Past year: ▼ 19%(5.10c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Apr 2022resource reserve update● Neutral
Triangle, Key's buyer for L7/EP 437, lifts L7 gross best-estimate gas prospective resources from 165 Bcf to 617 Bcf, with oil 19 MMbbl. Key's sale is not yet complete, and Key keeps a 5% royalty at this point.
8 Nov 2021resource reserve update▲ GoodMajor
Remapping lifts the Alfajor prospect in 100%-held southern ATP 924 to 97.1 Bcf P50 recoverable gas prospective resource (mean 122.5 Bcf). Key estimates a 30% chance of success. It plans a roughly 2,800 m well by mid-2022.
20 Aug 2021resource reserve update▲ Good
Triangle reports maiden prospective resources for L7: 24.5 MMstb oil (gross) across oil prospects and leads, and 165 bcf gas. It plans the Bookara 3D survey for December 2021/January 2022. Key is selling its L7 share but retains a 5% royalty.
18 Dec 2020farm in farm out completion● NeutralMajor
Sale of Key's 40% of WA-481-P to Pilot completed on 17 December 2020. Key now holds all 21 million Pilot shares (4,276,703 issued in October, 16,723,297 now). Pilot takes on all risks and outgoings from that date.
16 June 2020resource reserve update▲ GoodMajor
Key presented 'game changing' Permian potential on the Bookara Shelf, adding deeper Kingia/High Cliff targets. L7 total prospective resource is 13.55/35.55/64.53 MMboe, including Permian gas of 63.3/146.5/253.7 Bcf. EP 437 extension is granted, with the well due by 28 May 2021.
9 June 2020farm in farm out completion▼ BadMajor
Red Emperor decided not to exercise its option over 70% of WA-481-P; the option expired 5 June. NOPTA had advised that the permit renewal application was successful. Key keeps 40% and loses the proposed $500,000 payment and the farm-out of operatorship.
24 Feb 2020resource reserve update▲ GoodMajor
Seismic inversion on the Diana 3D in WA-481-P identified a new prospect, Dunsborough Southwest, 2.5 km from the Dunsborough oil discovery: prospective oil 3.95/11.58/22.03 MMbbl, chance of success 24-36%. Key's stake falls to 12% if Red Emperor exercises its option.
3 Dec 2019farm in farm out agreement▲ GoodMajor
Red Emperor Resources signed a binding letter of intent with Pilot (60%) and Key (40%) for an option over 70% of WA-481-P and the right to operate. It funds a work program up to $150,000 and would pay the partners $500,000 collectively if exercised, after permit renewal expected Q1 2020. The permit expires 19 Feb 2020.
7 Nov 2019resource reserve update▲ Good
Key says the Chandos Updip prospect in ATP 783 (Canaway Ridge, 100% Key) is de-risked after a geochemical survey and seismic reprocessing. Chance of success 18%, prospective oil 0.7/2.3/4.5 MMbbl. Canaway total unchanged at 7.6/26.2/50.8 MMbbl; may join a contingent Refine Rig 2 program.
30 Oct 2019farm in farm out completion▲ Good
Pancontinental's release of the same Meeba deal: formal farmin, joint operating and area of mutual interest agreements signed with Key. Pancon gets 20% of ATP 920 and 25% of Ace Area. Meeba prospective oil is raised to 11.3/33.7/83.7 MMbbl across 18 prospects. Duplicates Key's release.
30 Oct 2019farm in farm out completion▲ GoodMajor
Key formalised the Meeba farmout with Pancontinental, replacing the July terms sheet: 20% of ATP 920 (option for 15% more) and 25% of Ace Area for $150,000 plus 26.67% of one well capped at $3m gross. Meeba prospective oil is upgraded to 11.3/33.7/83.7 MMbbl across 18 prospects.
3 Oct 2019drilling scheduled▲ Good
Key has signed the Wye Knot-1 land access agreement in EP 437, finished the botanical survey and lodged remaining approvals. Two rig contractors are shortlisted and funding options, possibly including a partner, are being assessed. No drilling date or funding is confirmed.
2 Oct 2019farm in farm out completion▲ GoodMajor
Triangle says landowner consent is received and the Mount Horner farmout completes around 7 October 2019. Triangle must submit a work program within 45 days, including 50+ sq km of 3D seismic and two wells, funding up to US$3m to earn 50% of L7. Key remains responsible for decommissioning existing wells.
27 Aug 2019drilling progress report● Neutral
Key reports new Meeba prospects (Teddy, Teevee), a repaired Tanbar access track, and October/November rig availability for Ace-1. The Tanbar access agreement is nearing signature and Pancon farmout documents are being finalised. No resource figures given; nothing is signed yet.
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.
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.
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.
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.
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.
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.
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%.
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.
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.
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.
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 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.
