Past year: ▼ 55%(3.20c – 7.15c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Aug 2015joint venture update▲ Good
The Development Bank of Southern Africa gave a non-binding expression of interest to fund project preparation for Amersfoort, subject to conditions and due diligence. A second state lender after the IDC; no funding is committed.
20 Aug 2015material agreement▲ Good
Afro Energy signed a non-binding memorandum of cooperation with gas distributor Gigajoule to study supplying gas from ER56. A pre-feasibility study is intended to lead to a gas sales agreement if positive. No price or volume stated.
4 Aug 2015regulatory community update▲ GoodMajor
South Africa's mineral resources department permitted Kinetiko and Badimo to remove and sell up to 500 mmscf of gas a year for 2 years from ER56 and ER38. At an assumed US$8/GJ, the company estimates about US$8m of revenue if fully produced and sold. It is a first of its kind in South Africa.
31 July 2015quarterly activities report● Neutral
June quarter report repeats the IDC funding interest, agreed work program, hoped-for first revenues within 6 months and reserves in 2016. Botswana unchanged at 100%. No new results.
28 July 2015joint venture update▲ GoodMajor
Afro Energy received a non-binding funding interest letter from South Africa's state-owned Industrial Development Corporation. An agreed work program of well clusters and a gas terminal could allow first revenues within 6 months and maiden reserves in 2016. This is not yet committed funding.
30 Apr 2015quarterly activities report● Neutral
March quarter report mainly repeats the 21 April Badimo settlement and the Afro Energy structure. A pilot drilling program is the next aim. Botswana geophysical surveys are targeted for later in 2015. No new operating results.
21 Apr 2015joint venture update● NeutralMajor
Kinetiko and Badimo settled all disputes, including the cash calls. Kinetiko's application to take Badimo's 51% was withdrawn and the 2010 farm-out terminated. Amersfoort will move into a new JV, Afro Energy, owned 51% Badimo and 49% Kinetiko, so Kinetiko stays at 49%.
13 Mar 2015half year report● Neutral
Half-year to 31 December 2014: operating loss $515,927, down from $918,295 a year earlier. Repeats the Visagie CEO plan, the pending Badimo transfer, BEE partner talks and the $550,000 note raise.
5 Mar 2015admin correction● Neutral
Administrative notice: the share registry moves to Automic Registry Services from 23 March 2015. No business substance.
5 Mar 2015investor presentation● Neutral
Presentation repeating known facts: 139m shares, 19.25m notes, cash A$752k at 31 Dec 2014, no debt, market cap A$4.11m. Targets a strategic partner deal in Q1 2015 and maiden reserves mid 2015 (previously mid 2014).
30 Jan 2015quarterly activities report● Neutral
December quarter: repeats the Botswana licences, $550,000 convertible note raise and ongoing BEE partner talks. Interval test wells now planned for 2015, slipping from end 2014. The White Rivers MOU has lapsed. The Badimo transfer is still with the Minister for Mines.
6 Jan 2015capital raising announcement● NeutralMajor
Kinetiko raised $550,000 via convertible notes from sophisticated investors including directors, at 12% interest, converting at $0.03 per share (19.25m shares if fully converted). Funds keep tenements in good standing and provide working capital; conversion needs shareholder approval. Note text gives a 24 May 2014 maturity, likely a typo (inference).
20 Nov 2014asset acquisition disposition▲ GoodMajor
Kinetiko was granted 12 prospecting gas licences covering 7,093 km² in Botswana's Karoo Kalahari Basin, 100% owned, with an initial two-year term. This resolves the May 2013 application and will follow the Amersfoort exploration approach.
31 Oct 2014quarterly activities report▼ Bad
September quarter: cash is $0.374m, down from $1.21m in March. Repeats the CEO appointment, the pending Badimo transfer and BEE partner talks. Two interval test wells are planned before end 2014, with up to 5 months testing. Funding looks tight (inference).
22 Oct 2014director officer appointment▲ GoodMajor
Johan Visagie, already consulting as project manager, will become CEO by end of March quarter 2015, ending the interim joint-MD arrangement. The Badimo 51% transfer has gone to the Minister for Mines. Kinetiko holds 49% and is in advanced talks with several BEE energy companies.
1 Oct 2014annual report● Neutral
Annual report for the year to 30 June 2014. It lists Andrew Lambert as resigned 2 May 2014; Searle and Michael are co-managing directors. The extracted text shows no financial figures.
7 Aug 2014quarterly activities report● Neutral
Re-release of the June quarter report, adding a categorised resource statement in an appendix to the 2.4 tcf GIP and 1.5 tcf contingent resource figures. No new operating information.
31 July 2014quarterly activities report● Neutral
June quarter: aeromagnetic interpretation is complete and a two-well interval test program is being engineered, now expected to start by October. Repeats the Badimo withdrawal notice and Standard Bank mandate. The 100% transfer still needs regulatory approval.
5 June 2014other● Neutral
ASX lifted the trading suspension immediately after Kinetiko's 5 June announcement on Amersfoort, the Standard Bank mandate and the survey results. Administrative notice only.
5 June 2014joint venture update▲ GoodMajor
Kinetiko issued Badimo a withdrawal notice after about A$1.4m of unpaid cash calls, deemed to transfer Badimo's 51% of Amersfoort to Kinetiko, giving 100% once regulators approve. Badimo may contest. Also: a strong aeromagnetic result and a Standard Bank advisory mandate.
2 June 2014other● Neutral
Kinetiko extended the voluntary suspension again, pending the Badimo Gas joint venture announcement, now expected 4 June. No new substance.
23 May 2014other● Neutral
Kinetiko extended the voluntary suspension, still pending the announcement on the Badimo Gas joint venture, now expected 30 May. No new substance.
20 May 2014other● Neutral
ASX suspended Kinetiko's shares at the company's request on 20 May, pending an announcement. Administrative notice only.
20 May 2014other● Neutral
Kinetiko requested voluntary suspension, after a 16 May trading halt, pending an announcement on the status of its joint venture agreement with Badimo Gas, expected 23 May.
30 Apr 2014quarterly activities report● Neutral
March quarter: cash $1.21m, down from $1.792m at December. The external review is summarised, the aeromagnetic survey was flown 8-17 April, and JJC Exploration Products was appointed as South African consultants. A two-well test program is planned for the June quarter.
17 Apr 2014other● Neutral
Ord Minnett has started broker research coverage of Kinetiko, following Argonaut's in November 2013. The announcement gives no rating or valuation, only contact details for the report.
4 Apr 2014drilling result● NeutralMajor
An external review found Amersfoort's gas has come mostly from sandstones, not coals, and the open-hole well design is sub-optimal. Two appraisal wells are planned from June 2014 and a 5-well pilot field concept. This reframes earlier flows; coals are not yet depressurised.
1 Apr 2014drilling scheduled● Neutral
Kinetiko commissioned a 3,555 line-km aeromagnetic survey over part of the Amersfoort project, to help site a planned pilot field of at least 5 linked wells. It is the second phase of the technical review; results are due by end April.
27 Mar 2014other▲ Good
Kinetiko engaged a four-person South African oil and gas management team, including Johan Visagie, to run operations across Africa, reporting to the board. It completes the first of three phases of a technical review of well design and siting.
14 Mar 2014half year report● Neutral
Half-year to 31 December 2013: operating loss $918,295 against $643,503 a year earlier. About $2.4m cash by early February, including $1.2m receivables. A technical review is due April 2014, ahead of work overs and Phase 3 pilot drilling.
