Past year: ▼ 19%(5.10c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Mar 2015capital raising announcement● NeutralMajor
Key launched a 1-for-4 non-renounceable entitlement offer at 1.0c a share, aiming for up to $1,418,568 (141.9m shares). Funds go to Dunnart-2 testing, Canning Basin studies and EP104 seismic reprocessing, plus working capital. Not underwritten; shareholders who don't take up are diluted.
16 Mar 2015investor presentation● Neutral
March 2015 corporate presentation repeats known facts: 567.43m shares, cash of $2.3m at 31 December 2014, and permit interests including EP104 89.23%, R1 85.23% and L15 85.40%. It describes at least 10 EP437 prospects. No new results.
11 Mar 2015drilling scheduled● Neutral
Key now plans Dunnart-2 testing around mid-April 2015, subject to final DMP approvals; the Health and Safety Division has not yet responded. Interval 614-626m will be perforated. Mapping shows at least 10 undrilled EP437 prospects and leads.
10 Mar 2015contract award▲ GoodMajor
Key signed a fixed lump-sum contract with Drilling Contractors Australia for Rig 6 to run a 3.5-inch completion for the Dunnart-2 flow test, and awarded wireline, perforating and wellhead services. Testing date remains subject to DMP approvals.
4 Mar 2015director officer appointment● Neutral
Geoff Baker became a Non-Executive Director from 3 March 2015, ceasing to be alternate for Min Yang. He is a director of ASF Group and Rey Resources, which are Key's largest shareholder and EP437 partner. Total non-executive pay stays unchanged.
27 Feb 2015half year report▼ Bad
Half-year to 31 December 2014 loss was $700,894, against $583,451 a year earlier, on revenue of $71,418. It includes $186,596 of exploration costs written off. Dunnart-2 production testing and the Pancontinental/FAR interest purchase are noted as coming.
25 Feb 2015other● Neutral
Administrative notice: Key's registered office and principal place of business moved to Level 2, 47 Stirling Highway, Nedlands from 25 February 2015. Phone and fax numbers are unchanged.
23 Feb 2015asset acquisition disposition▲ GoodMajor
Key agreed to take over Pancontinental's and FAR's Canning Basin interests, lifting it to 89.23% of EP104, 85.40% of L15 and 85.23% of R1. Each seller pays Key $50,000 cash; DMP approval is needed. Increases Key's stake in the permits it operates.
12 Feb 2015investor presentation● Neutral
Presentation for the NAPE Summit in Houston promotes the Canning Basin EP104/R1/L15 acreage to investors, offering up to 75% working interest on a prospect basis. It repeats known prospects and contains no new results.
23 Dec 2014investor presentation● Neutral
Key has gone to tender for the Dunnart-2 production test, aiming for late February 2015 over about a week, subject to approvals. About 5m of net pay is to be perforated. Debt-free with about $3m cash; Key will seek Canning farm-in partners in Houston.
20 Nov 2014investor presentation● Neutral
AGM presentation by the Managing Director largely repeats known facts: 567.4m shares, 1.0c share price, about $6m market value and $2.7m assets/cash at 30 Sept 2014. Dunnart-2 production testing is planned after peak fire season. 2015 focus is conventional oil.
31 Oct 2014director officer appointment▲ Good
Key appointed Robert Ierace, formerly CFO and Company Secretary of Oilex, as Chief Financial Officer. Management says it is hiring while industry peers cut staff and scale back exploration, to help manage joint ventures and new opportunities.
2 Oct 2014drilling result▲ GoodMajor
Key's preliminary read is at least 5m of good-quality, thought-to-be oil-bearing sand at the top of the Bookara, in line with resource assumptions, with oil shows over 20m. Mud invaded the sand, so wireline samples were mixed. The joint venture agreed in principle to production test Dunnart-2, subject to budget and approvals, and Key is in talks on up to three further EP437 wells.
26 Sept 2014annual report● Neutral
Annual report for the year to 30 June 2014, listing directors Rex Turkington (Chairman since 14 January 2014), Kane Marshall, Dennis Wilkins and Min Yang. The available text is only the front section; financial figures are not shown.
9 Sept 2014investor presentation● Neutral
Presentation at the Good Oil Conference repeats known facts: cash over $3 million, a Canning Basin focus for a 2015 drilling program, and a possible Dunnart-2 production test. It lists EP437 at 50% and EP448 at 78%. No new results.
1 Sept 2014drilling progress report● Neutral
Dunnart-2 is cased with 7" to 657m and suspended, ready for a production test once the Department of Mines and Petroleum approves a program. Rig 7 is released. Only two 50cc fluid samples were recovered before a tool failure, and Key is discussing Rig 7 use in the Canning Basin.
27 Aug 2014drilling progress report▲ Good
Preliminary logs suggest reservoir-quality sand at the top of the Bookara, and fluid samples are still to be assayed. Approval to suspend the well with 7" casing has been received. Daily reports end; the joint venture will decide on production testing.
26 Aug 2014drilling progress report● Neutral
Wireline logging has been completed in two suites and the formation tester tool is next, with interpretation under way. Key has applied to the Department of Mines and Petroleum to suspend the well with 7" casing for possible production testing.
25 Aug 2014drilling result● NeutralMajor
The second 13m drill stem test failed mechanically, so it is invalid and not a reservoir issue. Dunnart-2 was drilled to its 670m total depth, with further live oil shows, and wireline logging is next to assess net pay.
22 Aug 2014drilling progress report▲ Good
The hole was cleaned out and another 11m of Bookara Sandstone drilled to 627m, with fluorescence and oil shows. Key is preparing a second open hole drill stem test over 614-627m. No test result yet.
21 Aug 2014drilling progress report● Neutral
A drill stem test was run over 614-616.87m, but the tools are being pulled to check for a misrun or plugging, as fill was noted in the hole. The joint venture is considering re-running the test or drilling deeper first. No valid result yet.
21 Aug 2014well test result▼ Bad
The drill stem tools were found completely plugged with Kockatea Shale fill, so the test over 614-616.87m was invalid. Key will clean the hole and re-test or drill deeper first. It says nothing about the oil, which remains unproven as recoverable.
20 Aug 2014drilling result▲ GoodMajor
Dunnart-2 reached the top of the Bookara Sandstone at 614m, about 1m high to prediction, with live light oil (preliminarily 34° API) in the first 2.87m drilled. An open hole drill stem test is planned to confirm whether the oil is recoverable.
19 Aug 2014drilling progress report▲ Good
Drilling Report 6: two gas shows (33.7 and 27.3 units) were recorded at about 529-531m in the Kockatea Shale, roughly ten times background. Drilling is at 612m, just above the Bookara Sandstone target, with the shows still to be evaluated by logs.
18 Aug 2014drilling progress report▲ Good
Drilling Report 5: an encouraging gas show was met at 460-475m in the Cattamarra Coal Measures, several times higher than at Dunnart-1, though the rock is not reservoir quality. Drilling is at 496m, heading for the Bookara Sandstone at about 617m, then a drill stem test.
11 Aug 2014drilling progress report● Neutral
Drilling Report 4: rig maintenance is done and the blowout preventer is being fitted and tested. Drilling of the 8 1/2" section toward the Bookara Sandstone is next, with daily reports to follow. No new result.
4 Aug 2014drilling progress report● Neutral
Drilling Report 3: 9 5/8" casing is cemented at 294m and rig maintenance continues before the blowout preventer is fitted. The fixed-price turnkey contract means the joint venture bears no cost while waiting. No new geological result.
28 July 2014drilling progress report● Neutral
Drilling Report 2: 9 5/8" casing is run at 294m, and the Cadda Formation came in within one metre of prediction. Key also let Crocker Group test a new logging tool at no cost, and is in talks to use it in the Canning Basin.
21 July 2014drilling progress report● Neutral
Drilling Report 1: the 13 3/8" conductor is set at about 85m and cemented. The next step is drilling to about 300m, with the Bookara Sandstone target at about 617m. No hydrocarbon shows yet, none expected at this depth.
14 July 2014drilling spud▲ GoodMajor
Drilling of Dunnart-2 began at 10am on 13 July 2014, the well Key has long worked toward, targeting 2 million barrels best estimate. Time to drill, test and log to total depth is expected to be four weeks.
