
Key reports eight oil prospects at Canaway Ridge in ATP 783, with gross prospective resources of 7.6/26.2/50.8 MMbbl; the Crowns prospect is 2.25/8.6/14.6 MMbbl. This is the first resource estimate for ATP 783; the prospects are unrisked and undrilled.
25 Mar 2019admin correction▼ Bad
Key corrects its placement announcement: no work program or budget has yet been agreed with Triangle for Mount Horner, so timing is uncertain, and the farmout remains conditional. Placement funds go to Key's own share of Mount Horner work, not the Triangle-funded $4.3m.
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.
Create a free account to see this worked out for your own holding.
11 Mar 2019material agreement▲ GoodMajor
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.
6 Mar 2019half year report● Neutral
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.
20 Feb 2019regulatory community update▲ Good
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.
30 Jan 2019quarterly activities report● Neutral
December quarter: Triangle farmout executed, maiden Bookara Shelf resources completed, $300,000 placement to a cornerstone investor, and EP437 suspension granted with the permit extended to 27 Nov 2019. Cooper work program cut to one well; rig tendering under way.
24 Jan 2019resource reserve update▲ GoodMajor
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.
26 Nov 2018investor presentation● Neutral
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.
26 Nov 2018agm notice● Neutral
All six AGM resolutions passed on a show of hands: remuneration report, re-election of Dennis Wilkins and Geoffrey Baker, ratification of past share issue, and approval of the 10% placement facility and a share placement facility. Board unchanged.
22 Nov 2018investor presentation▲ Good
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.
12 Nov 2018regulatory community update▲ GoodMajor
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.
31 Oct 2018farm in farm out agreement▲ Good
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.
31 Oct 2018farm in farm out agreement▲ GoodMajor
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.
29 Oct 2018quarterly activities report● Neutral
September quarter: L7 purchase completed and $380,000 received. The Six Pines agreement lapsed unrenewed because other parties showed interest in the Cooper acreage. Cooper work program approval and Wye Knot-1 land access remain unresolved, with an EP437 suspension and extension application planned.
27 Sept 2018asset acquisition disposition▲ GoodMajor
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.
26 Sept 2018annual report● Neutral
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.
26 Sept 2018other● Neutral
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.