Past year: ▼ 55%(3.20c – 7.15c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Apr 2013drilling result● Neutral
All nine southern (Volksrust) core holes show gas, averaging 610 m deep. A five-well pilot program is planned there from mid Q2. Badimo's 51% cash calls remain unpaid; Kinetiko says it is funded to January 2014 if Badimo pays. A $3.4m JV program is planned.
21 Mar 2013flow test result▲ GoodMajor
First pilot well KA-03PT flowed a stabilised 332 Mscf/day at 25 psi of well head pressure, with dry gas above 95% methane and minimal water. Sandstones gave most of the gas. The JV now targets initial 3P/2P reserves by mid-2013, slipping from April.
15 Mar 2013half year report● Neutral
Half-year to 31 December 2012 shows an operating loss of $643,503, up from $455,468 a year earlier. The report repeats the pilot well and reserves-in-April outlook already announced; no new operating results.
14 Mar 2013investor presentation● Neutral
Presentation at the PPR investor forum repeats known facts: 2.4 tcf gas in place, 1.5 tcf contingent resource, 17 core holes, and an April reserves goal. It claims gas in place has risen 588% since IPO, from 1.7 to 11.7 tcf, including the TCP prospective resource.
12 Mar 2013regulatory community update● Neutral
Kinetiko restates its 15,707 km² potential area: four granted TCPs plus two TCP applications accepted by the regulator (14,106 km² in total). Certified flow rates are due within 10 days and initial 3P/2P reserves still aimed for April. It also says it aims to apply for exploration rights by mid-year.
28 Feb 2013price query● Neutral
ASX queried a rise from 22.5c to an intraday high of 33.5c. Kinetiko said it knew of no undisclosed information, pointing only to a favourable unsolicited West Australian article on 27 February, and confirmed Listing Rule 3.1 compliance.
26 Feb 2013investor presentation● Neutral
Announcement links to a radio interview with the Managing Director giving an Amersfoort update. No new figures in the announcement itself; it restates the 15,707 km² potential area and 2.4 tcf gas in place.
18 Feb 2013drilling progress report● Neutral
Flow testing of first pilot well KA-03PT begins, with certified gas and water rates due mid-March. A third pilot well (KA-05PT) reached 344 m. The Badimo/Kinetiko JV still aims to book initial 3P/2P reserves in April. Nine southern core holes are due by April.
31 Jan 2013quarterly activities report● Neutral
December quarter: both pilot wells encountered significant gas, with flow testing continuing; 17 exploration holes drilled to date. Reserves are now targeted by April, slipping from Q1. Cash about $4m. Sixth TCP applied for.
24 Jan 2013regulatory community update▲ Good
The regulator accepted a sixth TCP application, 3,823 km² east of Amersfoort, at 100% Kinetiko. Potential exploration area, applied for and granted, rises to 15,707 km². First two pilot wells are complete and being prepared for further flow testing.
18 Jan 2013drilling progress report● Neutral
Drilling resumed after the holiday break. Gas flow data goes to Gustavson by mid March, with 3P/2P reserves hoped for by April, later than the earlier Q1 2013 target. Six Volksrust core holes are done, with nine expected by early April.
17 Dec 2012capital raising announcement● NeutralMajor
Kinetiko completed a placement raising about $3m at 18.0 cents per share, a 10.5% discount to the 5-day VWAP, issuing about 16.5 million shares. Proceeds will fund pilot and core hole drilling at Amersfoort, structural studies, preliminary appraisal of its TCPs and working capital.
What it means for a shareholder
16.5m new shares at about A$0.1818 to raise about A$3.0m. That's 21% dilution: every existing holder's slice gets 21% smaller. If you held A$1,000 of shares (5,500 at the issue price), your slice goes from 0.00906% to 0.00712% of the company. To keep it you'd need 1,495 more shares - about A$272 at the issue price.
Create a free account to see this worked out for your own holding.
12 Dec 2012flow test result▲ GoodMajor
Second pilot well (KA-10PTR) was drilled to 440 m and flared gas above 308 m. Company says preliminary flows exceed expectations, with flow tests to confirm over coming weeks. Similar results 8 km apart are described as very positive for commerciality; this is not yet a measured rate.
30 Nov 2012drilling spud● Neutral
Second pilot well (KA-10PT) spudded about 8 km from the first, to give more data on a potential gas field. First well's Stage 1 flow testing is under way, with data over two weeks; Stage 2 due by end January.
23 Nov 2012flow test result▲ GoodMajor
Replacement first pilot well (KA-03PTR) reached 250 m and flared substantial spontaneous gas from shallow sandstone. The company says pressures and flows exceed expectations, but this is preliminary until flow equipment is installed. Stage 2 will deepen to about 370 m.
14 Nov 2012drilling result▲ Good
Volksrust hole KV-05 gave the gassiest coal core to date, and all holes so far show encouraging gas. Three of eight planned holes are complete, two nearly so; finishing Q1 2013. Pilot results are due Q1 2013, with reserves targeted Q2 2013.
8 Nov 2012drilling progress report▼ Bad
The first pilot well was abandoned after casing and cementing because of drilling difficulties the company attributes to the crew adopting new rig procedures. A new well will be spudded nearby. Gas tests now expected by end November, a setback to the earlier timetable.
1 Nov 2012drilling spud▲ GoodMajor
First Amersfoort pilot production well (KA-03) spudded, planned under 450 m deep, with flow rates and recoverability expected within 4-6 weeks. The rig will do three wells on the northern licence by early 2013. Reserves still aimed for early 2013.
30 Oct 2012quarterly activities report● Neutral
September quarter report recaps the 41% Amersfoort upgrade to 2.4 tcf gas in place, a second exploration rig, and the first pilot well ready to spud. Reserves still targeted Q1 2013, though the 30 Oct 1 Nov-era October update had said Q2. Cash about $3.1m.
26 Oct 2012drilling progress report▲ Good
Volksrust drilling shows widespread gas in coals and sandstones; three of eight planned holes are complete, with two more under way and an average depth of about 600 m. The pilot rig is due to spud shortly. Reserves target slips to Q2 2013 from Q1.
25 Oct 2012annual report● Neutral
Re-lodged 2012 annual report with the same content as the 25 September version, including the Chairman's address and board. The Chairman's wording is slightly softened to 'one of the largest' CBM explorers in South Africa.
25 Sept 2012annual report● Neutral
First annual report, year to 30 June 2012. The Chairman recaps the year: 2.4 tcf at Amersfoort, four TCPs granted, Volksrust renewed. Board and auditor are unchanged. The text shown carries no financial figures.
10 Sept 2012investor presentation● Neutral
September 2012 presentation repeating known facts: 2.4 tcf at Amersfoort, 9.3 tcf on the TCPs, and a 588% rise in gas in place since IPO to 11.7 tcf. Lists 2013 targets including pilot well assessment and reserves booking. No new results.
3 Sept 2012regulatory community update▲ GoodMajor
The regulator approved the Amersfoort pilot production well programme, resolving the open approval thread. Drilling is due to start end September and finish February 2013, aiming for reserves by Q1 2013. A second core rig is added at Volksrust.
13 Aug 2012resource reserve update▲ GoodMajor
Gustavson raised Amersfoort gas in place from 1.7 to 2.4 tcf (P50, +41%) and contingent resource from 1.1 to 1.5 tcf (+36%). The gain comes from shallow sandstone gas found in all ten holes, flagged earlier as upside. Pilot wells are planned for September, with reserves hoped for early 2013.
30 July 2012quarterly activities report● Neutral
June quarter: ten Amersfoort holes completed, Volksrust drilling of up to 12 holes started in July, four TCPs granted. Pilot well equipment bought cheaper than expected, approval expected August. Funding is now stated as 12 months, down from 14 in June.
10 July 2012regulatory community update▲ Good
Kinetiko applied for a fifth TCP covering 2,394 km² west of Amersfoort, 100% owned. Potential exploration area rises to 18,992 km², of which 11,906 km² is granted. The Amersfoort resource review is now due by August, slipping from the earlier 4-6 weeks.
28 June 2012investor presentation● Neutral
Conference presentation by the Managing Director repeating known points: 1.7 tcf at Amersfoort, 9.3 tcf on the TCPs, ten holes drilled, pilot wells by September 2012. States $5m cash and funding for 14 months. No new results.
12 June 2012regulatory community update▲ GoodMajor
All four TCP applications were granted, covering 7,911 km² at 100% Kinetiko. Gustavson estimated P50 prospective gas in place at 9.3 tcf using a more conservative method, below May's 10.7 tcf estimate for three areas.
1 June 2012regulatory community update● NeutralMajor
The Volksrust (38ER) exploration right was renewed, but 20% of the area was relinquished, cutting the combined Amersfoort and Volksrust area to 1,601 km² from 1,874 km². Drilling there is due in June, pilot wells from August. Funding stated as at least 14 months.
