Past year: ▼ 19%(5.10c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Sept 2018investor presentation● Neutral
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.
13 Sept 2018asset acquisition disposition▲ Good
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.
31 Aug 2018resource reserve update▲ Good
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.
27 Aug 2018price query● Neutral
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.
30 July 2018quarterly activities report● Neutral
June quarter: Canning sale to Rey completed 14 May, and Cooper Basin prospective resource estimates were finished. After quarter end WA regulators approved the L7 (Mount Horner) transfer and remediation began. The Six Pines farm-out search is the main route to fund Cooper drilling.
20 June 2018investor presentation● Neutral
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.
30 May 2018farm in farm out agreement▲ GoodMajor
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.
14 May 2018asset acquisition disposition● Neutral
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.
14 May 2018investor presentation● Neutral
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.
27 Apr 2018quarterly activities report● Neutral
March quarter: Wye Knot-1 deadline extended, L7 foreign approval received in January, and rig enquiries begun for Perth and Cooper basin drilling in the second half of 2018. The $1m Sanlam placement was completed after quarter end; prospective resource estimates for Cooper Basin are still to come.
18 Apr 2018regulatory community update▲ Good
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.
16 Apr 2018capital raising announcement● NeutralMajor
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.
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2 Mar 2018half year report● Neutral
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.
31 Jan 2018other● Neutral
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.
24 Nov 2017agm notice● Neutral
All six AGM resolutions passed on a show of hands, including adoption of the remuneration report, re-election of chairman Rex Turkington, and approval of placement facilities and an employee option plan. Routine meeting outcome.
24 Nov 2017investor presentation● Neutral
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.
26 Oct 2017quarterly activities report● Neutral
September quarter: $1m placement received, Cooper Basin title transfers lodged awaiting Ministerial approval, AEM survey in R1 completed, EP104 Year 2 work extended to July 2018. Landowner talks over Wye Knot-1 locations ended and alternatives are being reviewed, so the Q4 2017 spud looks uncertain. L7 agreement and AWE option were signed after quarter end.
13 Oct 2017asset acquisition disposition▲ GoodMajor
The Sale and Purchase Agreement for AWE's 100% of Mount Horner licence L7 has now been signed, turning the June binding terms into a full contract. Key receives $0.38m upfront and up to $1.9m rehabilitation reimbursement, and takes on operatorship and liabilities after completion.
3 Oct 2017regulatory community update▲ Good
Pilot Energy and Key said Norwest Energy's Xanadu-1 oil discovery in the adjacent TP/15 permit supports oil migration into WA-481-P (Key 40%). This reduces migration risk for the Cliff Head South and Leander Reef trends, which make up over 80% of the 247.8 MMbbl best-case prospective resource. The partners are seeking quotes for seismic reprocessing, which would take 6 to 9 months.
26 Sept 2017annual report● Neutral
Annual report for the year to 30 June 2017, with the directors' report and corporate details. The board is unchanged: Turkington as chairman and Marshall as managing director. Financial figures are not in the provided text, which is truncated.
26 Sept 2017annual report● Neutral
Appendix 4G and corporate governance statement lodged with the annual report for the year to 30 June 2017. The statement is on Key's website. Compliance filing with no new commercial information.
9 Aug 2017capital raising announcement▲ GoodMajor
Key arranged a placement of 100 million shares at $0.01 to raise $1.0m from one sophisticated investor, with shares due 21 August 2017. Funds are for Perth, Canning and Cooper Basin work commitments and working capital. The price is above the $0.004 paid in the February placement.
What it means for a shareholder
100m new shares at A$0.010 to raise about A$1.0m. That's 8.0% dilution: every existing holder's slice gets 8.0% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.00872% to 0.00802% of the company. To keep it you'd need 8,716 more shares - about A$87 at the issue price.
Create a free account to see this worked out for your own holding.
31 July 2017quarterly activities report● Neutral
June quarter: Cooper Basin purchase conditions met, awaiting title transfer; L7 and AWE option terms agreed; Wye Knot-1 has two candidate locations and tendering continues. NOPTA removed WA-481-P commitment wells after quarter end. No new drilling results.
3 July 2017regulatory community update▲ GoodMajor
Third-party announcement by Pilot Energy: NOPTA approved replacing the WA-481-P year 5 and 6 commitment wells with seismic reprocessing and studies. Pilot says this improves marketability to farm-in partners. Drilling may still occur earlier with a partner; a well commitment is likely at permit renewal in August 2019.
30 June 2017farm in farm out agreement▲ GoodMajor
Key agreed binding terms to acquire AWE's 100% of Mount Horner production licence L7 in the Perth Basin, receiving $0.38m upfront and up to $1.9m for rehabilitation costs, while taking on operatorship and liabilities. AWE gets a 12-month option, for a $75,000 fee, to earn 50% of Key's 40% of WA-481-P.
28 June 2017asset acquisition disposition▲ GoodMajor
Key completed the purchase of 100% of Cooper Basin permits ATP 783, 920 and 924 from Beach subsidiaries, with only standard Ministerial approvals left. This resolves the condition precedent from the February agreement ($125,000 plus 1.5% royalty).
