Past year: ▼ 55%(3.20c – 7.15c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
15 Mar 2023listing compliance notice▼ BadMajor
ASX refused the waiver to extend the Badimo share-issue deadline to 30 June 2023. The Restructure still proceeds, but shareholders must vote again on a new notice of meeting with an updated independent expert report. Resolves the 1 March waiver request negatively; delays the deal.
14 Mar 2023drilling result▲ Good
Core hole 270-03C, the second on ER270, finished at 605m TD with at least 112m of gas-bearing sequences; logs and desorption tests are still underway. The coring rig now moves to 270-05C. Follows the 22 February report of gassy zones.
2 Mar 2023material agreement▲ GoodMajor
Non-binding MOU with FFS Refiners, a South African industrial fuels supplier, toward a binding gas supply agreement within 6 months. It plans a proof-of-concept trial in southern ER271 to supply gas for LNG. FFS aims to make LNG from other sources in 2024. Second off-take-type partner after Gruner.
2 Mar 2023investor presentation● Neutral
Announces CEO Nick de Blocq will present at the ShareCafe Small Cap Hidden Gems webinar on 3 March 2023. Notice of an event only, with no new operational or financial information.
1 Mar 2023listing compliance notice▼ BadMajor
Kinetiko missed the 28 February 2023 deadline to issue Badimo transaction shares because the $6.5m Capital Raising is not complete. It has asked ASX for a waiver extending the deadline to 30 June 2023; otherwise shareholders must vote again. Delays the Badimo deal.
22 Feb 2023drilling progress report▲ Good
Core hole 270-03C, near the Lily Pipeline, hit significant gassy zones from beyond 300m, with strong visible gas at 380-390m. It was coring below 460m after a thick dolerite sill to 290m. Final depth and gas content are not yet reported.
20 Feb 2023regulatory community update▲ GoodMajor
South Africa's petroleum regulator PASA renewed Exploration Rights 270 and 272 for two years, covering about 3,135 km2. They are the first of up to three possible renewals. The company intends to apply for 30-year production rights over them in the near future.
16 Feb 2023material agreement▲ GoodMajor
Non-binding letter of intent with Gruner Energy to co-fund a proof-of-concept gas production trial in southern ER271, with Gruner buying the gas. A binding supply agreement is targeted within 6 months. It is the first off-take-type partner, but not yet signed commercially.
9 Feb 2023drilling result▲ GoodMajor
Wireline logs for 270-06C show 147m of gassy sandstone pay, more than the 131m at Majuba. Desorption is nearly 7 m³/t and rising. Gas-bearing geology now extends about 64km south of Majuba, supporting a roughly 125km potential gas fairway.
30 Jan 2023drilling spud▲ Good
Core well 270-03C was spudded 24 January, the second on ER270, about 10km north of 270-06C and 2km from the Lily Pipeline. Majuba hole 271-23C desorption reached a peak of 13 m³/t, above the 11 m³/t reported earlier.
22 Dec 2022other● Neutral
Executive Chairman's year-end letter recaps 2022 drilling and says the company starts 2023 with over A$7m cash and no debt. It says the Sproule maiden reserves report is delayed to early 2023, pending the generator and new core results.
16 Dec 2022capital raising announcement▲ GoodMajor
Phefo Power exercised its option, raising A$2.95m at 9c a share through 32,802,220 new shares. This follows its A$5m October placement. Funds are for accelerated exploration; the option was for R35m (earlier noted as R30m).
What it means for a shareholder
32.8m new shares at about A$0.0899 to raise about A$3.0m. That's 7.4% dilution: every existing holder's slice gets 7.4% smaller. If you held A$1,000 of shares (11,119 at the issue price), your slice goes from 0.00272% to 0.00252% of the company. To keep it you'd need 894 more shares - about A$80 at the issue price.
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16 Dec 2022other● Neutral
Updated corporate governance statement, current as at 30 September 2022, setting out how the board follows ASX governance recommendations. Administrative re-lodgement with no new operational or financial information.
15 Dec 2022drilling result▲ Good
Core hole 270-06C, the first on ER270, finished at 545m after being spudded 3 November. Logging is done and gas desorption tests are awaited. It sits about 60km south of the Majuba hole 271-23C; preliminary logs are described as encouraging.
2 Dec 2022business combination▲ GoodMajor
Shareholders approved buying the remaining 51% of Afro Energy from Badimo for 567.7m shares, giving 100% of the exploration rights; earlier text said 597.7m. A $6.5m sell-down of consideration shares, at 7.5c to 15c, funds completion by 30 March 2023. Ncube and Bulder to join the board.
30 Nov 2022drilling result▲ GoodMajor
Majuba core hole 271-23C desorbed over 11 m³/tonne, a project record, with 131.5m of sandstone pay and six coal seams. Hole 270-06C, below 445m, has gassy zones about 30km beyond earlier southern discoveries, extending the known gas area.
14 Nov 2022investor presentation● Neutral
November presentation restates the 4.9 Tcf 2C resource, the merger vote on 30 November and Sproule's report due November. Shows 740.7m shares and $5.4m cash at 1 November. Says Vutomi equipment arrives Q1 2023, later than earlier stated.
8 Nov 2022drilling spud● Neutral
Core well 270-06C spudded 3 November, the first hole on ER270, targeting deeper sandstone and coal beyond 500m. It is the second of the seven planned core holes and tests the theory of higher pressures to the south.
2 Nov 2022drilling result▲ GoodMajor
Core hole 271-23C near Majuba finished at 478m with 247m of gas-bearing rock below a dolerite cap; desorption gas content already up to 9 m³/tonne. Next hole, 270-06C, is the first on ER270 to the south.
13 Oct 2022drilling progress report▲ Good
Core hole KV-14C, renamed 271-23C, intersected strong gassy geology and was below 320m. Merger meeting documents were lodged with the vote set for late November, and Sproule's maiden reserves report remained on schedule within six weeks.
10 Oct 2022other● Neutral
ASX notice that Kinetiko's suspension ends once its capital raising announcement is released. Administrative; trading resumed 10 October.
10 Oct 2022capital raising announcement▲ GoodMajor
Kinetiko raised A$5m through a placement of 56.6m shares at 9c (3.2% below last close) from Phefo Power, already a shareholder since April. Phefo also gets an option over R30m of shares at 9c or higher, expiring 28 February 2023. Resolves the suspension.
What it means for a shareholder
56.6m new shares at A$0.090 to raise about A$5.0m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (11,111 at the issue price), your slice goes from 0.00272% to 0.00239% of the company. To keep it you'd need 1,541 more shares - about A$139 at the issue price.
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3 Oct 2022other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report; the governance statement is on the company website and dated 30 September 2022. Administrative filing with no new information.
3 Oct 2022other● Neutral
Kinetiko requested a voluntary suspension, replacing the 30 September trading pause, pending a capital raising announcement, lasting until the announcement or 10 October at the latest. This explains the earlier pause: a raising was coming.
3 Oct 2022annual report▼ Bad
Annual report for the year to 30 June 2022 shows a loss of $5,818,849, up from $1,704,899 the year before. Only the opening pages were readable; no other figures or operational detail are available here.
30 Sept 2022other● NeutralMajor
ASX paused trading in Kinetiko securities pending a further announcement. No reason is given in the notice.
26 Sept 2022drilling spud● Neutral
Core hole KV-14C spudded on 21 September 2022 near Majuba power station, targeting about 450m depth. It is the first of seven core holes planned over the next 4-5 months.
12 Sept 2022drilling scheduled▲ Good
Drill rig mobilised for core hole KV-14C, within 5 km of Eskom's Majuba power station, starting 19 September. At least six more core holes are planned by year end across ER272 and ER270. Restarts the exploration program.
1 Sept 2022investor presentation● Neutral
September 2022 presentation repeats known facts: 4.9 Tcf 2C resource, Sproule reserves report due October, Vutomi power, IDC joint venture. Shows 684m shares, $1.3m cash at 30 June, and 1.31 billion shares after the Badimo merger. No new announcements.
15 Aug 2022joint venture update▲ GoodMajor
Sproule engaged for maiden gas reserve certification, due by end of October 2022. Korhaan-3 and -4 described as commercial rates, Korhaan-5 sub-commercial. Vutomi generator due on site in early Q4; Eskom licences issued. Core drilling restarts in September.
