15 Aug 2023other● Neutral
ASX paused trading in Kinetiko securities pending a further announcement. No reason is given in the notice itself.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 July 2023quarterly activities report● Neutral
June quarter: about $5.5m available ($3.5m cash plus $2m in the IDC joint venture vehicle), no debt. ER272 cores averaged 130m gassy cut. Shareholders have re-approved the Afro Energy restructure; ER320 public meetings are set for August.
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.
28 Apr 2023quarterly activities report● Neutral
March quarter report: cash of $4.642m at 31 March, plus $3.046m held in the IDC joint venture vehicle. Repeats the IDC funding, FFS and Gruner off-take deals, and drilling results. The Badimo restructure needs a new shareholder meeting.
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.
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.
31 Jan 2023quarterly activities report● Neutral
December quarter report: about A$8m raised from South African investors, led by Phefo, leaving over A$7m cash and no debt. 89.4m shares were issued at 9c. Repeats the 271-23C and 270-06C results; Badimo merger still pending.
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.
Create a free account to see this worked out for your own holding.
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.