Past year: ▼ 55%(3.20c – 7.15c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 Sept 2021joint venture update▲ GoodMajor
Badimo merger conditions are satisfied and tax structuring settled, so the definitive share purchase agreement can be signed, with completion targeted this year. A South African institution has decided to invest in a pilot field, documents being drafted. Drilling is now expected early Q4.
8 Sept 2021drilling scheduled● Neutral
A fourth aeromagnetic survey (13,479 line-km, 564 km2) over parts of ER270 and ER272 is confirmed, with results expected next month. The three-well program is said to remain on track, with the drilling contractor still to be chosen.
8 Sept 2021investor presentation● Neutral
Conference presentation repeating known points: 4.9 Tcf 2C contingent resource, three-well program starting early Q4 2021, and advanced talks with a South African institution to fund a 15-20 well pilot field. No new information.
25 Aug 2021regulatory community update▲ GoodMajor
South Africa's Minister approved merging ER56, ER38 and ER271 into one 1,287 km2 ER271. This lets Afro apply for a single production right over the Amersfoort area, continuing the production-right plan. Approval letter dated 19 August 2021.
12 Aug 2021drilling scheduled▲ GoodMajor
Three new wells (KA-03PT7, PT8, PT9) are planned and approved, within 400 m of the gas terminal, with rigs expected on site in September and completion by November. With existing wells they could form a 5-well pilot cluster. First new drilling on the project in over 6 years.
10 Aug 2021director officer appointment● NeutralMajor
Nick de Blocq, with 33 years in oil and gas across Africa, is appointed CEO on A$240,000 a year plus 2m options at 10c expiring July 2024. He succeeds long-standing CEO Johan Visagie, who is retiring.
19 July 2021director officer appointment● Neutral
Simon Whybrow replaces Stephen Hewitt-Dutton, who had been company secretary since 2010, as Company Secretary from 19 July 2021. Administrative change.
2 July 2021capital raising announcement▲ GoodMajor
Kinetiko raised about $2.8m via a placement of roughly 28m shares at 10c, plus a Share Purchase Plan for up to $2.0m at the same price. Funds go to drilling and surveys, and the chair says the SPP helps complete the Afro Energy acquisition. First outside raising in over 4 years.
22 June 2021investor presentation● Neutral
June 2021 presentation repeating known points: certified 2C contingent resource of 4.9 Tcf, about 7,000 km2 of ground applied or granted, and off-take talks under way. No new information.
7 May 2021asset acquisition disposition▲ GoodMajor
Binding terms sheet to buy Badimo's remaining 51% of Afro Energy for about 595.6m new shares, making Kinetiko 100% owner of the South African rights. Badimo holders would own about 46% of the company. Needs shareholder approval and an independent expert; $6.5m of shares to be sold to investors.
20 Apr 2021flow test result▲ GoodMajor
Well KA-03PTR flow test achieved initial open flow up to 650 Mscfd and an average of 190 Mscfd, with gas over 96% methane. Management says this supports immediate production. It is a small rate; the well made about 25.5 MMscf in 2013.
23 Mar 2021production update▲ Good
Testing and commissioning of upgraded equipment on well KA-03PTR is complete, and the well is flowing for clean-up ahead of flow-rate testing. A 2.5 km access road upgrade is done. A gas off-take agreement is still being finalised, so no sales yet.
16 Mar 2021investor presentation● Neutral
Operational summary of the half-year report, repeating known points: $1.26m option funding, 965 km2 surveyed, workover, and pilot gas expected Q2 2021. No new information.
16 Mar 2021half year report● Neutral
Half-year to December 2020: loss of $1,124,340 (prior period $832,395). Workover completion now said to be end-March 2021, with pilot gas production slipping to Q2 2021 from the Q1 earlier targeted. Funding talks for a 20-well field continue.
3 Mar 2021drilling result▲ Good
Third aeromagnetic survey interpretation finds six new potential gas compartments (77 km2) and the largest dolerite dyke so far, bringing the total to 37 compartments and 257 km2. These are interpreted targets, untested by drilling. Surveyed area now 965 km2, 21% of granted ground.
24 Feb 2021director officer appointment● Neutral
Founding director Dr James Searle resigns from the board after about 10 years, but will continue as a consultant. He had been the geologist behind the Company's interpretation work. Leaves Sierakowski, Michael and Fontaine on the board.
16 Feb 2021production update▲ Good
Workovers on wells KA-03PTR and KA-03PT2 are complete, using equipment recovered from another well. Flow testing starts immediately and talks with gas buyers are advanced. Production is said to remain on track for Q1 2021; full ER56 production right to be sought afterwards.
9 Feb 2021director officer appointment● NeutralMajor
Tom Fontaine, a CBM engineer who co-founded Pure Energy (sold to British Gas for over A$1bn in 2009), joins as non-executive director. Chair Adam Sierakowski becomes Executive Chairman on $190k a year from 9 February 2021.
29 Jan 2021other● Neutral
Cleansing prospectus offering 100 shares at 15c (to raise $15), used only to remove trading restrictions on shares issued earlier, likely from the option exercises (inference). No new money or business news.
21 Jan 2021capital raising announcement▲ GoodMajor
Early exercise of 3c options raised $1.26m, about 81% of that option class, with about $287,000 possible from the rest. Funds are for well workovers, first CNG gas production, survey interpretation and core drilling. This delivers the option funding flagged in October.
27 Nov 2020security holder rights change● Neutral
Shareholders approved a new company constitution at the 27 November 2020 AGM and a copy was lodged. Administrative; the text provided does not describe specific changes to shareholder rights.
26 Nov 2020drilling progress report● Neutral
The third aeromagnetic survey is complete: 6,011 line-km over 273 km2 of ER271 and ER38. Processing and interpretation are expected by mid-January 2021, a delay from the December expectation given on 18 November.
19 Nov 2020production update▲ GoodMajor
Workover of existing wells has begun for pilot gas-to-CNG production near KA-03PTR in ER56, with completion due mid-December 2020 and first gas expected early 2021. Advanced talks with gas traders as buyers. Follows the October production approval; first revenues would be the aim.
18 Nov 2020drilling progress report● Neutral
A third aeromagnetic survey has started: 6,011 line-km over 273 km2 of ER271 and northern ER38, linking the earlier survey areas. Results are expected in December 2020 to help target well tests and pilot fields.
21 Oct 2020regulatory community update▲ GoodMajor
Afro Energy won approval to produce and sell up to 500 mmscf of gas a year for two years from ER56 and ER38. This opens a path to first revenue and first reserves from a pilot field; a full production right would be sought later.
14 Oct 2020drilling result▲ Good
Interpretation of the ER38 survey identifies 10 further potential gas compartments, up to 22 km2 each and 124 km2 total, larger than those on ER56. Says the data is advancing funding talks with South African institutions for a pilot field. Potential only, untested by drilling.
30 Sept 2020annual report● Neutral
FY2020 annual report: loss of $1,874,159 (2019: $1,702,128). Directors unchanged: Sierakowski, Searle and Michael. Principal activity is coal bed methane exploration; registered office is now 283 Rokeby Road. Further financial detail not visible in the text provided.
30 Sept 2020admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report; the governance statement is on pages 61-70 and was approved by the board on 29 September 2020. Administrative, no new information.
24 Sept 2020drilling result▲ Good
Initial interpretation of the July aeromagnetic survey finds 10 new gas compartments on ER56, doubling the total to 20. It may also support a revision of the 4.9 Tcf contingent resource. ER38 interpretation is ongoing. These are interpreted targets, not drilled results.
4 Sept 2020admin correction● Neutral
Administrative notice: registered office and principal place of business moves to 283 Rokeby Road, Subiaco. Phone and postal address unchanged. No substantive news.
