Past year: ▼ 55%(3.20c – 7.15c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 May 2012resource reserve update▲ GoodMajor
Gustavson estimates the three permit applications (6,150 km², still pending) hold 10.7 tcf gas in place and 6.9 tcf contingent resource at P50. This is on top of Amersfoort. It relies on regional data and assumptions rather than drilling on those areas, and permits are not yet granted.
27 Apr 2012quarterly activities report▲ Good
March quarter: eight Phase 1 holes completed and two more due in May. The 1.12 tcf contingent resource was supported, and the fourth permit application was accepted. Up to eight pilot wells are planned from July 2012. Largely repeats the 26 April update.
27 Apr 2012other● Neutral
Administrative notice that 150,000 fully paid shares will be released from escrow on 16 May 2012. No new information.
26 Apr 2012drilling scheduled▲ GoodMajor
After strong early gas results, Phase 1 at Amersfoort expands by two holes, and pilot production wells rise to up to eight, starting July 2012 subject to approval. Volksrust drilling is due to begin in May. Company says it is funded for at least 16 months.
27 Mar 2012other● Neutral
Administrative notice that 1,950,000 fully paid shares will be released from escrow on 11 April 2012. No new operational or financial information.
16 Mar 2012half year report● Neutral
Half-year to 31 December 2011: operating loss of $455,468, against $493,468 a year earlier. Seven of eight Phase 1 holes are completed, and the program is on schedule and under budget. Repeats the 1.12 tcf contingent resource and 16,998 km² potential area.
7 Mar 2012investor presentation● Neutral
March 2012 presentation repeating known points: 1.12 tcf contingent resource, possible conventional gas, and the expanded land position. It states over $6 million cash funds 18 months of work. Shares on issue 110 million, market cap about $20 million at 18 cents.
1 Mar 2012regulatory community update▲ Good
PASA accepted a fourth permit application covering 363 km², linking the two existing exploration rights. Potential area rises to 16,998 km² if all are granted. Decision is due within 6 months. Five Phase 1 holes are complete.
6 Feb 2012resource reserve update▲ GoodMajor
Gustavson reviewed early desorption data from three holes and supports a P50 Contingent Resource of 1.12 tcf at Amersfoort, which the company calls a confirmed discovery. Logs suggest possible conventional gas, which is not in that figure. This confirms the earlier estimate rather than raising it.
31 Jan 2012quarterly activities report▲ Good
December quarter: 4 holes completed, one abandoned, and gas flows from 2 of the completed holes. Logging suggests shallow conventional gas above the coals. A second 8-hole program on 38ER awaits licence renewal (expected May 2012). Potential area is 16,635 km².
8 Dec 2011drilling progress report▲ GoodMajor
Hole KA-06 (366 m) is spontaneously emitting high volumes of methane, and other holes also show gas. The 8-hole program on 56ER is 60% done. Permeability test wells are planned for mid-2012. This builds on the early gas shows from the first hole.
6 Dec 2011other● Neutral
Administrative notice that 2,600,000 fully paid shares will be released from escrow on 23 December 2011. No new operational or financial information.
29 Nov 2011investor presentation● Neutral
AGM presentation, apparently the same slides as the November broker presentation: over $7 million cash to fund 18 months of work, a 49% Amersfoort interest, and pending permit applications. No new information.
29 Nov 2011material agreement▲ GoodMajor
Kinetiko signed an MOU with JV partner Badimo Gas giving it a first right to develop Badimo's exploration right applications over about 7,086 km². If all applications are granted, Kinetiko's potential area totals 16,635 km². Badimo's applications are still being negotiated with PASA.
22 Nov 2011investor presentation● Neutral
Broker presentation repeating known facts: 1.7 tcf gas in place, 49% Kinetiko interest and the permit applications. It states over $7 million cash is expected to fund the work program for 18 months. Kinetiko must spend the first ZAR26 million on exploration.
31 Oct 2011drilling result▲ GoodMajor
The first Amersfoort hole was completed at 425.7 m, with visible gas bubbles from carbonaceous mudstones. Core samples are in desorption testing, so no gas volumes yet. A second rig has started the third hole. The company calls it an early positive step.
31 Oct 2011quarterly activities report● Neutral
September quarter report: core drilling and field gas testing have started at Amersfoort, with the 8-hole phase due to finish by early December 2011. It repeats the permit applications and expects independently verified gas results by March 2012.
31 Oct 2011annual report● Neutral
Annual report for the period to 30 June 2011, covering the first period since incorporation. The provided text shows directors' biographies and no financial figures, so nothing new beyond the earlier statutory accounts.
24 Oct 2011regulatory community update▲ Good
PASA accepted a third permit application covering 1,888 km², lifting Kinetiko's potential total area to 9,549 km² if all are granted. Decisions on all three applications are still pending within 3-6 months.
7 Oct 2011regulatory community update▲ Good
PASA accepted a second permit application covering 1,458 km² north of Amersfoort, and the first area was revised up to 4,329 km². If all are granted, the total reaches 7,661 km². Drilling began 27 September.
27 Sept 2011annual report● Neutral
Statutory accounts for the period from incorporation on 25 January 2010 to 30 June 2011, Kinetiko's first financial report. The text provided covers directors' details only, with no financial figures.
27 Sept 2011regulatory community update▲ GoodMajor
PASA accepted Kinetiko's application for a Technical Commercial Permit over about 4,200 km² south of Amersfoort, with a decision due in 3-6 months. If granted, it gives exclusive rights to apply for an exploration right. This starts a land-growth strategy.
23 Sept 2011regulatory community update▲ Good
South Africa's petroleum regulator PASA approved the drilling environmental plan, and drilling starts 27 September, finishing around early December. Gas desorption results are expected by end-February 2012. Kinetiko holds 49% of the Amersfoort licences, and Gustavson estimated gas in place of 1.7 tcf.
20 Sept 2011contract award▲ Good
Kinetiko awarded the Amersfoort drilling contract to Earth Resources for at least 8 diamond core boreholes, with 12 sites finalised. Ten land access agreements are now signed. This follows the August update on tenders.
24 Aug 2011drilling scheduled▲ Good
Kinetiko says its IPO closed oversubscribed at the $10 million maximum, and it was listed on 19 July 2011. Drill sites for the first program in the Amersfoort JV with Badimo are chosen, six land access agreements are signed, and drilling is expected from September.
15 June 2011capital raising announcement● NeutralMajor
Kinetiko's IPO prospectus offers up to 40 million shares at 20 cents to raise $8 million, with up to $2 million more in oversubscriptions. It is a coal bed methane explorer, and the prospectus calls the investment speculative.
What it means for a shareholder
40.0m new shares at A$0.200 to raise about A$8.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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