Past year: ▼ 55%(3.20c – 7.15c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Dec 2023other● Neutral
Chairman's year-end letter reviewing 2023: 11 core wells all hitting gas, maiden reserves, the IDC term sheet, the Afro Energy acquisition and board changes. Looks to five appraisal wells and ER320 in 2024. No new information.
28 Nov 2023director officer appointment● NeutralMajor
Robert Scharnell, a 30-year Chevron executive, was appointed non-executive director from 24 November 2023. Founding director Geoff Michael and Tom Fontaine left after the AGM, ending the pre-merger board's long tenure.
31 Oct 2023drilling scheduled● NeutralMajor
Infin Drilling has been awarded the contract for five appraisal production wells in southern ER271, now planned from mid-Q1 2024 (Feb 2024 per the CEO), later than the September 2023 start flagged earlier. Production right report is due late Q1 2024; ER320 grant is expected in Q4 2024.
29 Sept 2023other● Neutral
Appendix 4G corporate governance checklist filed with the annual report, pointing to the governance statement on the company website. Administrative filing with no new substance.
29 Sept 2023annual report● Neutral
Annual report for year to 30 June 2023. The excerpt shows a five-person board including new directors Bulder and Ncube (appointed 21 September 2023), with BDO as auditor. Financial figures are not in the text provided.
21 Sept 2023business combination▲ GoodMajor
Kinetiko completed buying the 51% of Afro Energy held by Badimo, issuing 495,482,590 shares, and now owns 100% of Afro Energy and the Amersfoort project. Badimo's Don Ncube and Rob Bulder join the board. Total shares are 1,348,268,334.
6 Sept 2023investor presentation● Neutral
Good Oil & Gas conference presentation repeating known facts: 6.0 TCF 2C resource, 6.4 BCF 2P reserve, IDC LNG joint venture (30% IDC/70% Kinetiko, about A$140m stage 1) and merger completion expected September 2023. Lists a 2024 timeline targeting first revenue.
6 Sept 2023capital raising announcement● Neutral
Clarifies the $6.5m Talent 10 raising (72,222,222 shares at 9c) and the steps to buy the rest of Afro Energy. Badimo holders will receive 495,482,590 adjusted consideration shares; completion is expected before 23 September 2023, giving 1.348bn shares.
What it means for a shareholder
72.2m new shares at A$0.090 to raise about A$6.5m. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held A$1,000 of shares (11,111 at the issue price), your slice goes from 0.00272% to 0.00231% of the company. To keep it you'd need 1,966 more shares - about A$177 at the issue price.
Create a free account to see this worked out for your own holding.
5 Sept 2023drilling result▲ Good
Six ER272 core holes near Sasol's Secunda plant showed net gas cuts of 101m to 166m, averaging 128m, at about 290m average depth. Wraps up the initial ER272 campaign; the company sees multiple large off-take opportunities.
4 Sept 2023capital raising announcement▲ GoodMajor
Talent 10 Holdings committed to fund $6.5m by taking 72,222,222 sell-down shares at 9c, satisfying the last condition to buy the remaining 51% of Afro Energy from Badimo. Completion is expected within weeks; post-merger shares about 1.348bn. Resolves the $6.5m raising thread.
22 Aug 2023joint venture update▲ GoodMajor
Afro Energy signed a non-binding term sheet with the IDC for a new LNG joint venture: a first 50MW-equivalent stage costing about A$138M, with IDC funding about A$52M for 30% and Afro 70%. Scaling to 500MW is intended. Off-take agreements are not yet in place.
22 Aug 2023other● Neutral
ASX said the suspension of Kinetiko securities will lift once the project update is released. Administrative notice only, ending the suspension that began 15 August.
21 Aug 2023other● Neutral
Kinetiko requested a further extension of its voluntary suspension to allow release of the maiden reserves and resources announcement, expected on 21 August trading. Administrative letter only.
21 Aug 2023resource reserve update▲ GoodMajor
Sproule certified maiden gas reserves of 3.1 BCF net (6.4 BCF gross, 2P) over a 6.8 km2, 30-well pilot field. Net 2C contingent resource rose about 20% to 3.0 TCF (6.0 TCF gross), plus 2.8 TCF net prospective. Figures are on Kinetiko's 49% interest in Afro Energy.
18 Aug 2023other● Neutral
Kinetiko asked to extend its voluntary suspension until the maiden reserves and resources announcement is released, now expected Monday 21 August, with a further project update to follow. Links the suspension to the long-awaited Sproule report.
17 Aug 2023other● Neutral
At the company's request, Kinetiko was moved from a trading pause into voluntary suspension pending a project update, expected by 18 August 2023.
15 Aug 2023other● Neutral
ASX paused trading in Kinetiko securities pending a further announcement. No reason is given in the notice itself.
18 July 2023drilling scheduled▲ Good
Core wells 272-03C and 272-04C were spudded in ER272. A drilling contract for five back-to-back appraisal/production wells west of Volksrust in ER271, under the IDC joint venture, is said to be imminent, with drilling from September 2023 to mid-Q1 2024.
6 July 2023drilling result▲ Good
Third and fourth ER272 core wells, 272-06C and 272-08C, logged 166m and 134m of gassy sandstone, the best so far in ER272. Two more wells are to spud next week; CEO says talks with potential off-takers will start soon.
20 June 2023investor presentation● Neutral
Sproule maiden reserve report, delayed since early 2023, is now expected before end of July 2023. Two more ER272 wells spudded; ER320 (2,383 km2) application to PASA expected mid-Q3. Cash over $5.1m at 30 June plus $1.3m IDC funds; says fully funded into 2024.
13 June 2023drilling result▲ Good
First two ER272 core wells near Sasol's Secunda refinery were completed, with logs showing 101m (272-01C) and 117m (272-02C) of gassy sandstone. Two more wells are due to spud this week, continuing the new-block campaign begun in May.
11 May 2023drilling result▲ Good
Core well 270-05C on ER270 showed 134.5m of gassy sandstone and coal desorption just under 12 m3/t and rising. This completes strong desorption results from all three ER270 holes drilled this year; the company now moves to ER272 near Sasol.
9 May 2023drilling spud▲ GoodMajor
Two rigs mobilised to ER272 near Sasol's Secunda refinery; first well 272-01C spudded 4 May. Core hole 270-05C finished at 597m with 134.5m of cumulative gas intersect, completing the three-hole ER270 campaign.
20 Apr 2023material agreement termination● NeutralMajor
Afro Energy terminated the proposed 50/50 Vutomi Energy gas-to-power JV because the terms sheet conditions were not met. With generation licences no longer needed up to 100MW, Kinetiko will buy its own pilot generator for Amersfoort. Reverses the earlier Vutomi plan.
5 Apr 2023joint venture update▲ GoodMajor
The IDC has advanced R16.3m of its R70m commitment to the Afro Energy joint venture, which has approvals in place. Afro has advanced R20m of its R85m share; field start is now late 2023 (earlier flagged for H1 2023). Total budget about R155m.
4 Apr 2023drilling result● Neutral
Re-release of the 4 April 270-03C results (153.5m gassy sandstone pay, desorption above 10 m3/t), with only minor formatting and punctuation changes. No new information.
4 Apr 2023drilling result▲ Good
Core well 270-03C logs show 153.5m of gassy sandstone pay, and one coal sample is above 10 m3/t and rising. It is the first hole with reservoir-quality sandstone in the deep Dwyka formation. Updates the earlier 112m minimum estimate.
29 Mar 2023drilling progress report▲ Good
Core well 270-05C, about 10km from the Lily Pipeline, hit gassy zones from 175m with strong visible gas below 220m, and was still coring below 350m. Final depth and gas content are not yet reported; all three ER270 holes have now found gas.
27 Mar 2023drilling spud▲ Good
Third ER270 core well, 270-05C, was spudded; a second coring rig is due late April, with tenders out for larger rigs for H2 drilling of at least nine ER271 wells. PASA renewed ER271 (about 1,288 km2) and work on a production right application has begun.
16 Mar 2023half year report● Neutral
Half-year to 31 December 2022: operating loss $1,581,798 (prior period $2,231,808). About A$8m was raised from South African investors, leaving over A$7m cash and no debt at start of 2023. Largely repeats known drilling and Badimo merger updates.
