Past year: ▼ 55%(3.20c – 7.15c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 May 2017quarterly activities report● Neutral
March 2017 quarter report: IDC's refusal to fund stands, and Kinetiko and Badimo are seeking alternative funding. The ER56 and ER38 work plans and aeromagnetic survey proposal are repeated; interests stay at 49%. ER320 is still awaiting environmental clarification.
1 May 2017quarterly activities report▼ Bad
Appendix 5B for the March 2017 quarter: operating outflow $104,000, closing cash $145,000 (down from $246,000). Estimated outflow next quarter is $246,000, well above the cash on hand. No new funds were raised in the quarter.
16 Mar 2017half year report● Neutral
Half-year to 31 December 2016: operating loss of $608,777, down from $829,209 a year earlier. It repeats the IDC refusal, the ER321 withdrawal and the ER320 environmental scoping approval. Directors are unchanged.
31 Jan 2017quarterly activities report▼ Bad
December quarter report: IDC has decided not to fund, and Kinetiko and Badimo are exploring alternative funding. PASA approved transfer of the ER38 and ER56 interests into Afro Energy (49%). The ER321 application was withdrawn over environmental constraints.
9 Dec 2016other● Neutral
Share registry Automic is moving its Perth office to 267 St Georges Terrace from 9 December 2016. Administrative only.
31 Oct 2016quarterly activities report● Neutral
September quarter report: Kinetiko continues talking to IDC to resolve the non-technical issue. Afro Energy is planning work on ER38. Kinetiko says it is reviewing its Botswana project objectives, a change from earlier survey and drilling plans.
29 Sept 2016annual report● Neutral
Annual report for the year to 30 June 2016: loss of $919,478, down from $1,200,962 the year before. Directors unchanged, with principal activity coal bed methane exploration. Remaining content was truncated.
29 Sept 2016other● Neutral
Appendix 4G corporate governance checklist filed with the annual report, pointing to pages 54-63. Administrative, no new substance.
28 Sept 2016capital raising announcement● Neutral
Cleansing prospectus offering 2 shares at 2.5 cents (raising $0.05), issued only to remove trading restrictions on shares from the recent placement. It raises no meaningful money.
15 Sept 2016capital raising announcement● NeutralMajor
Placement raises $850,000 at 2.5 cents per share, a 29% discount to the 3.5 cent close, with a free 3-cent option per share expiring in 24 months. About $246k of loans and $230k of director fees are settled in shares and options, for a total cash benefit of about $1.326m.
17 Aug 2016other● Neutral
ASX lifts the voluntary suspension that began 24 February 2016, with trading resuming immediately after the IDC announcement.
17 Aug 2016material agreement termination▼ BadMajor
IDC's Executive Policy Committee declined on 2 June to fund the Amersfoort pilot, citing planned litigation against a Badimo stakeholder, after an equity term sheet signed 15 February. This ends the long-awaited funding. Kinetiko plans a placement or rights issue.
29 July 2016quarterly activities report● Neutral
June quarter report: PASA accepted Afro Energy's applications for two new exploration rights (12/3/320ER and 12/3/321ER) on 13 July. The 19-well ER56 plan and IDC funding talks are repeated; Kinetiko's interests are unchanged at 49% and 100%.
20 May 2016listing compliance notice▼ Bad
ASX queried the March quarter cash position: $132,000 cash, $105,000 quarterly operating outflow. Kinetiko says it awaits the IDC funding proposal, still optimistic though slower than expected, and plans a capital raising only after IDC is resolved.
29 Apr 2016quarterly activities report● Neutral
March quarter report: an IDC investment term sheet is developed and the IDC board's assessment is awaited. This is taking longer than expected, but Kinetiko remains optimistic. Repeats the 655.7 bcf resource upgrade; Amersfoort interest unchanged at 49%.
21 Apr 2016other▼ Bad
Suspension extended to on or before 5 May 2016. The company cites unexpected and additional delays and says negotiations over the last 10 months are understood to be complete, with advice of the decision and documentation awaited.
7 Apr 2016other▼ Bad
Voluntary suspension extended again, with the funding and capital raising announcement now expected on or before 20 April 2016. No new information beyond the delay.
24 Mar 2016other▼ Bad
Voluntary suspension extended again, pending the funding and capital raising announcement, now expected on or before 6 April 2016. No new information beyond the delay.
14 Mar 2016half year report▼ Bad
Half-year to 31 December 2015: operating loss $829,209, up from $515,927 a year earlier. Repeats IDC talks at an advanced stage, the bulk sampling permit, the Gigajoule MOC and planned wells. Directors are listed as joint acting managing directors.
9 Mar 2016other▼ Bad
The company asked for the voluntary suspension to continue, pending the project funding and capital raising announcement now expected on or before 23 March 2016. No new information beyond the delay.
23 Feb 2016other● NeutralMajor
At the company's request, shares were suspended from 24 February 2016 pending an announcement on project funding and capital raising. The company expected this to be released around 9 March 2016. Trading in the shares is frozen until then.
17 Feb 2016resource reserve update▲ GoodMajor
Gustavson's updated estimate lifts 56ER P50 (2C) contingent resources to 655.7 bcf. Gas in place P50 is up 28% (1,083.2 bcf), with the sandstone portion up 55%, on the 2012 estimate. It covers about 32% of the prospective geology across 56ER and 38ER.
29 Jan 2016quarterly activities report● Neutral
December quarter report: IDC negotiations are described as advanced and productive, with an outcome anticipated in February 2016. Other content repeats the bulk sampling permit, Gigajoule MOC and planned wells. Kinetiko's Amersfoort interest remains 49%.
30 Oct 2015quarterly activities report● Neutral
September quarter report mostly repeats earlier news: Amersfoort permit renewals, 8-well approval, bulk sampling permit, IDC interest, Gigajoule MOC and the $0.6m raising. First revenues are possible in the first half of 2016, with first reserves possible in 2016. No new results.
26 Oct 2015investor presentation● Neutral
Afro Energy presentation repeating known facts: 2.4 tcf GIIP, 1.5 tcf contingent, Gigajoule and IDC interest. Snapshot shows 184.3m shares, A$0.04 price, A$7.03m market cap, and cash of A$0.89m including the September placement. Lists Visage as CEO.
26 Oct 2015investor presentation● Neutral
Amended re-release of the same 26 October Afro Energy presentation. The visible text is identical to the original, so no new substance can be seen.
19 Oct 2015regulatory community update▲ GoodMajor
Regulators approved a further 8 wells near KA-03PT and renewed ER56 and ER38 for two more years at Amersfoort. Work is planned over six months from Q1 2016 to enable gas sales under the bulk sampling permit. IDC due diligence continues; funding is not yet committed.
1 Oct 2015annual report● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2015, pointing to pages 54-62 of the annual report. Administrative form with no business substance.
1 Oct 2015annual report● Neutral
Annual report for the year to 30 June 2015: loss of $1,200,962, down from $1,785,528 the year before. Principal activity is coal bed methane exploration. Text provided is truncated, so no further detail is available.
3 Sept 2015capital raising announcement● NeutralMajor
Kinetiko raised $584,400 through a placement at 3.5 cents, a 22% discount to the last close, issuing 16,697,138 shares. Funds go to partner negotiations, exploration and working capital. Chairman says the December 2014 raise lasted about 8 months.
What it means for a shareholder
16.7m new shares at about A$0.035 to raise about A$584,400. That's 9.1% dilution: every existing holder's slice gets 9.1% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.017% to 0.0155% of the company. To keep it you'd need 2,846 more shares - about A$100 at the issue price.
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