Past year: ▼ 19%(5.10c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 June 2017drilling progress report● Neutral
Wye Knot-1 planning advanced in EP437: long-lead item approval executed, contractor tendering started, and a preferred well location chosen but landowner talks continue. Prospective oil unchanged at 0.16/1.4/6.1 MMbbl gross. No spud date given; R1 and EP104 updates truncated.
21 June 2017drilling scheduled● Neutral
Third-party announcement by Pilot Energy: Wye Knot-1 is scheduled for Q4 2017, with the final location subject to a land access agreement. Prospective oil is 1.4 MMbbl best case gross. First timing given for the well, which repeats Key's own update.
15 May 2017investor presentation● Neutral
Deal-day presentation pitching the Canning Basin acreage (EP104, R1, L15) to industry. States EP104 prospects with up to 100 MMbbls cumulative base-case prospective resource and a minimal $0.25m work program over 12 months. Prospective, unrisked figures; full assessment table is truncated.
1 May 2017quarterly activities report● Neutral
March quarter: Cooper Basin deal with Beach signed, Wye Knot-1 location finalised and drilling tender planned, EP104 survey planned. SPA 20 AO was surrendered, which ends that thread. Cooper completion still needs field work and approvals.
21 Apr 2017investor presentation● Neutral
Amended version of the 6 April presentation, with the same company overview and metrics, adding a resource table. Perth Basin figures repeat earlier announcements (WA-481-P total 138.4/249.2/442.0 MMBOE gross); Cooper Basin permits are listed as 'TBA'. No new results.
6 Apr 2017investor presentation● Neutral
Investor presentation restating Key's multi-basin portfolio (Canning, Cooper, Perth) and energy-security pitch. Shows share price $0.007, market cap $8m, cash $1.5m (April 2017) and 1,147,358,441 shares. Says Cooper Basin acquisition is still being completed. Text is truncated.
22 Feb 2017asset acquisition disposition▲ GoodMajor
Key agreed to buy 100% of three Cooper Basin permits in Queensland (ATPs 783, 920 and 924) from Beach Energy subsidiaries for $125,000 plus a 1.5% royalty. Subject to Ministerial approval and a cap of $300,000 on financial assurances. A new basin for Key.
13 Feb 2017half year report● Neutral
Half-year to 31 December 2016: loss of $622,483 on revenue of $17,408, versus a $638,808 loss a year earlier. Cash fell to $753,545 from $1.57m at June. The $1.0m placement came after balance date.
6 Feb 2017capital raising announcement● Neutral
Update on the $1.0m placement: the second $680,000 tranche has been received, so all funds are in. The 250 million shares are expected to be issued 7 February.
What it means for a shareholder
250m new shares at about A$0.0027 to raise about A$680,000. That's 22% dilution: every existing holder's slice gets 22% smaller. If you held A$1,000 of shares (367,647 at the issue price), your slice goes from 0.041% to 0.032% of the company. To keep it you'd need 102,425 more shares - about A$279 at the issue price.
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2 Feb 2017capital raising announcement● Neutral
Update on the $1.0m placement: the first $320,000 tranche has been received. The remaining $680,000 is due by 10 February, with 250 million shares to be issued 14 February.
30 Jan 2017resource reserve update▲ Good
Third-party announcement by Pilot Energy: WA-481-P holds 13 prospects with up to 435.9 MMBOE gross prospective resources (best case 247.8). Contingent resources rose to 42 Bcf gas at Frankland and 6 MMbbl oil at Dunsborough. Key's share is 40%.
30 Jan 2017capital raising announcement▲ GoodMajor
Key raised $1.0m through a placement of 250 million shares at $0.004 to two investors, one sophisticated and one existing shareholder. Funds go to Perth Basin work commitments, new venture assessment and working capital. No fees, no underwriting.
What it means for a shareholder
250m new shares at A$0.004 to raise about A$1.0m. That's 22% dilution: every existing holder's slice gets 22% smaller. If you held A$1,000 of shares (250,000 at the issue price), your slice goes from 0.0279% to 0.0218% of the company. To keep it you'd need 69,649 more shares - about A$279 at the issue price.
Create a free account to see this worked out for your own holding.
30 Jan 2017resource reserve update▲ GoodMajor
Key reported an updated prospective resource assessment for WA-481-P: 13 prospects across four trends, with up to 435.9 MMBOE gross (best case 247.8) and 40% net to Key. Frankland gas (42 Bcf) and Dunsborough oil (6 MMbbl) contingent resources were upgraded; all figures are unrisked and undrilled.
24 Jan 2017quarterly activities report● Neutral
December quarter: Wye Knot-1 budget and $200,000 grant secured, with regulatory approvals and contractor enquiries under way. WA-481-P prospects were identified and Key's 40% share of the $65.5m tax credits noted. The EP104 year 2 extension was sought and later approved.
20 Dec 2016resource reserve update▲ Good
Third-party announcement by Pilot Energy: seismic interpretation shows 14 prospects in WA-481-P across three focus areas. Frankland gas 2C contingent resource is 39 Bcf and Dunsborough oil 5.4 MMbbl. Prospective resource figures are delayed to late January 2017.
19 Dec 2016drilling scheduled● Neutral
Third-party announcement by Pilot Energy: the EP437 joint venture approved the Wye Knot-1 well budget, net cost up to A$1.7m after a $200,000 grant. Unrisked best-case prospective oil is 1.4 MMbbl gross, with a 30% chance of success. Rig tendering begins; no spud date.
19 Dec 2016drilling scheduled▲ GoodMajor
Key, as operator, confirmed the EP437 joint venture approved the Wye Knot-1 budget (about $1.9m before a $200,000 government grant). Best-case prospective oil is 1.4 MMbbl gross, 0.61 net to Key, at a 30% chance of success. Rig tendering starts; no spud date.
22 Nov 2016investor presentation● Neutral
AGM presentation repeating known facts: share price $0.004, market value $3.59m, cash $1.1m at September 2016, 897,358,441 shares. Key aims to reset on promotable oil plays in 2017, with Wye Knot-1 named as a catalyst. Text is truncated.
16 Nov 2016other▲ Good
Third-party announcement by Pilot Energy: it received the previous owner's $65.5m of undeducted exploration spending as tax credits for WA-481-P and will assign 40% to Key. Pilot says this cuts future tax on any development by over $75m.
28 Oct 2016quarterly activities report▲ Good
September quarter: Key came on title to 40% of WA-481-P, EP448 surrender was granted and R1 renewal granted. The EP437 joint venture approved a budget to drill Wye Knot-1 in 2017. Wellhead work and airborne surveys are planned next.
20 Oct 2016farm in farm out completion▲ GoodMajor
NOPTA approved transfer of a 40% interest in offshore WA-481-P to Key, completing the option exercised in July. Terms are nil consideration and a 10% net profits interest to the previous owner, plus a pro rata share of tax credits. Pilot holds 60%.
10 Oct 2016regulatory community update▲ GoodMajor
Key's subsidiary Gulliver was granted a Special Prospecting Authority over six blocks in the Canning Basin's Bilyana Region, next to R1, L15 and EP104. It lasts six months, then Gulliver may apply for a permit over 100% of the area. An airborne survey is planned.
21 Sept 2016annual report● Neutral
Annual report for the year to 30 June 2016, with the board unchanged (Turkington chair, Marshall MD). The extract shows no new figures or events beyond those already reported in quarterlies.
21 Sept 2016other● Neutral
Appendix 4G and corporate governance statement lodged with the annual report. A compliance filing with no substance for the company's story.
5 Sept 2016asset acquisition disposition● Neutral
Third-party announcement by Pilot Energy: NOPTA approved transfer of 100% of WA-481-P to Pilot for nil upfront cost and a 10% net profits interest to the previous owner. Key's 40% transfer application is still to be lodged.
1 Aug 2016quarterly activities report● Neutral
June quarter: Key exercised its option over 40% of WA-481-P after quarter end. The DMP approved care and maintenance plans for suspended R1 and L15 wells and renewed R1 with a varied work program. Key lodged to surrender EP448. EP104 reprocessing further de-risked the Black Rocks prospect.
29 July 2016asset acquisition disposition▲ GoodMajor
Key exercised its option to acquire 40% of offshore Perth Basin permit WA-481-P (about 17,457 km²) from Pilot, paying a net profit interest on future production. The permit has a $300,000 gross study commitment in year one. Conditional on NOPTA approval and Pilot's completion.
29 July 2016asset acquisition disposition● Neutral
Third-party Pilot Energy notice confirming Key exercised its option to take 40% of WA-481-P. Pilot stays operator with 60%. Assignment to Key depends on Pilot completing its purchase and NOPTA approval. Repeats Key's own announcement.
27 July 2016asset acquisition disposition● Neutral
Third-party announcement by Pilot Energy: it is acquiring 100% of offshore North Perth Basin permit WA-481-P from Murphy, paying a net profits interest on future production. Key holds an option to take 40% on the same pro rata terms, subject to NOPTA approval.
29 Apr 2016quarterly activities report● Neutral
March quarter: after the DMP approved Pilot's EP437 entry, Key targets EP437 drilling in 2017. The DMP refused the EP448 year 6 work program variation but extended the permit to 15 September 2016. It also refused the R1 airborne survey variation. Overheads were cut further.
