Past year: ▼ 55%(3.20c – 7.15c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Mar 2025half year report● Neutral
Half-year to 31 December 2024: operating loss $3,838,763 (prior-year period $2,910,325). Cash $1.38m with no debt. The IDC joint venture began returning original funds (about $1.366m to Kinetiko on 19 December). ER383 approval is now expected by mid-2025.
11 Feb 2025well test result▲ GoodMajor
Second well 271-KV06PT reached 631m and has been flared. The company now says its first-well 'small sealed compartment' conclusion was incorrect, and suspects drilling may have created a temporary 'skin' blocking gas flow. A drilling optimisation study precedes continuing the program.
31 Dec 2024director officer appointment▼ BadMajor
Chairman's letter says CEO Nick de Blocq is stepping down at year end after three years, for personal reasons. Director Rob Bulder becomes Interim CEO; talks with permanent candidates are well advanced. Also recaps 2024 drilling and calls the first test well's result a geological anomaly.
23 Dec 2024admin correction● Neutral
Corrects two typographical errors in the 2024 annual report: capitalised exploration assets are $66,446,657, and non-controlling interest is +$87,853 rather than negative. A corrected report is attached. No change to operations.
6 Nov 2024admin correction● Neutral
After ASX discussions, Kinetiko reissued its 23 and 29 October announcements with added resource disclosures, including a 2.8 Tcf 1C contingent resource alongside the 6 Tcf 2C. Compliance wording only; no new results. Readers should use the revised versions.
29 Oct 2024drilling spud● Neutral
Second production test well 271-KV06PT spudded 24 October 2024, 41m from core hole KV-06C (86.5m gassy sandstone), near the Lily pipeline. Initial gas flow results are expected in November. Follows the disappointing first well; each well is to be flow-tested up to 90 days.
23 Oct 2024drilling result▼ BadMajor
First production test well 271-23PT reached 463m on 16 October 2024 but produced no commercial gas in a choke test, so no flow test followed. The company calls it a geological anomaly (a small, sealed compartment). Cost under A$500,000; rig moved to second well.
23 Oct 2024listing compliance notice● Neutral
ASX says the suspension will lift immediately after Kinetiko releases its drilling results announcement. Procedural; it follows the voluntary suspension requested on 21 October.
21 Oct 2024listing compliance notice● NeutralMajor
At the company's request, KKO was placed in voluntary suspension pending an announcement on drilling results at well 271-23PT, expected on or before 23 October 2024. Resolves the earlier trading pause's cause; the well result is awaited.
17 Oct 2024listing compliance notice● Neutral
ASX paused trading in KKO on 17 October 2024 pending a further announcement. No reason is given in the notice. Inference: it may relate to the first production test well 271-23PT, but the notice does not say so.
9 Oct 2024admin correction● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2024, lodged alongside the annual report. Statement is on the company website and approved by the board. Administrative, with no new information.
9 Oct 2024annual report● Neutral
2024 Annual Report publishes the same year's results and chairman's address, repeating known facts: 6.4 BCF maiden reserve, over 6 TCF 2C resource, IDC partnership and the May 2024 power demo. Nothing new in the visible text.
30 Sept 2024annual report● Neutral
Financial report for the year to 30 June 2024, with the Executive Chairman's address recapping the 6.4 BCF reserve, 6 TCF resource, seven core holes drilled and the May gas-to-power demo. The visible text gives no loss or cash figures.
30 Sept 2024drilling spud▲ GoodMajor
First production test well 271-23PT spudded on 27 September 2024, about 5km from Majuba power station. It starts the five-well program of up to 90-day flow tests; completion and first gas flow results are expected by early November 2024.
16 Sept 2024drilling scheduled● Neutral
Rig mobilisation has begun for production test well 271-23PT, with spud expected the week of 23 September 2024 and first gas flow results in October. Another small slip from the early September spud previously guided.
8 Aug 2024drilling result▲ Good
Core hole 270-11C reached 613.8m with 90m of gas-bearing sandstone, the 38th core hole, all with gas. It completes the 2022-24 ER270 core program and regulator work requirements, resolving the planned two extra ER270 core holes; focus now moves to the five production test wells.
1 Aug 2024drilling scheduled● Neutral
Site preparation has begun for the first of five production test wells; rig to mobilise late August with first well 271-23PT spudding in early September. The nine-month program flow-tests each well up to 90 days. Start slips from the earlier August target.
1 July 2024drilling result▲ Good
Core hole 270-12C, spudded 13 April 2024, reached 742.9m with 87.5m of gas-bearing sequences, in the southern ER270 area about 30km from 270-08C. Core hole 270-11C began 7 June; the five appraisal wells are expected to start within 4-6 weeks.
20 June 2024investor presentation● Neutral
June 2024 presentation repeating known facts: 6.0 TCF 2C resource, 6.4 BCF 2P reserve, 44 wells all with gas, and the May 2024 gas-to-power demo. Says the company is funded for the 2024 five-well flow testing; reserve and resource increase targeted for 2025.
18 June 2024capital raising announcement▲ GoodMajor
Final result: 84,266,769 shares issued at $0.06, raising about $5,056,006, 99.99% of the maximum, correcting the earlier 97% figure. Entitlements took 65.76m shares; directors placed 18.51m shortfall shares. No shortfall remains, resolving that open thread.
What it means for a shareholder
84.3m new shares at A$0.060 to raise about A$5.1m. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held A$1,000 of shares (16,667 at the issue price), your slice goes from 0.00408% to 0.00339% of the company. To keep it you'd need 3,441 more shares - about A$206 at the issue price.
Create a free account to see this worked out for your own holding.
12 June 2024capital raising announcement▲ Good
The rights issue closed on 11 June 2024 with applications of about A$4.9m before costs, roughly 97% of the maximum. The funds support a five-well appraisal program, with the first well due in August 2024 and completion expected in Q1 2025.
29 May 2024capital raising announcement● Neutral
Entitlement offer closing date extended to 11 June 2024 to give shareholders more time; shortfall applications still open. Shares to be issued 18 June. Administrative timetable change.
23 May 2024capital raising announcement● Neutral
Offer documents for the 1-for-16 entitlement offer at $0.06 were sent to eligible shareholders; offer opened 23 May 2024 and closes 3 June. Administrative step with no new terms.
17 May 2024capital raising announcement● NeutralMajor
Rights trading began on a renounceable entitlement offer of up to 84,266,771 shares, one for every 16 held, at $0.06 to raise up to about $5.06m. Offer closes 3 June 2024. A new raising at a lower price than the 9c of 2023.
What it means for a shareholder
84.3m new shares at A$0.060 to raise about A$5.1m. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held A$1,000 of shares (16,667 at the issue price), your slice goes from 0.00408% to 0.00339% of the company. To keep it you'd need 3,441 more shares - about A$206 at the issue price.
Create a free account to see this worked out for your own holding.
14 May 2024production update▲ GoodMajor
On 5 May 2024 gas from the Korhaan-1 well ran a 1.2MW generator for a 4-day trial with FFS Refiners; gas was about 99% methane. First onshore gas-to-power demonstration in South Africa; it supports plans for a roughly 30-well LNG cluster with the IDC. Demonstration only, not commercial sales.
11 Apr 2024auditor change● Neutral
BDO Audit Pty Ltd replaces BDO Audit (WA) Pty Ltd as auditor after BDO restructured its audit practice, with ASIC consent. Same firm group, so administrative; appointment to be confirmed at next AGM.
26 Mar 2024drilling result▲ GoodMajor
Core hole 270-08C reached 745m, the company's deepest, hitting granitic basement; logs show 137.5m of gassy sandstone pay over 1m thick. Coal desorption is 3-5 m³/tonne. This is a clean success after the two short ER270 holes; two more ER270 core holes planned Q2 2024.
14 Mar 2024half year report▼ Bad
Half-year to 31 December 2023: operating loss $2,910,325, versus $1,581,798 a year earlier. Report restates ER272 results (gas cuts 101-166m) and the short ER270 holes 270-02C and 270-09C.
7 Mar 2024drilling progress report▲ Good
Core hole 270-08C, spudded 22 January 2024, is below 600m (TD expected about 700m) with gassy sandstones and coals; coal gas content is 2-4 m³/tonne. Continues ER270 coring after earlier short holes; two more ER270 core wells planned in 2024.
6 Mar 2024investor presentation● Neutral
UK conference presentation repeating known facts: 6.0 TCF 2C resource, 6.4 BCF 2P reserve, IDC LNG term sheet. Five appraisal wells now start Q2 2024; ER271 production right is seen priming first revenue in 2025. Mentions a potential UK listing.
