Past year: ▼ 55%(3.20c – 7.15c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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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.
30 Apr 2024quarterly activities report▼ Bad
March quarter: cash fell to $0.2m, with about $3.28m available including $1.71m in the IDC vehicle and no debt. Infin five-well drilling slips again to early Q3 2024; ER271 production right EIA now Q3 2024; ER320 now ER383, grant late Q1 2025.
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.
31 Jan 2024quarterly activities report▼ Bad
December quarter: about $3.92m available ($0.94m cash plus $1.66m in the IDC vehicle), no debt. Five-well Infin drilling slips to early Q2 2024. Core holes 270-02C and 270-09C showed gas but fell short of planned depth.
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 2023quarterly activities report● Neutral
September quarter: Afro Energy acquisition completed, no debt, about $3.89m available ($2.25m cash plus $1.64m in the IDC joint venture vehicle), down from about $5.5m at June. Restates reserves and the IDC term sheet.
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.
19 Oct 2023agm notice● Neutral
AGM set for 24 November 2023 in Perth, with director nominations closing 26 October 2023. Administrative notice only.
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.
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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.
