Past year: ▼ 55%(3.20c – 7.15c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Apr 2014drilling result● NeutralMajor
An external review found Amersfoort's gas has come mostly from sandstones, not coals, and the open-hole well design is sub-optimal. Two appraisal wells are planned from June 2014 and a 5-well pilot field concept. This reframes earlier flows; coals are not yet depressurised.
1 Apr 2014drilling scheduled● Neutral
Kinetiko commissioned a 3,555 line-km aeromagnetic survey over part of the Amersfoort project, to help site a planned pilot field of at least 5 linked wells. It is the second phase of the technical review; results are due by end April.
4 Nov 2013drilling spud▲ GoodMajor
Kinetiko spudded KV-04PT, the first pilot well on the southern Volksrust licence (38ER), replacing the planned northern KA-07PTR as the third well. Eleven core holes there show gas over 690km². Coal is deeper at 400-500m+, and higher pressures are expected.
23 Oct 2013drilling progress report● Neutral
Second pilot well KA-03PT2 was drilled to 458m on the northern licence, with pumping to start within five days. This follows the KA-06PT result. Three wells are still expected to be completed in early November, with 4-6 weeks of testing after.
2 Oct 2013drilling spud▲ Good
Kinetiko spudded KA-06PT, its sixth pilot well on the northern licence, and gas was encountered while drilling. Two further wells are to follow, all three by late October. Maiden reserves remain possible in Q1 2014.
20 Sept 2013drilling scheduled▲ Good
Drilling restarts on the northern licence (56ER), with three new pilot wells (KA-06PT, KA-03PT2, KA-07PT) due by December. This is a second test of the 332 Mscf/day KA-03 area. Talks continue with potential gas customers.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
