Past year: ▼ 55%(3.20c – 7.15c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Oct 2022quarterly activities report● Neutral
September quarter report restates the A$5m Phefo placement, the 271-23C core hole and the Badimo merger vote planned for late November. No new results. Cash figures not shown in the readable text.
26 Oct 2022agm notice● Neutral
Annual general meeting set for 30 November 2022 in Perth; director nominations close 2 November. Administrative notice.
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.
Create a free account to see this worked out for your own holding.
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.
29 July 2022quarterly activities report● Neutral
June quarter: Korhaan flow results, IDC joint development agreement and Phefo subscription reported. Rights issue raised $2.1m so far with shortfall open. Badimo merger conditions are complete, awaiting the independent expert report for the notice of meeting, with completion expected in Q3.
4 July 2022well test result▲ Good
Korhaan-4 achieved a stable 40,000 scf/day over three days, and 91,000 scf/day over 12 hours after the pump was removed. The company expects over 100,000 scf/day on retest once equipment problems are fixed. Continues the Korhaan testing.
14 June 2022well test result▲ GoodMajor
First Korhaan flow rates: Korhaan-3 sustained 83,000 scf/day, Korhaan-5 flowed 210,000 scf/day early then declined to a stable 7 Nm³/hour, and Korhaan-4 has been re-entered for retesting. Wells plus older ones expected to supply 200,000-250,000 scf/day for pilot production.
2 June 2022capital raising announcement● NeutralMajor
Rights issue closed raising only A$1.7m (22.66m shares at 7.5c) against the ~A$3.1m target, though above the $1.5m minimum. With Phefo, total is about A$2.7m. Remaining shortfall is to be placed by 30 June.
What it means for a shareholder
22.7m new shares at A$0.075 to raise about A$1.7m. That's 5.3% dilution: every existing holder's slice gets 5.3% smaller. If you held A$1,000 of shares (13,333 at the issue price), your slice goes from 0.00327% to 0.0031% of the company. To keep it you'd need 740 more shares - about A$56 at the issue price.
Create a free account to see this worked out for your own holding.
16 May 2022capital raising announcement● Neutral
Rights issue closing date extended 10 days to 30 May 2022 because postal delays meant many shareholders were still receiving the prospectus. New shares now due 6 June. Timetable change only.
5 May 2022capital raising announcement● Neutral
Rights issue prospectus and entitlement forms sent to shareholders; the 1-for-15 offer at 7.5c (about $3.13m, $1.5m minimum) is open, closing 20 May 2022. Administrative step in the already announced raising.
3 May 2022investor presentation● Neutral
May 2022 investor presentation restating the 4.9 Tcf 2C resource, 79 gas compartments, the IDC joint development agreement, the Phefo Power ZAR10m subscription and the rights issue. No new information.
2 May 2022capital raising announcement● Neutral
Rights to the 1-for-15 entitlement offer at 7.5c began trading on ASX. Offer closes 20 May 2022 and rights trading ends 13 May. Administrative step in the already announced raising of about $3.13m.
29 Apr 2022quarterly activities report● Neutral
March quarter: IDC joint development agreement signed, Badimo merger approved by the Minister with completion expected by Q3 2022, and the rights issue launched. Korhaan wells logged with over 100m average pay, but weather and lightning delayed flow testing. Vutomi terms sheet progressing.
28 Apr 2022capital raising announcement● Neutral
Prospectus for the 1-for-15 renounceable rights issue at 7.5c, raising about $3.13m with a $1.5m minimum. Offer opens 5 May and closes 20 May 2022. Formal documentation of the raising already announced.
20 Apr 2022capital raising announcement● NeutralMajor
Kinetiko raises about A$4.1m: ZAR10m (30m shares) from South African investor Phefo Power, plus a 1-for-15 renounceable rights issue at 7.5c to raise up to A$3.1m, partially underwritten to $1.5m by Mahe Capital. Phefo also boosts BEE ownership.
What it means for a shareholder
30.0m new shares at about A$0.1033 to raise about A$3.1m. That's 6.8% dilution: every existing holder's slice gets 6.8% smaller. If you held A$1,000 of shares (9,677 at the issue price), your slice goes from 0.00237% to 0.00221% of the company. To keep it you'd need 711 more shares - about A$73 at the issue price.
Create a free account to see this worked out for your own holding.
